They are the rich boys' toys - but as the credit crunch bites they're at knock-down prices.
Ferraris, Porsches and Maseratis are among a catalogue of high-end cars going under the hammer at a "prestige" auction today with a combined value of more than $2 million.
Of the 20 cars,
about two thirds are under instruction to sell from car finance companies. Todd Hunter, media manager for Turners, said some had been repossessed and others "voluntarily" handed back to finance companies.
"The owners just recognise they can no longer afford the payments. It's the same in any free market - there are winners and there are losers."
The top bargain is a 2005 Ferrari 612 Scaglietti with just over 1000km on the clock. Mr Hunter said a brand new model would cost about $600,000. The price estimate at auction is $275,000 to $295,000.
You would still need fairly deep pockets to grab the "bargain" but it was a stand-out for basically a new car, said Mr Hunter.
"The depreciation is no different from a Toyota Camry, but the money is a whole lot different."
The auction includes four Ferraris. There is also a Porsche Cayenne Turbo, a Porsche 911, a top-of-the-range Land Rover, an Audi S8, a Hummer and a Maserati.
Mr Hunter said a large crowd was expected at the auction, though many would be there to watch.
Paul Callister, Turners Penrose branch manager, where the auction is being held from noon, said the prestige auctions were run quarterly. In the past year there had been a jump in the number arriving from finance companies trying to recoup losses.
"It is a trend that started about the middle of last year and these cars are going for about half price." Bankrupt Bridgecorp boss Rod Petricevic's Porsche 911 sold for $150,000 last week. The car was at the centre of a legal row last year after ownership of it was transferred to a family trust. The transfer came three days after most of the Bridgecorp companies were placed in receivership, owing 14,500 investors $460 million.
Justin Kerr, executive director of the Financial Services Federation, said there had been a slight increase in defaults but the numbers were low because high-end cars were a "thin market".
DREAM CARS AT DREAM PRICES
Ferrari 612 Scaglietti 2005
Est. price: $275,000-$295,000
Km: 1080
Ferrari F430 F1 Spider 2 2005
Est. price: $200,000-$250,000
Km: 27,294
Porsche Cayenne Turbo S 2006
Est. price: $125,000-$145,000
Km: 10,441
Audi S8 Quattro 2006
Est. price: $125,000-$145,000
Km: 33,452
Ferrari 360 Modena F1 Sports 1999
Est. price: $115,000-$135,000
Km: 37,300
Porsche 911 2DR RWD 2007
Est. price: $100,000-$131,000
Km: 7805
Turners Auctions' Graham Roberts with some of the high-end vehicles being auctioned. Photo / Dean Purcell
They are the rich boys' toys - but as the credit crunch bites they're at knock-down prices.
Ferraris, Porsches and Maseratis are among a catalogue of high-end cars going under the hammer at a "prestige" auction today with a combined value of more than $2 million.
Of the 20 cars,
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