Deals on wheels for enthusiasts

AM General Hummer H2 sold for $85,000. Photo / Chris Skelton

Cashed up car enthusiasts' dreams came true yesterday as some of the country's most expensive luxury cars were auctioned off at knock-down recession prices.

A 1997 hand-made Aston Martin Vantage - believed to be the only one of its kind in the Southern Hemisphere - went for"only" $140,000 at Turners Auctions.

That may sound a lot, but the reserve had been dropped from about $265,000 after it failed to sell at a previous auction.

"It was the deal of the century," said sales manager Chris Broadhurst.

Twenty-five luxury cars with a total value of $3.5 million went up for grabs in what Turners described as its most valuable prestige car auction.

Another star of the show was a Mercedes Benz CL1600 that went for $195,000 after being bought brand new in 2007 for $389,000.

Seven Mercedes Benz, two Maseratis and two Ferraris were among the 17 cars that sold. Twelve of the cars on offer were sold by finance companies after being repossessed from their over-stretched owners - a sign of the times, said Turners sales general manager, Todd Hunter.

"Cars sold at prestige auctions often end up going for around 30 per cent less than their retail value," he said. "The current level of motivation to realise metal into cash is unprecedented."

Hunter said owners could no longer justify the cost of having a 'spare' luxury vehicle.

But just as the recession is forcing the wealthy to sell down so, too, it's making it more difficult to find willing buyers. A 2009 Ultima GTR Supercar valued at $250,000 did not sell.

Nonetheless, Broadhurst said the auction had some really good results.

"When you put up $3.5 million worth of cars in the middle of winter and a recession you always have to wonder, so it is great to get this sort of result," he said.

"People got some great deals. If they went to the yard in town they could be paying 30 to 40 per cent more."

Over 700 people attended the auction, with 200 watching online.