2006 Pontiac Solstice Convertible 2-door 2.4l Only 35,624 Miles. Beautiful! 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:

This GTO-El Camino mashup is the muscle truck of our dreams

There were a hell of a lot of great muscle cars in the mid-1960s, from the baroque Dodges and Plymouths of the earlier part of the decade to the wild big boys like the Boss 429 and Olds 442 W30. Right in the middle of the decade, two of the most iconic of the bunch emerged — the Pontiac GTO and second-generation Chevy El Camino. And this one is a 1964 Chevy El Camino with the heart and face of its GTO cousin, and dubbed the El Chieftain GTO. It's currently for sale at RM Sotheby's Auburn auction, with no reserve status or estimate listed. This looks like a product that Pontiac could have sold at the time — its builder, Ron Lindeman, did an excellent job making it look like a factory product, right down to the taillight strakes inspired by the GTO. It's powered by a 389 — a Pontiac motor that was actually found in period GTOs, but sporting a single four-barrel instead of the sexy Tri-Power setup. It is, however, equipped with a Hurst four-speed manual and the grille badge to prove it to bystanders. Even the interior is made up to look like a GTO. We wish there was more of a description of the build in the listing, but if you love it, do us one better and buy the thing and invite us to poke around it. We are very much in love with this muscle-truck mashup. Related Video: Featured Gallery 1964 Chevrolet El Camino "El Chieftain GTO" News Source: RM Sotheby's Pontiac Auctions Car Buying Truck Performance Classics