Confiscated supercars auctioned in Bangkok

[Seastallion]

Bidding on the Lamborghini opened at Bt19 million and reached as high as Bt23 million, but officials didn't release it because it failed to reach the Bt25 million target, calculated as the assessed value plus taxes.

If you must pay the assessed value plus taxes, who in the hell wants to buy it second hand ? You might as well buy a new one if it costs the same....

With the new car warranty and service schedule, plus promotions and gifts, plus the joy of having a pandering sales team licking your boots for a few hours as you view the car.

[Choonpon]

Garage sales:)

[Choonpon]

chooka post # 4

There are a lot of filthy rich people in Thailand. I see more expensive vehicles on Thai roads than I have ever seen on Aussie roads.

There are a lot of filthy corrupt people in Thailand. That's why we see more expensive exotically painted vehicles on the road than elsewhere in the world

Many many more in China.

[Tyvsa Sksass]

chooka post # 4

There are a lot of filthy rich people in Thailand. I see more expensive vehicles on Thai roads than I have ever seen on Aussie roads.

There are a lot of filthy corrupt people in Thailand. That's why we see more expensive exotically painted vehicles on the road than elsewhere in the world

Ever been to the US? You'll find more expensive, exotically painted vehicles there. Your logic dictates that there are more filthy, corrupt people there.

[Lupatria]

Where is Chalerm hiding his Rolls that don't belong to him?

[Tyvsa Sksass]

At 25 million you could go buy a brand new one tax paid

Not an Aventador.

[HerbalEd]

chooka post # 4

There are a lot of filthy rich people in Thailand. I see more expensive vehicles on Thai roads than I have ever seen on Aussie roads.

There are a lot of filthy corrupt people in Thailand. That's why we see more expensive exotically painted vehicles on the road than elsewhere in the world

Ever been to the US? You'll find more expensive, exotically painted vehicles there. Your logic dictates that there are more filthy, corrupt people there.

I don't have any hard statistics, but I'd say I see a lot more very-high-end cars in BKK than I do in NYC, LA, London, Paris, etc.

As far as "filthy, corrupt people" goes. Not all rich people are "corrupt" ... for sure, they're not "filthy."

Edited July 4, 2014 by HerbalEd

[Bazt]

I thought an auction was bidding and the highest bid won got the prize. Since when can anyone refuse to give you what you would bid on if you won the auction? Truly amazing Thailand!!!

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Are you daft? never heard of a "reserve", look it up, you might learn something today. Nothing about Thailand, just truly amazing dimwits..

Nasty little man aren't you ?

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[Tyvsa Sksass]

Exactly

This car is about £175k in the UK. The bid here was 23mil baht (£500k give or take), I'm not sure what the retail in LOS is on these but surely it can't be much more than that!??

The car is practically worthless as it is! 1. Imported illegally. 2. No records of upkeep from the official lambo mechanics shop. 3. No original receipt. 4. No warrantee. 5. No idea what may have been done to the car inside (mods which may devalue it further). No one would touch this car with a barge pole in the west unless it was being sold for Ultra cheap!! 23mil baht is a <deleted> good price!!

So there are 2 things going on here. 1. Corruption in that they don't want to sell it and it'll disappear into the atmosphere (sold privately behind closed doors or given as a gift). 2. They are complete idiots

"The car is practically worthless as it is! 1. Imported illegally. 2. No records of upkeep from the official lambo mechanics shop. 3. No original receipt. 4. No warrantee. 5. No idea what may have been done to the car inside (mods which may devalue it further)."

Nonsense.

1. When it's sold by the Customs department it will then have been imported legally, all taxes paid and a receipt provided.

2. I believe it's a new, red-plated car so, as with any new car, no 'records of upkeep from the official lambo mechanics shop' would be expected.

3. The purchaser will get a receipt from Customs.

4. Lamborghini does not invalidate their warranty when a car within it's warranty period is sold on.

5. Same with any car on the market

[schultzlivgthai]

What a joke!!

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[apetley]

Bidding on the Lamborghini opened at Bt19 million and reached as high as Bt23 million, but officials didn't release it because it failed to reach the Bt25 million target, calculated as the assessed value plus taxes.

If you must pay the assessed value plus taxes, who in the hell wants to buy it second hand ? You might as well buy a new one if it costs the same....

The Aventador is 36.5 million bht new.

[Tyvsa Sksass]

There is no such thing as a depreciating asset. That is an oxymoronic statement.

A new car is a liability, pure and simple.

Funny, that, I have several assets and some of them are depreciating in value.

[Tyvsa Sksass]

None of the cars were seized by accident? They probably all came into Thailand minus the coded ECU's,. THe only guys that can buy them are the guys with the ECU's as the cost of a new coded ECU...etc.

The whole thing is a scam to reduce the amount of duty paid and it's done on an institutional basis.

The Lamborghini not sold at auction will have to be purchased quietly from the Customs dept. by the guy that has the ECU....

They should have sent someone from NCPO to the auction!

Driving a car without an ECU into an auction area, that's a clever trick.

[Zyxel]

None of the cars were seized by accident? They probably all came into Thailand minus the coded ECU's,. THe only guys that can buy them are the guys with the ECU's as the cost of a new coded ECU...etc.

The whole thing is a scam to reduce the amount of duty paid and it's done on an institutional basis.

The Lamborghini not sold at auction will have to be purchased quietly from the Customs dept. by the guy that has the ECU....

They should have sent someone from NCPO to the auction!

Driving a car without an ECU into an auction area, that's a clever trick.

I recently read a similar story in the news paper. The mafia manages to have the car seized after removing the ECUs (Electronic Control Unit http://en.wikipedia.org/wiki/Electronic_control_unit) and then waits for the auction, buys the car that nobody wants because no ECUs at a low price, avoiding to pay the import taxes.

