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YouTuber Counts Huge Loses on Luxury Car Collection, Hints Used Car Bubble May Burst

Something weird is happening in the auto industry. If you’ve been keen enough, you’ll notice car influencers are dropping high-end gas guzzlers and making clearing sales. YouTuber James Lucas Condon sold his Ferrari GTC4Lusso and 964 Porsche 911 Safari then got a Hummer EV. On a recent upload, Tyler Hoover of Hoovies Garage paraded his cars and revealed how badly his collection is losing value each day.
Tyler Hoover Luxury car Collection 7 photos
Photo: YouTube Screenshot/Hoovies Garage
Tyler Hoover Luxury car CollectionTyler Hoover Luxury car CollectionTyler Hoover's BECK SpyderTyler Hoover's Ferrari 599Tyler Hoover's Aston Martin VanquishTyler Hoover Luxury car Collection
Every time there’s a recession, luxury items tank, and significantly lose value. Most affected are cars and homes. The logic here is, 'what's good in a Ferrari if I can't afford to drive it?'

A simple google search on the 2008 – 2009 recession pulls scary titles like 'Recession Hits Luxury and Used-car Market' and 'Recession Fears affecting Even Luxury Car Market.'

The previous recession significantly affected the housing market compared to the automotive market. But this time, the auto industry is bearing the brunt of it all, thanks to recent gas-price hikes.

I have lost a lot of money in theoretical value in recent months. Hundreds of thousands of dollars are probably depreciated in these cars behind me, thanks to this bubble, or is this overheated market or whatever is going on,” Hoover confessed.

Compared to other YouTubers, Hoover is different. He’s gained popularity making dumb decisions buying lemon cars.

He admits his car collection is rapidly bleeding in value, but he doesn’t care. If anything, he didn’t buy the cars as an investment but because he wanted to drive and own each one.

The two biggest losers in his collection are the Mercedes-Benz SLS AMG and the BMW Z8. He bought the SLS two years ago for $115,000 and paid $155,000 for the Z8.

Six months ago, the SLS and Z8 were going for about $200,000. Now they are worth $170,000, and $155,000, respectively.

The same is the case with his 25th-Anniversary Lamborghini Countach (worth $600,000), a recently acquired Ferrari 599 GTB Fiorano ($133,000) and a rebuilt Ferrari 458 Italia, among other top-tier cars, in his garage.

Tyler has two more locations for his cars, each filled with collector cars that could fetch a fortune in a good market. He’s not planning on making a mega sale on these. Instead, he’ll keep them and hope to ride out the current pullback.

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About the author: Humphrey Bwayo
Humphrey Bwayo profile photo

Humphrey is a car enthusiast whose love and passion for automobiles extended into collecting, writing, driving, and working on cars. He got his passion for cars from his Dad, who spent thousands of hours working on his old junky 1970 E20 Toyota Corolla. Years later, he would end up doing the same with a series of lemons he’s owned throughout his adult life.
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