Affecting hundreds of thousands of lives, recent Chennai floods were among the worst natural calamities the city has battled in recent times. Even though it has been a few weeks since the nightmare ended, Chennai floods remain in news, not for flood water polluting the city, or for people who have lost their everything due to the floods, but for the auction of luxury cars which were damaged due to the floods.
It was in the first week of January this year that the news broke online that cars like Audi A4, Porsche Cayenne, BMW 3 Series, Mercedes C Class, and the likes are being auctioned for as low as INR 3.5 lakh. This news caught the attention of not only those residing in other Indian states, but also of those who are residing outside India.
Over the last few days, Rushlane has received countless emails and phone calls asking for details about dealerships / agencies which are undertaking such auctions. Though we do not have a clear data as to who is performing these auctions, we do have a short video clip where you can see how the auctions are taking place at one such yard.
As per a recent report, it will take at least a few months before the damaged car inventory is auctioned off. There are still thousands of cars which are lying at various yards around the city. These flood damaged Chennai cars have managed to attract investors and businessman from across the country who have arrived in the city and made it their second home.
As per one such businessman, it is a win-win situation. He says that the price of cars is so low, even if the car is in a completely non-working condition, he will make profit just by selling its spares. Another businessman, who does not want to take risk, has arrived in Chennai with 10 car mechanics and experts. He will only bid for cars which are in a decent condition.
Another investor has bought off a 10 acre yard, just outside Chennai. He is buying whatever he can in bulk and storing it in the yard. He plans to fix the cars and sell them later. Those which cannot be fixed will be broken down and sold in the market for spare parts.
Most of the buyers of these flood damaged Chennai cars are happy with the deal they have got. For example, T Mathavraja has bought a 2014 Audi A6, which does not need any fixing for just INR 17 lakh. He says that the car was in such a good condition that he did not even have to clean it. All he did was take the keys and start driving!
Chennai Floods – Photos
Inputs from hindustantimes