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1979 Coupe Deville, 1995 FWB & 6 Other Non-Cadillacs.
759 Posts
Discussion Starter #1
I thought this was a funny story about just how bad Cadillacs depreciate over the first few years. My Hometown mayor has been driving government owned Caddys for as long as I can remember. A few months ago he lost his seat and the new mayor got a hard-on to sell the Caddy to make an example of his new thrifty ways. Many who are familiar with Caddys resale value told him it really wouldn't make any sense since the Caddy has lost so much value, but...well just read the clipping....

PS: On a side note, one of my good friends ended up placing the winning bid, and i'm thinking of buying it off him.

From my hometown newspaper 4/12/07:

Let the bids begin on ex-mayor's Cadillac
Linden council votes 10-1 to auction off controversial luxury car at a starting price of $20,000
Wednesday, April 11, 2007

In the end, Linden's $56,000 Cadillac will follow former Mayor John T. Gregorio into retirement from public service.

The city council last night voted 10-1 to schedule an auction to sell the fully-loaded 2003 DeVille. The bidding will start around $20,000.

The city's new mayor, Richard J. Gerbounka,has refused to drive the Cadillac since he took office in January, saying the midnight-black sedan embodied his predecessor's appetite for overspending.

"I just think we have got to wash our hands of that symbol of excess," Gerbounka said.

The council's decision comes after months of deliberation and political bickering. In February, the city council president, Robert Bunk, borrowed the Cadillac from the city garage without asking Gerbounka, setting off a shouting match at City Hall.

And still, the tale of Linden's Cadillac is not quite finished. Before it rolls away from the upcoming auction, the luxury car that critics say was a waste of city money will probably pinch the taxpayers one last time.

Despite 22,000 miles on the odometer, a spotless interior and a litany of extras, the Cadillac's worth has plummeted.

The car's value in Kelley Blue Book hovers around $17,000. At the auction, the opening bid of $20,000 will be $36,000 less than what Linden paid for the car in 2003.

"I've always said it was a bad idea to sell it," said Bunk, the lone dissenter in last night's vote, who had borrowed the DeVille while his own city-owned Cadillac was at the shop.

For the record, he said the mayoral Cadillac lacked leg room. "You couldn't stretch out," he said.

Plenty of New Jersey cities grant mayors use of public cars. In Linden, the practice dates to the 1950s.

Gregorio began driving a city Cadillac in 2000. He argued that, as mayor, he needed to entertain governors, senators and high-dollar developers. To do it properly, Gregorio said he needed a first-class car.

Gerbounka, who was elected after vowing to rid Linden of patronage and overspending, has opted for a Crown Victoria, which the police department bought last year, before Gerbounka took office, for $22,000. So far, no dignitaries have asked for rides, Gerbounka said.

Nevertheless, Gregorio said the new mayor was making a mistake by pushing to sell the DeVille.

"In my opinion, he is wasting money," said Gregorio, a former state senator who was among the longest-serving mayors in modern state history.

He was a colorful and controversial politician, first elected in 1967. During his 30-year tenure, Gregorio was proud of building Linden's city services into some of the state's most generous -- including delivery of free firewood to residents' doorsteps each winter. He was prone to bombastic remarks, including when he defended nepotism within Linden government, asserting: "If you're kin, you're in."

When the city holds the auction -- officials are still working on a date -- the mayoral Cadillac will share the block with 45 other city-owned vehicles. They include a smattering of aging trucks and sedans, confiscated in drug raids.

Councilman Derek Armstead, chair of the council's vehicle and equipment committee, said officials hope the bidding will rise well beyond the $20,000 minimum.

"I'm sure the car is worth more than that," Armstead said. "It has been basically pampered."

This was the result published 6/21/07:
After an auction failed to fetch a higher price, the City of Linden this afternoon sold the Cadillac driven by John T. Gregorio during his days as mayor for $15,000.

The sale was a tough swallow for Linden, which paid $56,000 for the fully-loaded DeVille in 2003. Officials put the car on the block after the new mayor, Richard J. Gerbounka, refused to drive it, saying the midnight-black sedan embodied Gregorio's appetite for overspending.

Despite its heated-leather seats, low mileage and powerful political ties, only three people bothered to bid on the Cadillac this morning during an auction in Elizabeth. The top offer was $15,000.

Initially, city officials rejected the bid, hoping to net at least $17,500. Then they relented. And the Cadillac once driven by the lion of Linden politics now belongs to Charles Pantano, owner of a car lot on St. Georges Avenue.

He claimed being unaware of the Cadillac's political ties.

"There is a history? I didn't know. I swear I didn't know," Pantano said.

'93 Cadillac 60 Special; '03 Lincoln TownCar Limited ED
5,929 Posts
Thank God the new mayor at least took an American car (the Ford). I read this expecting it to end with the new mayor opted for a
Kia, Toyota, Hyundai, Nissan or Honda ! He shoulda kept the Caddy. The money loss didn't happen UNTIL they sold it ! Until then....there was NO loss.
(Another dumb ass New Jersey mayor ! If he had kept it for another 3 years, it woulda been 6 years old, and they could have retailed it (instead of an auction) for $ 8,000. Then the loss would have been $47,000 over a 6-year time frame, or $8,000 @ year which would equal $666.00 @ month for a Mayorial car. Not too bad. But, like all, he wanted to make a "Statement" !

1979 Coupe Deville, 1995 FWB & 6 Other Non-Cadillacs.
759 Posts
Discussion Starter #3
...Not too bad. But, like all, he wanted to make a "Statement" !
Lol...Yeah he made a statement alright. And to top things off, property taxes are rumored to fly next year.
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