69 Pontiac Gto on 2040-cars

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'We're not a hedge fund': Porsche plans to curtail speculators and flippers

A sizable number of speculators view cars as an investment. Rare or unusual models are quickly snapped up and either parked for years or flipped for a profit. Cars from automakers like Porsche and Ferrari are more prone than others, and at least some people behind these models are getting a bit tired of it. While it's difficult to police what goes on after you sell a car, Porsche has some plans that might curtail the problem before it starts. Andreas Preuninger, the head of GT road-car development and the man behind the new 911 GT3, spoke to Car and Driver at a recent event. "I personally like to see my cars being used," he said. "That's what we build them for. They are just too good to be left to stand and collect dust." One recent example of this rampant speculation is the 911 R. While the special manual-only model sold for $185,950 when new, used versions were selling for nearly $1.3 million just months after it went on sale. While the car is a masterpiece and an instant classic, a good number will be parked and simply used as art and not the rolling testaments to the man/machine interface they were intended to be. The concern over valuations has become so fierce that some owners are upset that Porsche is offering the new 911 GT3 with a manual transmission, fearing that it may hurt the value of the 911 R. "When I said we're not a hedge fund, I'm talking to those people who are yelling at us for offering the manual transmission similar to the R," Preuninger said. "But if there are people wanting to buy cars like that, then as a company we should try to fulfill that, to meet that demand." It seems Porsche is keeping a close eye on who is flipping cars. Since there is often far more demand than supply with certain models, the German automaker has a name for every car before it's built. Buyers with bad reputations might not even make the wait list. Related Video:

GM recalling another 1.3-million cars over power steering woes

When it rains, it pours. General Motors has announced yet another major recall, covering 1.3 million units in the American market over concerns that the power steering could suddenly fail. As reported by The Detroit News' David Shepardson, GM has now recalled nearly ten times as many cars as it did all of last year.
It's important to note that should this problem arise in these cars, the steering won't fail completely, however, power steering could suddenly stop functioning. Manual steering would still be possible, but as GM says, there's an increased risk of accidents, particularly at lower speeds.
Like the ignition switch recall, this latest problem covers a wide range of vehicles from Chevrolet, Saturn and Pontiac. Normally, we'd give you the full rundown in paragraph form, but the variety of models and model years means a list is just easier. So, have a look, directly from GM's press release:

Junkyard Gem: 1980 Pontiac Grand Prix LJ

A couple of years before John DeLorean and his team at the Pontiac Division created the GTO by pasting a big engine and some gingerbread on the LeMans, they created a rakish, powerful coupe based on the staid full-size Catalina. This was the 1962 Pontiac Grand Prix, which sold like crazy and escalated the personal luxury coupe war already brewing in Detroit. Starting with the 1969 model year, the Grand Prix switched to a smaller chassis (shared the following year with the new Chevrolet Monte Carlo), and all subsequent rear-wheel-drive Grand Prix (that is, through 1987) remained siblings of the Monte. Today's Junkyard Gem is a rare 1980 Grand Prix LJ, found in a self-service yard near Reno, Nevada. Sure, a fresh round of Middle East conflict had put a kink in America's fuel hose in 1979, leading to gas lines and a general sense of malaise, but at least the new Grand Prix looked extra sharp for 1980. The LJ package came with all sorts of appearance and comfort goodies, including these "luxury seats with loose-pillow design in New Florentine Cloth." A Pontiac Phoenix LJ was available as well. These seats must have been very comfortable when new. Who needed a Cadillac when Pontiac would sell you this car at a base MSRP of just $7,000 (about $26,704 in 2023 dollars)? That price was what you paid if you were willing to get the base 3.8-liter Buick V6, though. To get a V8 engine with four-barrel carburetor, you had to pay extra. If you did pay the extra for a V8, which one you got depended on which state you lived in; in California, you got this 305-cubic-inch (5.0-liter Chevrolet small-block), and in the other 49 states you got a 301-cubic-inch (4.9-liter) Pontiac. The 305 was rated at 150 horsepower with 230 pound-feet; the 301 made 140hp and 240 lb-ft. This car was originally bought in California (the state line is about ten miles away from its final parking spot), so it has the Chevy engine. The V8 added $195 (plus $250 for the California-only emissions system) to the out-the-door price of the car, or about $1,316 in 2023 dollars. Outside of California, a 4.3-liter Chevy V6 was available for just 80 additional bucks ($305 now). All 1980 Grand Prix got a three-speed automatic transmission as standard equipment, with no manual available from the factory. This car has the optional air conditioning, which cost $601 ($2,293 after inflation). This is the "Custom Sport" steering wheel, which was standard on the LJ. The tilt option cost $81 ($309 today).