Tony O'Kane | Feb 16, 2009

Times are tough, belts need to be tightened, et cetera. We all know that now isn't really the best time to be 'investing' in any high-end automobilia. But, thanks to a legion of over-enthusiastic and under-funded new car buyers (would that be the stock-broking classes?) it seems the inverse is true.

That's right, now could be the best opportunity you've got to get your keister into a secondhand supercar. Seems cash-strapped sports car owners are defaulting on repayments and their treasured machines are being seized by repossession agencies. So, their loss = your gain.

Internet auction house GraysOnline has reported that the number of listings for luxury vehicles has doubled over the past six months, largely thanks to a hike in repossessions and liquidations. Case in point: the auction site recently sold a Ferrari F430 F1 for a bargain $252,000 AUD - over $200k less than the cost of a brand-new example. Bidding for the vehicle started at a paltry $9, with no reserve.

Other auction houses have reported a surge in near-new prestige automobiles arriving on the second-hand market, with ManheimFowles noting an increase in the number of late model BMWs and Mercedes-Benzes popping up for sale.

So, if you've weathered the economic storm with little fiscal damage and are looking for a new set of wheels to flaunt your success, it could be more than worth your while to leaf through the classifieds. Remember, one man's financial Waterloo is another man's opportunity...

[The Age]

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