THREE rare cars that spent 20 years locked away in a garage have been uncovered – and could fetch more than $1 million.
A dealership discovered the collector items covered in dust.
All three cars previously belonged to an 88-year-old owner from Los Angeles and were sold to Silver Arrow Cars in Canada.
The three rare cars include a Ferrari 550 Maranello, which was launched to the press at the Nürburgring racetrack in Germany in 1996.
Car enthusiasts estimate it could fetch up to $250,00.
The most expensive find, however, is widely expected to be a Ford GT – which has never been registered and has just 650 miles on the clock.
In the past, similar models have reportedly sold for seven figures.
The Maranello was Ferrari’s answer to those who believed the performance of a front-engined V12 car could not beat that of a mid-engined sports car.
The Maranello also benefited from Ferrari’s maniacal attention to aerodynamics, which helped the car establish new production car speed records on October 12, 1998 in Marysville, Ohio.
Top speed
During a test over 62 miles it produced an average speed of 188.88mph.
The discovery of the Ferrari 550 Maranello comes just a week after it was reported a mystery buyer was buzzing after snapping up a “bumblebee” Ferrari – at a whopping cost of £19m.
The successful bid made the striking black and yellow car the most expensive new Ferrari to have ever been sold.
The successful bidder – who is not being named – won the chance to get their hands on it during a frenzied auction in California on August 16.
Its custom features include a striking yellow and black livery, while it also boasts a 6.5-litre V-12 engine.
It is also the first factory Ferrari to feature the company’s logo spelt out in the classic Giallo Modena font over the top of its exterior.
In the latest discovery, dealers from Silver Arrow Cars also bought an E39 BMW M5 from the 88-year-old owner.
In a statement on Instagram,the dealership said the owner “kept them in storage for the majority of their life in Los Angeles”.
“At 88 years young the past owner decided to pass these great cars on to us to find them a new home that can bring them back to their original glory.”
The statement added that the Maranello has just 500 original miles on the clock, with the Ford and BMW registering 650 and 4,000 respectively.
Timeless pieces
Silver Arrow Cars’ Instagram post has been liked nearly 5,000 times.
Car enthusiasts rushed to the post to comment – and speculate on the price each car could fetch.
One said: “All three are timeless pieces of sporting automotive history that any real driver would want in their garage. Love it!!”
A second person posted: “Sweet Jesus.”
A third added: “That M5 is gonna set a record.”
According to the dealership, however, the M5 has now been sold – to an unnamed buyer at an undisclosed price.
What to do if a dealership closes
If you recently bought a car or motorcycle from a dealership that suddently closed, you may feel anxious about how that affects you.
When you finance a new car or motorcycle or need warranty repairs done at an authorized dealership, a sudden closure can make some people think they’re out of options or worry their car will be repossessed.
If you’re in a situation that sounds like that, here are a few things you can do after receiving an official notice:
- Notify the bank hosting your loan of the closure to make them aware. If the financing is done through the dealership itself, it’s important to contact the dealership or your salesperson to ask how to keep up your payments. Many dealerships will send the lien (the title and registration that will only be released to the buyer after the debt is paid) to a financial institution to keep.
- If the dealership cannot be contacted through traditional means, most states allow drivers to apply for the title and registration through the DMV.
- If you leased a car from a dealership that went out of business, instructions should be sent as to which dealership to bring your vehicle to when the lease expires. If not, contact the dealership.
- A factory warranty through the manufacturer will be honored at any other authorized dealership. However, an extended warranty through the dealership may not be honored at other repair shops, so it’s important to seek that information from the dealership as soon as possible.
Source: Consumer Law Group
