Supercars for a song at auction

Supercars were sold off at severely discounted prices this weekend at the Aucor general auction in Midrand.

Approximately 300 auction goers bid on 102 vehicles totalling a value of R40 million. The old adage of clever auctioneering netting bargains seemed to ring true, as some pretty bespoke machines went to new owners at surprisingly reasonable prices.

The most expensive car auctioned off was a black Lamborghini Gallardo Spyder, registered in 2007 with only 6 623km on the odometer, which fell on a final bid of R2.35 million, well under a projected book value of R2.9 million.

Other exotic depreciation disasters on auction were an Aston Martin Vantage soft-top (the 2008 model valued at R1.5 million) which went for R1.11 million, and an AMG S65. The four-door hooligan’s limousine, which retails for R1.95 million, went to a new owner for only R1.27 million, a veritable gangster’s bargain.

Aucor auctions around 1 500 vehicles a month, and book value is hardly a guide for them. "Most of our vehicles are sold under book value, expect for the Mercedes C-Class, it’s the exception. The VW Golf GTI is also very popular."

To illustrate Winterstein’s point, and the fearsome effect of retail to repossession resale depreciation, a late 2008 model GTI was auction off for R140 000…

http://www.wheels24.co.za/Content/News/Industry_News/6/22f80aeea93643d390cae8fc2125fe81//Supercars_for_a_song_at_auction

I don't think over 2+ mil for a Lambo is a "song", maybe a verse or a chorus?

Erm, just to put it into perspective - (I was at the auction): they didn't take the commission (10%) and VAT (14%) into account in the article. Then there's a documentation fee involved as well....

In other words 2.34 + 25% = 2.9 mil (book price).

So no songs there, clearly.

JK8 said:

It was probably bought by a used car dealer anyway...
Still easy pickings... for some.
R140K for a 2008 MK5 is not bad!

Click to expand...

It is if you're the owner of the thing.

SlinkyMike said:

It is if you're the owner of the thing.

Click to expand...

LoL
Too right

not cheap or steals imo. I think its just advertising to get people to the auctions. And yes vat etc must be added

Supercar price watch: what’s hot and what’s not

Buy or sell? Here are the high-end machines worth investing in this month (or you can just drool over them if you’re not a millionaire…)


Buying a supercar is a big investment – so don’t make it go to waste.

If you’ve got a million pounds (or more) spare, then why not invest it in a high-end motor? Pick the right one, and you might even make a handy profit.

We asked leading supercar dealer Simon Fragopoulos to pick out the cars that are hot – or not – in the investment market this month.

Of course, the chances are that you aren’t about to go out and buy a supercar. In which case, why not just look at the pictures and dream…


GOING UP


LaFerrari Aperta

The LaFerrari has a list price of around £1.6million, but is currently changing hands at £2.5-£3m (pre-tax).

Fragopolous says: “There are a lot of owners happy to risk their VIP relationship with Ferrari and violate the 18-month retention period to cash in on that premium.

“I do not see a decrease of prices within the next six months, and think prices will stay at the current range in 2017.”


Aston Martin Valkyrie

It’s not even been seen yet, but there is huge demand for Aston Martin’s upcoming hypercar. Fragopolous says: “Delivery units have been sold for a €1m (£850,000) premium. There will be a race version of the car limited to 25 units, and we expect similar or higher premiums to apply to that car, as they have on the regular Valkyrie.”


AMG Project One

There is huge demand among collectors for the first hypercar from AMG-Mercedes, with the title-winning F1 connection adding lustre.

Fragopolous reckons the asking price to be around €2.2m (£1.85m), but says anyone on the waiting list can currently sell for a Valkyrie matching €1m (£850,000) premium. “There’s a lot of collectors out there who are annoyed at not being put on the list and being invited to buy one - so they are looking to buy from those that are,” says Fragopolous.


McLaren BP23

The reborn McLaren F1 - or at least a homage to it - is already sold out, with all 106 units having been allocated at around £1.65m each.

With deliveries still more than a year away, Fragopolous says it is still a bit early to estimate values. “With such a limited run, and the connection to the F1, I’d anticipate behind-the-scenes trading could see cars swapping owners before they’ve even been built for around €1m (£850,000) over list price,” he says.


Porsche 918 Spyder Weissach edition

The famous Weissach performance package cost roughly €80-90k (£70,000) over the list price - but it was money well spent, as cars fitted with it are both rare and desirable. “Delivery mileage units were selling for €1.2-1.3m (£1m) last summer, but that has now gone up to €1.4-1.6m (£1.3m),” says Fragopolous.



GOING DOWN


LaFerrari coupé

Launched in late 2013 and sold to select VIP clients, the LaFerrari coupé’s honeymoon period has been and gone.

Fragopolous says: “In my opinion the car reached its peak in summer 2016, with red cars selling for £2.4m after tax, and up to £2.6m for rare colours such as yellow, black, white and blue.

“A lot of units are now out of the 18-month retention period and on the market. RM Sothebys is selling a red coupé in the Villa Erba event at the end of May, with a minimum price of €2.75m (£2.36m), and that will indicate the level of the market.”


McLaren P1 and P1 GTR

After reaching his peak in early to mid 2016, buyers are not willing to pay huge premiums for the mighty McLaren P1 anymore. New P1's can be found now for €1.4-1.6m (£1.2-1.4m) net of tax.

“MSO units are more expensive,” says Fragopolous, stressing the added value of unique designs. “The P1 GTR has decreased from €3m (£2.5m) plus tax to €2.5-2.7m (£2.1-2.3m), but it remains hugely desirable.”


Bugatti Veyron

The arrival of the Chiron has rather knocked the wind from the sails of the Veyron, taking 15--20% off prices in the past 12 months.

“Low mileage cars with less than 10,000km on the clock can be found between for €1-1.2m (£850,000-£1m) including tax,” says Fragopolous. “Prospective owners are put off by the ultra-high service costs and maintenance, so a lot of the superfast cars have become garage queens.”

However, Fragopolous notes that demand for Vitesse, Supersport and special editions Veyrons is still strong.


Porsche 918 Spyder

Launched in 2010 for €750,000 (£637,000), at the peak in 2015 prices had increased up to €1.3m (£1.1m) for a delivery mileage Porsche 918. Now buyers are being very discerning and demanding low mileage stock only. “There’s enough examples out there that buyers can be a bit picky - and prices have settled at €1.1m (£935,000),” says Fragopolous.


Lamborghini Aventador SV LP750-4

Another car to have peaked in the middle of 2016, when good examples of the coupe were selling for €500,000 (£425,000) and the roadster for €600,000 (£510,000).

“The issue is that the Ferrari F12 and Superfast, and the McLaren 650S and 720S deliver more performance and usability for less money,” says Fragopolous.

“As a result, there’s plenty of stock on sale, and prices are now closer to €400,000 (£340,000), as buyers are only being tempted if they think the are getting a great deal.”


https://www.autocar.co.uk/car-news/industry/supercar-price-watch-what’s-hot-and-what’s-not

JK8 said:

It was probably bought by a used car dealer anyway...
Still easy pickings... for some.
R140K for a 2008 MK5 is not bad!

Click to expand...

nah that's actually closer to market value actually

edit: its closer to market value now, not in 2009