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Junkyard Gem: 1991 Ford Festiva with 317K miles

Most cars that make it to astoundingly high mileage figures tend to fall into one of two categories: engineering masterpieces that ended up being hard to kill (and got a lifetime of at least the most important maintenance items) or machines that inspired unquestioning love from owners willing to keep opening their wallets for decades to keep them on the road. Today's Junkyard Gem falls into neither of those groups; it's a penny-pinching Ford Festiva, one of the cheapest cars available in its time … and yet it cracked the magical 300,000-mile mark before getting discarded. So, a total of 317,207.3 miles over its nearly 30 years on the road. We just saw a discarded 1989 Honda Civic with a mere 308,895 miles on the clock, and this Festiva comes close to topping this 1993 Honda Civic DX. The highest-mileage junkyard car I've ever found (keep in mind that most cars before the middle 1980s had 5-digit odometers, and most cars this century have unreadable-in-the-boneyard electronic odometers) is this 1987 Mercedes-Benz 190E with an amazing 601,173 miles. This Mercedes-Benz 300D came close, with 535,971 miles. Detroit went to six-digit odometers late in the game, but this 1986 Olds Calais reached 363,033 miles, and this Ford Crown Victoria Police Interceptor reached the 412,013-mile figure thanks to a second career as a taxi. A Festiva surpassing the 300k mark, though, is not something I ever expected to see. These cars were sold as cheap, no-frills transportation, period. The MSRP on a base-level Festiva started at $6,620 in 1991, or about $12,610 in 2020 bucks. Not many cars could squeeze under that price at that time; the Subaru Justy could be purchased for $5,995, the Hyundai Excel 3-door hatch cost $6,275, and the Yugo GV (yes, it could still be obtained new as late as 1991) had a hilarious $4,435 price tag. Even the lowly Geo Metro, Pontiac LeMans, and Toyota Tercel EZ cost more than this Festiva. Still, this car came with snazzy pinstripes, now faded to near-invisibility by the Colorado sun. You can see the cover plate in the spot where the air-conditioning button would have gone, had the original buyer of this car been willing to squander precious dollars on such frivolity. Five-speed manual transmission, naturally. You could get an automatic in the Festiva, but anyone willing to spend that kind of money on extras would have been able to afford a much nicer Tercel EZ.

Hyundai spooks investors by paying $10B for new Gangnam HQ location

Doing things Gangnam style apparently costs a serious chunk of change, because Hyundai is reportedly paying roughly $10 billion for 19.6 acres (79,342 square meters) of land in the trendy district of Seoul, South Korea, to serve as the location for its new headquarters. That eye-popping number represents the highest amount ever paid for a plot of land in South Korea, according to Reuters. The hefty price tag reportedly scared investors enough for stock prices to sink dramatically.
Shareholders were apparently upset because the massive outlay could instead have been put back into the company for research and development or other improvements. Instead, the company reportedly bid triple the land's appraised value, says Reuters. The announcement caused Hyundai's stock price to plummet a massive 9 percent, and there were losses from Kia and the company's parts arm, as well. All told, the three of them lost nearly $8 billion in value from the falling share prices - almost enough to pay for the controversial land.
Hyundai currently has its headquarters on the outskirts of Seoul, but seems keen to move to the high-end Gangnam district to show off its rising status. It plans to build a new office complex, hotel, convention center and theme park on the site. According to an analyst speaking to Reuters, that could all cost an additional $6 billion to complete.

Kia Sorento spotted high-altitude testing after 'Ring run

Some models stick around the market longer than others. The Kia Sorento, for example, lasted for a good eight years in its first iteration, and the second-generation model has been around for five years now. Sure, it had a facelift a couple of years ago, but if it's going to make it in the highly competitive midsize crossover market, Kia is going to have to do better than that.
And that appears to be just what it has in store. Following the previous spy shots we brought you from the Nürburgring the better part of a year ago, the next-generation Sorento has now been spotted shlepping a trailer up a mountain.
Expected to debut as soon as the Paris Motor Show in October, the third-generation Kia Sorento appears to have grown longer in order to better accommodate third-row passengers. You can also expect the latest technologies on board and maybe, just maybe, a plug-in hybrid powertain option. Watch this space for more and scope out the spy shots in the gallery above for a closer look.