2005 Ferrari Scagletti for less than half retail

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Media Release
Tuesday 17 March 2009

2005 Ferrari Scagletti sells for less than half retail price

For a few moments, car lovers forgot the doom and gloom of the recession with an exciting afternoon at Turners Auctions on Saturday, where 16 luxury cars with a combined value of over $2 million went under the hammer.

A record crowd of more than 1000 people came to see 11 Ferraris, Maseratis and Porsches sell at the first Prestige Auction of the year.

The deal of the day was a 2005 Ferrari 612 Scagletti, with only 1000 kms on the clock. With a new sale price of $640,000, it was a bargain when the hammer fell at $255,500. The buyer was Hamilton farmer Chris Gibbs, who also bought the 1999 Ferrari for $105,000.The high rollers attending this auction were spoilt with an exceptional opportunity to get their dream car at a low price, as many of the luxury car dealers were not in a position to be there this time round.

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CEO Graham Roberts says, “Normally we have luxury car dealers at the auctions who buy back some of the cars to protect their value. But because they already have so many vehicles in stock, they don’t have the extra cash to buy more – which is why some of these deals were such a steal.

“In this current climate more than ever, buying a used car is the sensible option to avoid big depreciation hits. And when you get the chance to buy a used luxury car at a bargain price it’s a deal made better,” he says.

While new car prices have increased steadily, used car prices remain stable. In April 2008, a brand new Ferrari Spider sold for $419,000, while in February 2009, ten months later; the asking price for the same new Ferrari was $448,000, an increase of just under $30,000.In contrast, prices for used cars over the same period have shown no signs of increase; in fact, a used Ferrari Spider sold for $290,000 in December last year and a similar car was sold on Saturday for $209,000.

Mr Roberts says “while used car prices go up and down, mostly dependent on the condition of the vehicles, there is no sign of a price increase in the second hand car market.

“But with the steady increase of new car prices, which we predict as a trend to continue this year, the gap between new verses used vehicle prices is widening – making now a great time to buy second hand.

“Plus, a Ferrari that looks brand new, bought at a second hand price, is still a Ferrari that looks brand new!” he says.

ENDS

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