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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 Recalls 1.5 Million Cars For Steering Defect

General Motors Co. said Monday it is recalling 1.5 million vehicles worldwide because the electronic power-steering assist can suddenly stop working, making them harder to steer. The new recall brings to 6.3 million the number of vehicles GM has recalled since February. The initial recall - now at 2.6 million small cars for an ignition switch defect - prompted the automaker to name a new safety chief and speed up the review of cases that might lead to recalls. GM said it expects recall-related costs to total $750 million in the first quarter, including $300 million for the ignition switch recall. Included in the new recall are: - Chevrolet Malibu from the 2004-2005 model years, plus some 2006, 2008 and 2009 model-year cars. - Chevrolet Malibu Maxx from the 2004-2005 model years, plus some 2006 model-year cars. - Chevrolet HHR from the 2009-2010 model years (non-turbocharged only). - Some Chevrolet Cobalts from the 2010 model year. - Some Saturn Auras from the 2008-2009 model years. - Saturn Ion from the 2004-2007 model years. - Pontiac G6 from the 2005 model year, plus some cars from the 2006, 2008 and 2009 model years. - Service parts installed into certain vehicles before May 31, 2010, under a previous recall GM says no deaths related to the defect have been reported. It is still investigating whether there have been any accidents or injuries related to the problem. GM dealers will replace the power steering motor and other parts for free. Spokesman Alan Adler said owners will be notified of the recall the week of April 28 and will be told when parts are available after that. The Cobalt and the Ion, which are also involved in the ignition switch recall, share many common parts.GM recalled Cobalts from the 2005-2010 model years for the power steering defect in 2010, but it's unclear why the company didn't recall the Ion at the same time. Federal regulators also opened an investigation into power steering complaints in the Ion in 2010, but didn't order a recall. Related Gallery 2014 Chevrolet Corvette Stingray Test Drive View 9 Photos Recalls GM Pontiac Chevy Cobalt saturn ion pontiac g6 Chevrolet Cobalt Chevrolet HHR

Junkyard Gem: 2007 Saturn Sky

The Pontiac Division didn't have long to live when the Solstice first appeared in 2005 as a 2006 model, and Saturn's head was inching toward the chopping block at about the same rate. Still, optimism reigned — at least, it did until the global economy fell apart — and so Saturn Dealers got a rebadged version of the Solstice to sell: the Sky. Available for just the 2007 through 2010 model years, slightly more than 34,000 Skies rolled out of showrooms before the doors were nailed shut. Here's one of those rare cars, found in a Denver-area self-service yard a few weeks ago. I've found a handful of discarded Solstices in car graveyards during the past few years, mostly with crash damage. This Sky endured a medium-hard impact in the right front corner, which sent it to this place. The 177-horsepower, 2.4-liter Ecotec still resides under the battered hood. The Sky Redline version had a turbocharged engine rated at 260 horses; we can assume that such an engine would be yanked and purchased by the first junkyard shopper that realized what it was. The base transmission in the Sky was an Aisin five-speed manual, but this car has the optional five-speed automatic.  The Sky had its own nose and some different badging, but otherwise didn't differ much from the Solstice.  For the South Korean market, the Sky got Daewoo G2X badges and was advertised as the ideal vehicle for high-speed chases through Seoul traffic. The same car went to Europe as the Opel GT. Sadly, GM ran out of money to make right-hand-drive Skies, so we never got to witness Holden or Vauxhall versions. Here's Bob Lutz describing the new Sky. Lutz really hated car names molded into plastic bumper covers, so he takes great care here to describe the genuine glued-on emblems. Related Video: