Pres­tige cars in the red

They’re ham­mer­ing lux­ury at auc­tion houses, writes NEILMcDONALD

Herald Sun - Motoring - - Front Page -

FANCY a half-price you’re just too late. Last week’s Pick­les auc­tion in Syd­ney sold a late-model Fer­rari GTB with just 2293km on the clock for $355,000.

That’s com­pared with the new car price of $600,000.

But Pick­les branch man­ager Steve Allen says there will be more bar­gains as the rush of lux­ury and ex­otic cars con­tinue to flood auc­tion houses as own­ers off­load their sta­tus sym­bols. ‘‘There will be op­por­tu­ni­ties out there,’’ he says.

Pick­les holds sev­eral pres­tige auc­tions a year. At last week’s event more than $4.5 mil­lion worth of cars went un­der the ham­mer.

Apart from the Fer­rari there were other rich pick­ings. A 2006 $256,000 As­ton Martin Van­tage sold for $162,000, and a 2008 Porsche 911 Turbo all-wheel-drive fetched $280,000, sav­ing $47,000 on the new price.

Even home-grown per­for­mance cars were up for grabs.

Fer­rari? Well,

A 2007 Ford Per­for­mance Ve­hi­cles F6 Typhoon fetched $38,500, not bad when new it cost $63,310. Apart from Pick­les, GraysOn­line and Man­heimFowles are re­port­ing a lift vin dis­tressed pres­tige sales by fi­nance com­pa­nies and cash-strapped own­ers as the eco­nomic cri­sis bites.

For the manag­ing di­rec­tor of GraysOn­line, Cameron Pool­man, the eco­nomic down­turn is prov­ing a boon.

He says the traf­fic on Grays’ site had in­creased more than 25 per cent since the econ­omy took a dive.

‘‘We ex­pect that it will con­tinue to rise,’’ he says. ‘‘Peo­ple are still looking to buy but they’ll try to get it at a re­duced price.’’

Pool­man says GraysOn­line has helped take out the mid­dle-man and dealers.

‘‘We re­ally want the end user, the con­sumer,’’ he says.

The eco­nomic squeeze is also caus­ing a re­bound in used-car prices.

Prices are be­ing driven up as own­ers hold on to their cars longer, ac­cord­ing to Red­book di­rec­tor Max Perry.

‘‘We’re cer­tainly see­ing a lift in val­ues,’’ Perry says.

Ris­ing used-car prices are com­pounded by the 20 per cent slump in new car sales.

Newspapers in English

Newspapers from Australia

© PressReader. All rights reserved.