Latest Car News in India

Thursday, January 07, 2016

By Manoj Kumawat

Price of luxurious cars starts from Rs. 5 Lakh

The above mentioned tagline might surprise to everyone as neither there is any festive season nor there is any off-season sale offered by any of the cars makers. Then how this is possible that prices of luxurious cars like Audi, BMW and Porsche starts from Rs. 5 lakh? But, yes this is true. And, surprisingly initiative for this lucrative offer goes to floods in Chennai that badly affected the life line of Chennai people. Well without creating more suspense let us tell you the truth behind the whole scene. The cars that are being offered with this luring price tag are those cars which got affected during the flood and now they are being sold through an online auction sale. With motor insurance claims being settled, cars affected in the Chennai floods, ranging from the entry-level to the luxury segments, are being auctioned off at prices as low as a tenth of their on-road price.

Chennai Car Auction

On Wednesday , copart.in, an online auctioneer that has more than 100 flood-affected cars at its yard in Sriperumbudur, will conduct an auction.The US-based auctioneer is receiving requests from insurance companies, individuals, bankers and dealers who want to sell their cars on an as-is when-is basis."Models as new as from 2015 and 2014 are out for auction. We will merely auction the cars and the documents.We don't hold any responsibility for the condition of the car," Copart MD Rajeev Kapoor said.

Chennai Flood Online Car Auction

For Wednesday's auction, the price of BMW 3 series starts at Rs 6 lakh, a 2015 Audi A4 is available at Rs 3.4 lakh, and a Porsche Cayenne (2012 model) is available at Rs 5 lakh.For the past week, the portal has received 10 cars per day . With 108 cars available and more expected to come in as claims are being settled, the por tal would con duct weekly auc tions until all the cars are sold out.Interested buyers from across the south have registered on the website after paying a refundable security deposit."We expect the auctions to go on for three months. There have been more registrations than expected," Kapoor said.

Luxurious Car Auction

Buyers take a chance and buy the cars not for the drive quality but for some components which can be taken out and sold."Spare parts of select luxury cars are not sold separately by dealers. We need some electrical fuses and systems for a BMW and we will see if we can get that," a registered bidder told TOI.

Another auction portal Select Auto Mart has close to 10,000 flood-affected cars put out for sale by insurers from Chennai attracting buyers from across Mumbai, Gujarat, Delhi and Punjab."Close to 5,000 cars have been auctioned in 20 days. Vehicles have started coming in 10 days after the floods and both individuals as well as scrap deale r s h ave e x pressed interest and bought cars," said an official who expects the auctions to continue till January-end.

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