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Secondhand Supercars Ripe For The Pickin’

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-b


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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