Prestige cars at bargain prices

Well you're too late.

Last week's at Pickles auction in Sydney, a late-model Ferrari with just 2293km on the clock was a chance to pick up a real bargain.

The Ferrari 599 GTB Fiorano failed to reach reserve, and was unsold with the highest bid at $420,000.

"That's a ways from its new price (of $600,000)," Pickles branch manager Steve Allen says.

The car was later bought by Ferrari agents Ateco -- at a price they decline to reveal -- and has been onsold since then.

But Allen says there will be more bargains as the rush of luxury and exotic cars continues through auction houses as owners offload their status symbols.

"There will be opportunities out there," he says.

Pickles holds several prestige auctions a year.

At last week's event more than $4.5 million worth of cars went under the hammer.

Apart from the Ferrari there were rich pickings.

A 2006 $256,000 Aston Martin Vantage sold for $162,000 while a 2008 Porsche 911 all-wheel drive Turbo fetched $280,000, a saving of $47,000 off the new price.

Even home-grown performance cars were up for grabs.

A 2007 Ford Performance Vehicles F6 Typhoon fetched $38,500, not bad when new it cost $63,310.

Even some late model luxury sedans have never been cheaper, Allen says.

A 2003 Saab 9-3 Arc Sport, went for $14,750 and a 2006 X-type Jaguar fetched $35,500.

New the Saab cost $55,400, while the X-type cost $76,990.

Apart from Pickles, GraysOnline and ManheimFowles are reporting a lift in distressed prestige sales by finance companies and cash-strapped owners as the economic crisis bites.

For the managing director of GraysOnline, Cameron Poolman, the economic downturn is proving a boon.

He says the number of traffic to Grays' site had increased more than 25 per cent since the economy took a dive.

"We expect that it will continue to rise," he says.

"People are still looking to buyer but they'll try to get it at a reduced price."

Poolman says GraysOnline has helped take out the middle-man and dealers.

"We really want the end user, the consumer," he says.

Poolman says one buyer spent $272,000 on a car sight unseen.

Bargain buys

2008 Porsche 911 Turbo. 5371km. Sold $280,000 (New $327,000)

2007 Ferrari Fiorano GTB coupe. 2293km. Unsold at $420,000 (New $600,000)

2008 Audi R8 quattro. 4387km. Sold $230,000. (New $277,196)

2007 F6 FPV Typhoon. 18,450km. Sold $38,500 (New $63,310)

2006 Aston Martin Vantage coupe. 22,000km. Sold $162,000 (New $258,737)

2006 Jaguar X-type Luxury. 25,250km. Sold $35,500. (New $76,990)