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McLaren F1 sells for $8.47 million at Gooding & Co’s Pebble Beach Auction

McLaren F1 chassis #66 (pictured) has sold for $8.47 million There’s been an inexorable rise in the price of classic cars in recent years as rich men realise that certain classic cars not only have huge appeal, but appear to be going only one way in price. Add to that – certainly in the UK – that any profits made on the sale of a classic car you’ve bought for your own enjoyment are tax free, and it’s no shock that values keep rising, and the rarer the car the more they rise. So with only 64 road cars made, the McLaren F1 can be considered a sound investment, with values rising since it first sold in the 1990s for around £640,000 to a new world record auction price set last night of £8.47 million (around £5.42m).

Volvo to launch new F1-inspired engine range

Volvo has revealed an all-new super-efficient range of engines called DRIVE-E. When launched later this year, the new motors will become some of the most high-tech engines on sale. Uniquely, the new engine range is based around just two basic four-cylinder designs – one direct-injection petrol engine and one common rail turbodiesel.

70% of premium brand cars stolen are taken with the car’s own keys

High-end SUVs – like the new Range Rover (pictured) are a prime target for car key thieves There was once a time when all it took to steal a car was a wire coathanger and the ability to hotwire the ignition. But as car makers have got better at securing the second most expensive asset most of us will ever own, car thieves have had to look for a different approach, and that approach is increasingly to relieve owners of the keys to their pride and joy. Cobra – the vehicle tracking firm – are reporting that a massive 70 per cent of all premium brand cars stolen in 2014 – with an average value of £40k, up £6k on 2012 – are being parted from their owners using that owners keys.