Auction house Bonhams has sold a 1973 Volvo P1800 ES with just 12,565 original miles for the jaw-dropping sum of $92,400, an amount that converts to €68,300 / £54,900. Before the auction, Bonhams estimated the car would sell for anywhere between $30,000 and $40,000.

Finished in a striking shade of red with a black interior, the car was purchased new in 1973 by James Powers at Harbor Motors in Keen, New Hampshire. Powers knew he would use the car to commute so he ordered it with a factory-installed air-conditioning system, and he later had a larger 28-gallon fuel tank fitted in order to go further between stops at the pump. After briefly using the P1800 as a commuter, Powers put the car in storage and used it as an occasional summer driver until he sold it to the second owner in 2010.

Bonhams believes the $92,400 P1800 ES is the most expensive classic Volvo ever sold, and it’s an undeniable sign that Volvo’s sleek shooting brake is shooting up in value. Earlier this year, a classic car dealer in New York listed a pristine 1973 P1800 ES with just 90 miles on the clock for $73,900.