Most Expensive Supercar Crash Happened in France
A car crash is never good news for anyone involved as it is usually traumatic, not to mention expensive. Cars that endure accidents often succumb to pricey repairs at the owner's dismay and this was never as true as when the Huffington Post covered the story of the most expensive car crash in the US on July 12, 2012.
The Car Owner
The car affectionately known as 'Picasso' is in the Ferrari family and owned by none other than billionaire businessman Christopher Cox who by all accounts was partaking in the 50th anniversary celebration of this model.
The Ferrari was estimated to be worth $30 million dollars so naturally for car enthusiasts this spells disaster and the more inconceivable time when celebrating was in order. Due to that figure 'Picasso' has now been dubbed as the most expensive car crash in the US by reporters all around the globe to include Huffington Post and British paper the Metro.
The Car's Features
The once spiffy yellow and blue 250 GTO sports racer was one of only 36 produced by Ferrari in the years 1962 and 1963, which makes this incident more disheartening. Although three other editions similar were made in later years, the original versions were much desired, respected and near impossible to attain even if one could afford to buy it.
The Car Crash
The celebration dictated that Cox's GTO embellish on a 5 day tour around France with other famous Ferrari owners including Nick Maso, the infamous drummer of Pink Floyd. As Maso’s car continued on heading for a small French town known as Le Mans it was hit by another vehicle. Photos that have been released thus far show that the whole front end of the 1939 Ferrari has sustained terrible damage and was left in a crumpled state. This is not surprising for anyone who knows the delicate build of Ferraris overall. Most are made with lightweight tubular steel and much of the body is constructed of aluminum.
While this affords the Ferrari to release at record speeds and glide on roadways, it does little to protect the body of the car when it sustains injuries, bumps and bruises. And, this is reportedly not the first and only damage that Cox’s precious car has experienced; in 1976 the car amassed damages though nowhere near to this degree and was restored to mint condition.
Luckily neither Cox nor his wife Ann were reportedly injured during the accident and Cox very much looks forward to his Picasso being repaired and getting it back on the road, no doubt in the same if not better condition than it was to start with.
Car Restore and Repair
Although the car is considered totaled and restoring it will cost millions, experts say that this will not decrease its value, which is staggering to the layperson as the general rule of thumb is that a car loses value once it leaves the lot; an accident which imposes great damage to said car should only depreciate that value more so. But this is not the case with this Ferrari, perhaps because it reins with the name of one of the world’s most sought after and respected manufacturer or simply because there are so few still available.
Ferrari Classiche Department
Unlike other manufacturers, Ferrari owns its own restoration company known as Ferrari Classiche and throughout the years has restored and repaired hundreds of thousands of Ferraris and seldom do they see depreciation in any of their models. Because Ferrari themselves give all the cars they repair and restore an authentic 'seal of approval' even when the engines are entirely rebuild and the bodies are overhauled, the value as far as car enthusiasts are concerned are still as valuable as the day they were purchased and worth as much as if they hadn’t been involved in an accident at all. Few other manufactured and damaged yet restored cars would hold that value, grace and appreciation to say the least.
The exact cost for the repairs to Cox's car have not yet been released but with the amount of damage and the overall worth of this rare edition, it is being cited as the most expensive car crash known to date in the United States.