The recent crypto crash pulled down the major crypto players. Currently, investors are running empty wallets. The latest FTX downfall hit all industries beyond the crypto sector. For two weeks, Miami nightclubs remained closed due to the sudden collapse of FTX in the crypto market. Recently Crypto bros have been nearly losing their luxury cars due to a crypto crash.
The analysts stated that the Mercedes Benz G-Wagon is losing its market value. Past few weeks, in the resale market, it was valued at around $300,000 (USD) now, it is trading at $200,000 (USD). Including Lamborghini Urus and McLaren Spiders are also experiencing a downfall in recent crypto crashes.
CarDealershipGuy said, “It is clear that in the last couple of months the decline in prices for exotic vehicles has accelerated and that correlates very, very well with the meltdown in the crypto markets where we know that some of the biggest customers of exotic vehicles were crypto millionaires.”
One of the popular writers and billionaire investor Mark Mobius stated crypto is a dangerous place to invest.
G-Wagons Are Available For Sale On Auto Trader
According to the report, in the first quarter of November, dealers who bought used luxury SUV vehicles from auction sites dropped to 12.1%. Over the past three years, Auto Trader’s growth was decreasing consistently. Trading of luxury vehicles that cost more than $100,000 (USD) dropped from 0.16% in 2019 to 0.69% in 2022.
Mark Schirmer, one of the representatives for Auto Trader, said,“We do know in the larger market used-vehicle prices are under pressure and the wholesale values have been dropping most of this year.” He added, “Remember, in 2021, there was a historic run up in used-vehicle values. This year, we are seeing declines. What goes up, must come down.”
The Best Car Auction Sites
- eBay motors
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The Crypto Crash Affected Top Brand Watches
The sudden collapse of cryptocurrency showed its effect on the top luxury watches, Rolex and Patek Philippe. Patek Philippe Nautilus 5711A’s price surged to $24,000 (USD) from $35,000 (USD) during the crypto crash.
The company’s spokesperson stated, “The recent swoon in cryptocurrency valuations has directly impacted pricing of luxury watches from brands like Rolex and Patex Philippe.”
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
Source: https://www.thecoinrepublic.com/2022/11/29/the-impact-of-cryptocurrency-meltdown-on-the-sales-of-premium-cars/