Last week, a 1962 Ferrari 250 GTO was sold for $35 million to American collector Craig McCaw. Bloomberg reports this transaction makes the GTO the most expensive vehicle in the world. The car, which was sold through a private transaction, is one of 39 GTOs produced between 1962 and 1964. It was built specifically for British race car driver Sir Sterling Moss, who won 212 races in his career.

The car beat out the previous record held by Peter Mullin. Mullin, who owns and operates the Mullin Automotive Museum in Los Angeles, bought a 1936 Bugatti Atlantic Type 57SC for between $30 and $34 million in 2010, according to Fox News. The Ferrari's seller, Eric Heerema, paid $8.5 million to purchase the GTO from a collector in Japan.

This particular model was driven in the 1962 Le Mans 24-Hour race as well as many other notable competitions in its heyday, and it was listed among the greatest Ferraris of all time by Motor Trend, according to Bloomberg. The 250 GTO cars are highly sought after for their stylish design as well as their powerful V12 engines. The $35 million car has not been the only GTO to change hands in the past few days. Another model sold for between $25 and $30 million, and the Ferrari 250 Testa Rossa that helped Phil Hill win the 1958 Le Mans 24-Hour race went for $25 million, the news source reports.

While not everyone is able to collect classic cars like 1950s and '60s Ferraris, those looking to purchase used cars in NJ can head to New Jersey State Auto Auction. The dealer has a wide variety of makes and models, including sports cars, that won't cost shoppers millions. Plus, all the vehicles are CARFAX certified, so buyers know they'll be driving away in something reliable.