[Prbkk]

I might trade in my rabbit card for a Bentley.

[thesetat2013]

I thought an auction was bidding and the highest bid won got the prize. Since when can anyone refuse to give you what you would bid on if you won the auction? Truly amazing Thailand!!!

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Are you daft? never heard of a "reserve", look it up, you might learn something today. Nothing about Thailand, just truly amazing dimwits..

You have nerve coming here calling insults to others for their thinking when you only have a few replies as a newbie to count. Try constructive criticism instead of name calling.

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[Sydebolle]

Want to see Bugattis or Ashton-Martins? Look no further, seen (both cars together) at the First Friendship Bridge linking Nongkhai and Thanalaeng. The boggling fact was, that both cars at 8888 in their plates - not same province though. And yes, the cars drove with Laotian tags.

[canuckamuck]

There are a lot of filthy rich people in Thailand. I see more expensive vehicles on Thai roads than I have ever seen on Aussie roads.

I think you will find that the car is much more of a vanity item here.

Don't think it is much different than the western world, ok a bit more perhaps depending on which western country. My thoughts if someone is driving a Lamborghini is they don't have it for comfort and family values but for prestige and the 'look at me' syndrome. I remember the very first car I got stood out loudly in the crowd and I did feel a sense of pride driving it.

However, at first everywhere I went it was stared/gawked at whether driving or sitting still. Felt good about it but after awhile become more annoyed and paranoid about being noticed so much, especially by the state troopers.

Maybe I said it poorly, I believe that people are judged much more on the car they drive here (or believe they are) then westerners are in the west. In the west your house is where the pissing match is.

[gemini81]

Couldn't they put a better looking girl?

That's why the Lamborghini didn't reach the reserved price.

You'd nail it. I'd sample both of 'em. C'mon admit it, haha.

[kjhbigv]

The list price is around GBP300k for an Aventador in the UK.

[Baerboxer]

There are a lot of filthy rich people in Thailand. I see more expensive vehicles on Thai roads than I have ever seen on Aussie roads.

Yup, many, many more than most people realize . . . and they even paid 200-300% more than anyone in the West would have done for the same car . . . they have shitloads of money to burn.

Yep. I have a friend who supplies luxury cars, legitimately. The selling price here for an Aston Martin is approx 4 times what it would be in the UK. Yet, she sells them and other similar overpriced Porsches etc.

Here it seems the rich are very very rich and have to been seen to have all the right status symbols. And all that tax goes exactly where?

[Baerboxer]

Auctions can have a reserve price, if not met, then goods not sold

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That's true but why not start the bidding at the reserve price and save time?

And another who has no idea how auctions work. Google, it's your friend. Research a little before just expelling the first stupid thing that comes to your mouth.

And a newbie member who demonstrates his lack of manners or intellect so quickly and forcefully.

[Baerboxer]

Auctions can have a reserve price, if not met, then goods not sold

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Well we are talking about cars here which are n most of the world a depreciating asset. Maybe they will sell it next year at the price they want along with all the deteriorating rice.

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There is no such thing as a depreciating asset. That is an oxymoronic statement.

A new car is a liability, pure and simple.

If you ever paid for an accountancy course ask for your money back. Similarly if you paid for English lessons.

[ratcatcher]

There are a lot of filthy rich people in Thailand. I see more expensive vehicles on Thai roads than I have ever seen on Aussie roads.

Yup, many, many more than most people realize . . . and they even paid 200-300% more than anyone in the West would have done for the same car . . . they have shitloads of money to burn.

Yep. I have a friend who supplies luxury cars, legitimately. The selling price here for an Aston Martin is approx 4 times what it would be in the UK. Yet, she sells them and other similar overpriced Porsches etc.

Here it seems the rich are very very rich and have to been seen to have all the right status symbols. And all that tax goes exactly where?

[rotary]

I thought an auction was bidding and the highest bid won got the prize. Since when can anyone refuse to give you what you would bid on if you won the auction? Truly amazing Thailand!!!

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It is called a "reserve". I would guess I have been to more than 200 auctions of various types from the county estate auction to heavy industrial auctions. Most are not reserve auctions or they will have a few items that a reserve price has been set. Most of the time they do not state the reserve price in the auction catalog, just simply they state "reserve". It is quite common but does not help attendence in my opinion.

[bigbamboo]

They're auctioning Supercars? Wow!

Can't wait for the FireballXL5 and Stingray auctions to come up.

[oldsailor35]

I thought an auction was bidding and the highest bid won got the prize. Since when can anyone refuse to give you what you would bid on if you won the auction? Truly amazing Thailand!!!

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Never heard of the "Reserve price" then !

[arisaje]

At 25 million you could go buy a brand new one tax paid

It is a new one.....and the 25 million was to pay the tax also.

I wondering however, how they have almost 60 cars for auction and the expected revenues from the auction was only going to be 600million baht?

Those Bentleys might be going for a decent price then...instead of the usual extortionate rates they want.

[schultzlivgthai]

These cars are confiscated!!! Little or no expense to the government. There should not be a "reserve" price. It's all a typical Thai way of doing things. Most of the cars will probably end up in the hands of high ranking government people anyway.

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[chrisinth]

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The concept of a minimum reseved price is standard at auctions, but here's what I don't understand: 1) The cars were confiscated, not bought, so every single Baht is free money 2) The price is the actual value of the car plue tax - if I was wealthy enough to pay this price, why would I then go bid on a (untrusworthy/unknown origin) vehicle rather than go to a dealer and pay the same price?

Edit to add: I would have understood the reserve to be the tax, as that is what the customs department were denied, but the should not receive any money from the car's selling price.

Good Post! Couldn't have asked those questions better myself.......................