{"id":517574,"date":"2022-11-29T01:16:26","date_gmt":"2022-11-28T22:16:26","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/crypto-bros-offloading-g-wagons-luxury-cars-amid-ftx-crash\/"},"modified":"2022-11-29T01:16:26","modified_gmt":"2022-11-28T22:16:26","slug":"crypto-bros-offloading-g-wagons-luxury-cars-amid-ftx-crash","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/crypto-bros-offloading-g-wagons-luxury-cars-amid-ftx-crash\/","title":{"rendered":"#Crypto bros offloading G-Wagons, luxury cars amid FTX crash"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a3bf6b3c64d3\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a3bf6b3c64d3\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/crypto-bros-offloading-g-wagons-luxury-cars-amid-ftx-crash\/#%E2%80%9CCrypto_bros_offloading_G-Wagons_luxury_cars_amid_FTX_crash%E2%80%9D\" >&#8220;Crypto bros offloading G-Wagons, luxury cars amid FTX crash&#8221;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9CCrypto_bros_offloading_G-Wagons_luxury_cars_amid_FTX_crash%E2%80%9D\"><\/span>&#8220;Crypto bros offloading G-Wagons, luxury cars amid FTX crash&#8221;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<div>\n<aside class=\"single__inline-module alignleft\">\n        <\/aside>\n<p>Crypto bros are running on empty \u2014 and <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>ear to be offloading their fancy cars amid the fallout from the FTX implosion, which has rippled through the cryptocurrency market and caused the value of digital coins to plummet.\u00a0<\/p>\n<p>An uptick in like-new models of sought-after luxury cars have hit resale sites such as AutoTrader in recent weeks, but they\u2019re not fetching the premium prices they once did. The Mercedes Benz G-Wagon \u2014 the unofficial \u201cnew money\u201d badge of the crypto rich \u2014 was once valued around $300,000 in the resale market but is now closer to $200,000, car experts say. Other luxury vehicles such as Lamborghini Urus and McLaren Spiders have also taken a hit. <\/p>\n<p>Some luxury car insiders believe the purge is linked to the FTX collapse, which caused as much as $2 billion in client money to evaporate.<\/p>\n<p>\u201cExotic car market is getting decimated right now,\u201d CarDealershipGuy, the anonymous CEO of a luxury car dealership who pens an eponymous <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">news<\/a>letter, <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/mobile.twitter.com\/GuyDealership\/status\/1595093193640808450\">tweeted<\/a> on Nov. 22, noting that a 2021 Mercedes G-Wagon with just 3,378 miles sold for $187,000 at auction. \u201cThat\u2019s nearly an $80,000 (or 30%) drop in under 12 months,\u201d he wrote. <\/p>\n<p>More recently, on Nov. 25, a 2020 Mercedes G-Wagon \u2014 the G63 AMG model \u2014 with 3,992 miles sold for $179,000 at auction, down from around $240,000 last year, he told The Post.<\/p>\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"682\" src=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/11\/amg-g-63-suv-featured.jpg?w=1024\" alt=\"Mercedes Benz G Wagon\" class=\"wp-image-24811148\" srcset=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/11\/amg-g-63-suv-featured.jpg?quality=75&amp;strip=all&amp;w=1535 1536w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/11\/amg-g-63-suv-featured.jpg?quality=75&amp;strip=all 1024w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/11\/amg-g-63-suv-featured.jpg?quality=75&amp;strip=all&amp;w=512 512w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\"\/><figcaption>The Mercedes Benz G-Wagon became the unofficial \u201cnew money\u201d status symbol of the crypto rich.<\/figcaption><\/figure>\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" loading=\"lazy\" width=\"1024\" height=\"682\" src=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/11\/Spider.jpg?w=1024\" alt=\"The McLaren 570S Spider.\" class=\"wp-image-24817023\" srcset=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/11\/Spider.jpg?quality=75&amp;strip=all&amp;w=1535 1536w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/11\/Spider.jpg?quality=75&amp;strip=all 1024w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/11\/Spider.jpg?quality=75&amp;strip=all&amp;w=512 512w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\"\/><figcaption>The McLaren 570S Spider. Similar models luxury models, like the 2020 McLaren 600 LT, listed for $255,400 recently on car-ad aggregator AutoTempest. <\/figcaption><figcaption><span class=\"credit\">Bloomberg via Getty Images<\/span><\/figcaption><\/figure>\n<p>\u201cIt\u2019s 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,\u201d CarDealershipGuy said.<\/p>\n<p>The Mercedes G-Wagon, which costs upwards of $140,000 for the 2023 model, has cemented itself as a status symbol among celebrities, CEOs and crypto investors, some of whom made a quick buck in the volatile market and wanted to show off to the world. In August, The Post profiled a former Amazon delivery driver who became a self-made crypto millionaire and scooped up a G-Wagon with his profits.\u00a0<\/p>\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" loading=\"lazy\" width=\"1024\" height=\"682\" src=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/11\/Lambo.jpg?w=1024\" alt=\"The Lamborghini SpA Urus.\" class=\"wp-image-24816950\" srcset=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/11\/Lambo.jpg?quality=75&amp;strip=all&amp;w=1535 1536w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/11\/Lambo.jpg?quality=75&amp;strip=all 1024w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/11\/Lambo.jpg?quality=75&amp;strip=all&amp;w=512 512w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\"\/><figcaption>\u201cExotic car market is getting decimated right now,\u201d the anonymous CEO of a luxury car dealership who pens the newsletter CarDealershipGuy tweeted. <\/figcaption><figcaption><span class=\"credit\">Bloomberg via Getty Images<\/span><\/figcaption><\/figure>\n<aside class=\"single__inline-module alignleft\">\n    <\/aside>\n<p>But in the last few weeks, CarDealershipGuy told The Post his DMs have been filled with inquiries from crypto bros wanting to sell their hot wheels.