As yet another indicator that the current economic situation is headed nowhere fast, shares of Ford Motor Company fell 77 cents to their lowest price in almost 23 years. The last time the $2.92 share price was seen was November of 1985.
The current economic predicament is causing some auto enthusiasts to choose exotic car rental over buying exotic vehicles. With investments, including those in Ford Motor Company, sliding south, many consumers are cautious about spending six figures to buy an exotic car.
One of the problems plaguing Ford is a question about the company’s credit. Fitch Ratings lowered the Michigan-based company’s credit rating on Monday afternoon because Ford’s revenues have been hurt by slowing auto sales.
For the first time in more than 15 years, September auto sales came in at less than 1 million new vehicles sold. This economy has consumers putting off major purchases.
“With bad news in the financial markets, the drop in the Dow, and news of large businesses closing up shop, car buyers are skittish,” says Ron Sturgeon, owner of a Dallas exotic car rental company.
“Even at the top of the market in sports cars, luxury cars, and exotic cars, sales are off,” insists the Fort Worth luxury rental car company owner, “it’s hard to find any good news in the economic forecasts—the only tiny bit of good news for members of the exotic and luxury car rental industry is that the skittishness about purchasing a high end auto may make people consider rental to avoid the depreciation, maintenance, and storage costs,” noted Mr. Sturgeon.
Few first-time exotic car buyers end up driving their cars as often as they anticipate when they buy them. The prestige of ownership is undeniable, but owning an exotic car costs more than most first time exotic car buyers anticipate. A nationwide online directory of exotic car rental companies is available at http://www.rentexoticcars.net if you decide rental is more your speed and want to experience driving a Ferrari F430 or Ford GT.