The Market - Auctions Q1 2026: The Tragedy of Low-Mileage Supercars
It’s January 28, 2026. In the span of barely ten days, a Ferrari Enzo has crossed the public auction block four separate times — each for $8 million or more. That’s roughly double what we would have called market value not long ago. The highest result? A staggering $17,875,000.
Two of the cars wore rare-to-unique colors. The other two Classic Rosso Corsa. So what is with that surge in price? There’s really one factor that explains numbers like these — and it reveals a hard truth about today’s collectible supercar market: mileage.
Three of the four Enzos offered in January had been driven 746 miles or fewer. The least “used” example showed just 178 miles. The outlier had nearly 4,000 miles — but it also happened to be the only factory-built Rosso Dino car in existence.
- 2003 Ferrari Enzo, Giallo Modena, 649 miles — sold by Mecum Auctions for $17,875,000
- 2003 Ferrari Enzo, Rosso Dino, 3,746 miles — sold by Mecum Auctions for $11,110,000
- 2003 Ferrari Enzo, 746 miles — sold by RM Sotheby's for $9,300,000
- 2004 Ferrari Enzo, 178 miles — sold by RM Sotheby's for €8,105,000 (≈ $9,700,000)
The same pattern appears with the Ferrari F40. Mecum moved two examples at $5.8M and $6.6M — with just 865 and 458 miles respectively. Again, roughly double what many would consider standard market value. As a final exclamation point, a Ferrari F50 with only 252 miles brought just north of $12M.
Yes, these are extreme results. But they validate something very clear: ultra-low-mileage supercars can command two times — sometimes more — the perceived market value of the model.
All of the Ferraris sold by Mecum came from a single-owner estate collection offered at no reserve. The lineup included other icons, among them a Ferrari 288 GTO that achieved roughly $8.5M. And while I can understand the desire to assemble some of the most exceptional cars a brand has ever built, there’s an undeniable sense of objectification in all this — one that doesn’t quite align with what true car enthusiasm is supposed to be, at least in my view.
More importantly, sales like these send a powerful signal to the market. They fuel speculation — not only at the top end, but across the entire sports car spectrum — reinforcing the idea that the ultimate goal is preservation over participation. Keep the mileage low. Don’t drive it. Protect the asset.
But most of us didn’t fall in love with cars because they were static objects. We fell for how they look, how they sound, how they drive. It’s hard not to feel a little sadness knowing some of the greatest machines ever built will spend more time under covers than carving canyons or stretching their legs on track.
I am a believer that a car's value should not only be monetary but also emotional. I have always considered cars with history way more interesting and enticing than garage queens. Those buying the first will have the chance to further write a car story while the second ones will most-likely simply fill up a garage space, muting the soul of the car hoping for a return of investment down the road they won't drive...
That always reminds me of a Porsche 911 991.2 Turbo S that Bonhams offered back in 2022 at their auction in Paris which was believed to be the highest-mileage in the world at an impressive 333 300km on the odometer at the time of sale, all driven by its single owner... Honestly, which is the bigger flex? Owning such a car with delivery miles or having one to use as a road trip machine? I know my answer.
Still, I’m no one to tell others how to use their money or their cars.
So rather than end on a negative note, here’s a simple thought: next time you see a supercar or hypercar being driven — on the street or on a circuit — give the owner a thumbs up. Offer a kind word. They might just be the ones keeping car culture alive, putting smiles on kids’ faces, and reminding us what these machines were built to do.
God Save the Wheels.