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Luxury cars go at bargain price


A Ferrari Scagletti was among the luxury cars sold at auction over the weekend

Car lovers forgot the doom and gloom of the recession at the Prestige Auction, run by Turners on Saturday.

More than 1000 people showed up to see 16 luxury cars with a combined value of $2 million go under the hammer.

The deal of the day was a 2005 Ferrari 612 Scagletti, with only 1000 kms on the clock. With a new sale price of $640,000, it was a bargain when the hammer fell at $255,500. The buyer was Hamilton farmer Chris Gibbs, who also bought a 1999 Ferrari, usually worth $390,000, for $105,000.

Gibbs, who owns three Waikato cattle farms and a Lamborghini tractor he uses "every day", said his purchases were a spur-of-the-moment decision during a "boys' day out" with his 11-year-old son and father-in-law, he told The NZ Herald.

"We were just going to go to the movies or something but then I read about the auction. We used to have a yellow Ferrari but it got written off, so when I saw the yellow one there I thought 'Why not?'. It's a good car for my wife. The other one is for me - you've got to have your toys."

CEO Graham Roberts says, “Normally we have luxury car dealers at the auctions who buy back some of the cars to protect their value. But because they already have so many vehicles in stock, they don’t have the extra cash to buy more – which is why some of these deals were such a steal.

“In this current climate more than ever, buying a used car is the sensible option to avoid big depreciation hits. And when you get the chance to buy a used luxury car at a bargain price it’s a deal made better,” he says.




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