<\/p>\n<p>\u201cIf we learned one thing, everything is correlated when you have a large evisceration of wealth. It impacts the entire economy,\u201d he said.<\/p>\n<p>Software engineer Brianna Wu tweeted a listing for a 2020 McLaren 600 LT Spider with just 9,000 miles listing for $255,400 on car-ad aggregator AutoTempest. <\/p>\n<p>\u201cThe crypto crash is real. Right now, AutoTempest is exploding with McLarens \u2014 the flashy and extremely unreliable car of Cryptobros who couldn\u2019t change a tire if their lives depended on it,\u201d she wrote. \u00a0<\/p>\n<figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\"\/>\n<figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\">\n<div class=\"wp-block-embed__wrapper\">\n<div class=\"embed-wrapper twitter\">\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">There are currently 1,606 G Wagon\u2019s for sale on AutoTrader right now. That\u2019s more than I\u2019ve ever seen.<\/p>\n<p>Crypto boys are hurting.<\/p>\n<p>\u2014 Marshall Haas \ud83c\udfce (@marshal) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/marshal\/status\/1592701932925489153?ref_src=twsrc%5Etfw\">November 16, 2022<\/a><\/p><\/blockquote>\n<\/div>\n<\/div>\n<\/figure>\n<p>Another eagle-eyed auto scout, Marshall Haas, noted on <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">Twitter<\/a> that more than 1,600 G-Wagons are for sale on AutoTrader. <\/p>\n<p>\u201cThat\u2019s more than I\u2019ve ever seen. Crypto boys are hurting,\u201d he tweeted.<\/p>\n<p>The number of used luxury vehicles priced at more than $100,000 for sale on AutoTrader has more than quadrupled in the last three years \u2014 accounting for 0.16% in fall 2019 to 0.69% in fall 2022, a rep for the website shared with The Post.\u00a0 <\/p>\n<p>What\u2019s more, data from Manheim, an auction site where dealers can acquire used vehicles, found for the first half of November, seasonally adjusted values of luxury SUVs were down 12.1% year-over-year.<\/p>\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" loading=\"lazy\" width=\"1024\" height=\"683\" src=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/11\/Crypto-luxury-cars.jpg?w=1024\" alt=\"The number of used luxury vehicles priced at more than $100,000 for sale on AutoTrader has more than quadrupled in the last three years.\" class=\"wp-image-24817257\" srcset=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/11\/Crypto-luxury-cars.jpg?quality=75&amp;strip=all&amp;w=1536 1536w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/11\/Crypto-luxury-cars.jpg?quality=75&amp;strip=all 1024w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/11\/Crypto-luxury-cars.jpg?quality=75&amp;strip=all&amp;w=512 512w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\"\/><figcaption>The number of used luxury vehicles priced at more than $100,000 for sale on AutoTrader has more than quadrupled in the last three years.<\/figcaption><figcaption><span class=\"credit\">Shutterstock<\/span><\/figcaption><\/figure>\n<figure class=\"wp-block-image size-large is-resized\"><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/11\/gold-itcoin-221125-80.jpg?w=1024\" alt=\"Bitcoin\" class=\"wp-image-24811258\" width=\"618\" height=\"411\" srcset=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/11\/gold-itcoin-221125-80.jpg?quality=75&amp;strip=all&amp;w=1233 1236w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/11\/gold-itcoin-221125-80.jpg?quality=75&amp;strip=all&amp;w=925 927w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/11\/gold-itcoin-221125-80.jpg?quality=75&amp;strip=all&amp;w=618 618w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/11\/gold-itcoin-221125-80.jpg?quality=75&amp;strip=all&amp;w=308 309w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/11\/gold-itcoin-221125-80.jpg?quality=75&amp;strip=all 1024w\" sizes=\"auto, (max-width: 618px) 100vw, 618px\"\/><figcaption>Luxury car experts are associating the dismal crypto market with a slew of luxury vehicles priced more than $100,000 hitting the market.<\/figcaption><figcaption><span class=\"credit\">REUTERS<\/span><\/figcaption><\/figure>\n<p>\u201cWe do know in the larger market used-vehicle prices are under pressure \u2014 the wholesale values have been dropping most of this year,\u201d Mark Schirmer, a rep for AutoTrader told The Post via email, noting that retail prices are beginning to follow.  <\/p>\n<p>\u201cRemember, in 2021, there was a historic run up in used-vehicle values. This year, we are seeing declines \u2014 what goes up, must come down.\u201d\n                        <\/p><\/div>\n<p><script async src=\"\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more News articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/news\/\" target=\"_blank\" rel=\"noopener\">News category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/nypost.com\/2022\/11\/28\/crypto-bros-offloading-g-wagons-luxury-cars-amid-ftx-crash\/\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;Crypto bros offloading G-Wagons, luxury cars amid FTX crash&#8221; Crypto bros are running on empty \u2014 and appear to be offloading their fancy cars amid the fallout from the FTX implosion, which has rippled through the cryptocurrency market and caused the value of digital coins to plummet.\u00a0 An uptick in like-new models of sought-after luxury&#8230;<\/p>\n","protected":false},"author":1,"featured_media":517575,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/11\/Crypto-luxury-cars.gif?w=1024","fifu_image_alt":"","footnotes":""},"categories":[70897],"tags":[135234,136309,29696,76127,75327],"class_list":["post-517574","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-ftx","tag-11-28-22","tag-cars","tag-cryptocurrency","tag-luxury"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/517574","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=517574"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/517574\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/517575"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=517574"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=517574"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=517574"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}