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5 highlights from the 2018 Petersen Automotive Museum Auction

From the avant garde exterior design to the collection of vehicles between the walls, the Petersen Automotive Museum in Los Angeles is one of the coolest car museums in the U.S., and possibly the world. Among several others, the Petersen has two featured exhibits, The Porsche Effect and Legends of L.A. But the museum has a different type of viewing coming up at which you could touch, or even buy, a variety of special vehicles. After hosting its SoCal auction on the coast in Santa Monica for several years, RM Sotheby's has moved the event to the more central location of the museum. In addition to several works of art, the auction which takes place the weekend of December 7, will show several dozens of blue-chip vehicles, chosen by RM Sotheby's 30 car specialists. After sorting through lots that range from microcars to new-age supercars, here are five of the highlights that caught our eyes. 1956 Ferrari 290 MM by Scaglietti Projected Value: $22,000,000-$26,000,000 Without question, this is the crown jewel of the entire show. As the eldest and most experienced of the 11 total Ferrari lots, its estimated value of $26 million is more than five times the values of the other five cars listed below combined. From the jump, Ferrari threw the 290 into the line of fire. Starting its life with a four-cylinder 860 Monza engine and a Tipo 520 chassis, its first race was the Mille Miglia. Peter Collins was behind the wheel and racing photographer Louis Klemantaski was his copilot. Ferrari took the top five spots in the race, with this car, chassis No. 0628, finishing second. It went on to see multiple races and took on multiple forms, including a V12 swap at one point. After switching through the hands of multiple owners, it was sent to Ferrari Classiche in Maranello, where it was restored to its form at the time of the 1957 12 Hours of Sebring. It retains its original chassis, original bodywork, and original transmission, and houses the V12 from its 290 MM spec. The restoration was completed in 2015, and the car remains in incredible shape today. 1971 Lamborghini Miura P400 SV by Bertone Projected Value: $2,100,000-$2,500,000 Simply put, the Miura is one of the most significant supercars, and therefore one of the most important cars, of all time. Its two-seat, mid-engined configuration seismically shifted what a performance could and should look like, and its V12 gave it the power to be the fastest car in the world when it debuted.

US Congress lets $8,000 hydrogen vehicle tax credit expire

When Toyota introduced the 2016 Mirai last month in preparation for a launch late next year, it said that the hydrogen car will have a $57,500 MSRP and that there will be a federal tax credit available worth up to $8,000. The problem, as we noted at the time, is that that federal credit was set to expire at the end of 2014. The technical language of the current rule says that someone who buys a fuel cell vehicle, "may claim a credit for the certified amount for a fuel cell vehicle if it is placed in service by the taxpayer after Dec. 31, 2005, and is purchased on or before Dec. 31, 2014." With the 113th Congress now finished up for the year and legislators headed home for the holidays, we know one thing for certain: the federal tax credit for hydrogen vehicles was not updated and will end as we're all singing Auld Lang Syne next week. All of this isn't to say that Mirai buyers won't be able to take $8,000 off the price of the car 12 months from now. For proof of that, we only need to look at other alternative fuel tax incentives and realize that this Congress simply isn't moving fast enough to deal with things that are expiring right now. One of the last things that the 113th Congress did in December was to take up the tax credits that expired at the end of 2013 and renew some of them. Jay Friedland, Plug In America's senior policy advisor, told AutoblogGreen that PIA and other likeminded organizations worked with Congress to extended the electronic vehicle charging station (technically: EVSE) tax credit that was part of the Alternative Refueling Tax Credit in IRS Section 30(C) through the end of 2014. "Individuals can deduct 30 percent of the cost of purchasing and installing an EVSE up to $1,000; businesses, 30 percent up to $30,000," he said. "This tax credit is applied to any system placed into service by 12/31/14 and is retroactive to the beginning of the year. So go out and buy your favorite EV driver an EVSE for the holidays," he said. An electric motorcycle credit was killed at the last minute as Congress was getting ready to leave, but H.R. 5771 did extend the Alternative Fuels Excise Tax Credits for liquefied hydrogen and other alternative fuels. These sorts of tax credit battles happen all year long. In July, Blumenthal introduced the Fuel Cell and Hydrogen Infrastructure Act of 2014, which never got out of the Finance Committee. Back to the hydrogen vehicle situation.

This 1,000-horsepower, rear-drive Toyota Corolla iM could be yours

We were amazed last year when we learned that Papadakis Racing built Fredric Aasbo a rear-drive, 1,000-horsepower 2017 Toyota Corolla iM for drifting. Now we're amazed that the car could end up in the hands of an average person, because the car is currently going for auction on Bring A Trailer. Just as a quick recap for those that might have missed hearing about the car last year, the little Toyota hatch features a turbocharged and nitrous-injected 2.7-liter 2AR-series Toyota four-cylinder. Variants of that engine are found in older Toyota RAV4s and Camrys. According to Bring A Trailer, the engine hits 1,000 horsepower and 850 pound-feet of torque when running on E85. Power goes through a four-speed dog box manual transmission to the rear wheels. Now there is the question of what you would do with such a mad machine. One possibility is to run it again in the Formula Drift series the car was built for. Bring A Trailer reports that it should be legal for the 2019 season, and with extra parts and wheels, you would be in a good spot to get started. The seller does note that all the graphics and sponsor decals would have to be removed if it's entered again. Even if you didn't run it in a professional drift series, it would probably be a fun car to use in more grassroots drift events or even just as a track car of some sort. There's also one more potential option that would be totally absurd. You see, it appears Papdakis Racing started with a factory-built, street legal Corolla iM that could have easily gone on to see a life of ferrying a young couple or family around in efficient, affordable style. As such, it should have a VIN that could be used to register and insure the car without too much trouble. It even still has functional lights. As long as you're in a state that doesn't have modification or emissions restrictions, it could be possible to make this a street car. Now we're not positive on this, so do your due diligence before plunking down cash for it, but it does seem possible, and it would be crazy and awesome. Related Video: