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$1.3B worth of classic cars were auctioned in 2014

The collector auto market in the US just continues to expand with the values of vehicles seemingly only growing in the past years, especially if they have a prancing horse on the hood. This year was no different. According to data compiled by classic car insurance agency Hagerty, there were about $1.3 billion worth of vintage rides auctioned in North America in 2014, up just slightly from $1.2 billion crossing the block in 2013. If you want an idea of just how big a role the Monterey Car Week plays in the North American collector hobby, Hagerty's stats illustrate it perfectly. The company recorded $430 million in auction sales during the week – about a third of the entire market for the year. The event also hosted the biggest seller of 2014 when the hammer fell on a 1962 Ferrari 250 GTO (pictured above) for $38.115 million at Bonhams. In fact, vintage Ferraris in general were among the top buys in the classic auto world in 2014. Eight of the ten most expensive vehicles sold at auction were Prancing Horses (the other two were Ford GT40s). Also, the insurance company's price index for these Italian stallions showed a 43-percent gain in value for the year. The market for another Italian supercar is exploding, as well. The Lamborghini Countach showed a staggering 175-percent growth in auction value in 2014. According to Hagerty, the average price when they crossed the block was $736,599. Judging by Hagerty's numbers, there were still some places to look for those hoping to spend a bit less money. The Aston Martin Lagonda showed a strong gain in value with a 32-percent increase in auction price, but they still averaged $47,078. In addition, the company's index for '50s American cars showed only one-percent growth for these classics. These huge leaps in collector car value might be winding down, according to Hagerty. It predicts growth in the market to slow to an estimated five percent gain in 2015. Maybe a few of these classics might actually become a bit more affordable to fans without such deep pockets sometime in the future. Featured Gallery Bonhams Maranello Rosso Collection: Monterey 2014 View 21 Photos News Source: HagertyImage Credit: Copyright 2014 Drew Phillips / AOL Aston Martin Ferrari Lamborghini Auctions Car Buying Performance Classics aston martin lagonda ferrari 250 gto Lamborghini Countach collector cars 1962 ferrari 250 gto auto auction

Ferrari 488 GTB turbocharges its way towards Geneva debut

Automakers left, right and center are embracing turbochargers as the best way to get more power out of a smaller package, and that includes performance automakers like Ferrari. In line with the latest FIA regulations, the Prancing Horse marque turbocharges its Formula One single-seater, and followed the same route with the California T. And now it's done the same with the replacement for the 458 Italia. Dubbed the 488 GTB, Maranello's latest mid-engined V8 supercar arrives forty years after the debut of the 308 GTB that launched Ferrari into the segment. It packs a 3.9-liter turbocharged V8 offering up 661 horsepower and 560 pound-feet of torque. That represents a 64-horse increase over even the extreme 458 Speciale, and an even more impressive torque boost of 162 lb-ft, despite a decrease in displacement by approximately 600cc. (Ferrari isn't saying exactly how many turbochargers its new forced-induction engine carries, but we're likely looking at a pair of twin-scroll turbos.) The new engine is said to be enough to propel the new 488 GTB to 62 miles per hour in three seconds flat, to 124 mph in 8.3 seconds and on to a top speed in excess of 205 mph. And at 1 minute 23 seconds, the 488's lap time at Fiorano is also a good half second faster than the naturally aspirated Speciale and two seconds faster than the Italia. Ferrari says it dedicated significant efforts to keep the engine responsive and the exhaust note enthralling despite the introduction of forced induction – the first time a turbo has been used in mid-engined, eight-cylinder Prancing Horse, since the F40. Of course there's more to the 488 GTB than the turbocharged engine. It also features a revised Side Slip Control 2 (SSC2) system, working in tandem with the F1-Trac and E-Diff systems to keep the supercar on the razor's edge without sliding off of it. The revised bodywork also generates 50 percent more downforce – thanks in no small part to the active diffuser that necessitated moving the exhaust pipes upwards – and a more slippery shape than any production Ferrari yet. The interior has likewise been revised with new control clusters, air vents, instrument panel and infotainment system for optimized ease of use. The new Ferrari 488 GTB – shorthand for Gran Turismo Berlinetta – is set to debut at the Geneva Motor Show next month, but you can scope it out now in the high-res image gallery above and the full details in the press release below.

The troubled Alfa Romeo Giulia needs serious help [UPDATE]

UPDATE: An Alfa Romeo US spokesman responded to this article with the following statement: The safety concerns expressed in the story are false. The all-new 2017 Alfa Romeo Giulia is designed and engineered to meet or exceed all federal safety regulations. The Alfa Romeo Giulia will begin production for the North American market in the late second-quarter of this year. Alfa Romeo will have a full product portfolio of premium vehicles that includes plans for (8) all-new Alfa Romeo vehicles by 2020. The product launches are prioritized by segment volumes starting this year with the Alfa Romeo Giulia production for North America starting in late Q2, followed by the Midsize-UV – the 2nd largest premium segment in North America. Even on the day you dragged them kicking and screaming and gesticulating wildly to a table full of concrete evidence, Alfa Romeo executives will never admit the Giulia program is going through a tough patch. But it is. Reports say the Giulia, on the eve of production, didn't just fail one internal crash test, but failed the front, side and rear impact tests. Alfa denies it. Automotive News published a report last week saying two suppliers had insisted the Giulia, on the eve of production, didn't just fail one internal crash test, but failed the front-, side-, and rear-impact tests. A third supplier source told us the same thing. Alfa is denying it. It was due on sale in Europe late last year and was supposed to be here in the next month or two. But it wasn't, and it won't. It was to be headlined by a twin-turbo V6 that reportedly howled its way around the Nurburgring 14 seconds faster than the BMW M3 could manage. That second part is only true if you believe it's fair to compare a full lap in a standard BMW M3 with a favorable accumulation of sector times to a development prototype Giulia with 220 pounds stripped out of it and rolling on hand-cut racing slicks. No, me neither. A Promising Start The Giulia's all-new architecture was developed in just two years by a skunkworks of young engineers headed by Fiat's engineering prince, Philippe Krief, and (bafflingly) sited inside Maserati's headquarters complex in Modena, about three hours from Alfa Romeo's own Turin HQ.