The cryptocurrency crisis, good news for second-hand cars

If you have taken a look at the economic news in recent weeks, you will know that cryptocurrencies are not going through their best moment. In early November, FTX went bankrupt – a collapse that continues to reverberate across the entire virtual currency industry. Not surprisingly, BlockFi has just filed for bankruptcy in the United States. A crisis that has become good news for the second-hand market.

The reason is given by the New York Post: it seems that many of those who had invested in cryptocurrencies are getting rid of their luxury vehicles. What happened with FTX and BlockFi has caused a domino effect in this industry: virtual currencies have lost value around the world. And that has undermined its investors, who now cannot afford the high standard of living that digital currencies made possible.

Price’s drop

The buying and selling platform ‘Car Dealership Guy’ has explained that, in recent months, the price of the most exclusive models has fallen: a behavior that has accelerated and that, moreover, is related to the collapse of the crypto markets. Some owners who had purchased this type of vehicle were investors. From them are the majority of queries on how to put their cars up for sale.

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AutoTrader, a British website for selling and buying vehicles, has also registered a notable increase in new and premium models in recent weeks. Of course, they emphasize that prices do not reach the figures they did reach in the past. And they talk about examples.

Some examples

The Mercedes G-Class had become a status symbol for cryptocurrency investors that, until the collapse, had tasted the sweetness of success. Demand for the German SUV had been so high that, at the beginning of the year, the brand had to pause orders in order to meet.

Now things are different: as of early November, there were more than 1,600 units for sale on AutoTrader. The New York Post report notes that its value on the US second-hand market has gone from $200,000 to $300,000: yes, that’s a drop of about a third.

A Mercedes-AMG G63 2020 with only 4,000 miles recently sold for $179,000: same car, a year ago, it would have sold for at least $240,000.

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It is not the only model that has been affected by the fall in cryptocurrencies. Several McLarens and the Lamborghini Urus, another status symbol for new virtual currency fortunes, have seen their resale value plummet. A McLaren 600LT Spider, With 14,400 miles on it, it sold for just over $255,000.

So if you are one of the buyers who are looking for luxury models in the second-hand market, the crypto crisis has become your perfect opportunity.

About Alicia Peters

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