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Barrett-Jackson Hammers A Bugatti Veyron For $700k

Posted in Automotive Event, Bugatti, Car Auctions, Car Buying, Newsworthy by Kurt Ernst | September 28th, 2010 | Leave a Reply |

BJ: ’08 Bugatti Veyron

Is it a sign of the times or perhaps the worst depreciation in automotive history? At last weekend’s Barrett-Jackson auction in Las Vegas, a 2008 Bugatti Veyron with 11,800 miles sold for $700,000. New, the 2008 Veyron would have sold for roughly $1.7 million, which makes the cost per mile of this car a staggering $84.75. Just backing the car down the driveway would cost more than I currently have in my wallet. Still, I’m glad to see that some Veyron owners drive their cars on a somewhat regular basis, as the designers intended.

That’s not all there is to this particular story, as Jalopnik reports. The buyer of the Veyron tried the “just kidding” routine, and was summarily escorted out of the auction. Unlike eBay, Barrett-Jackson doesn’t have a lot of patience for asshats who play bidding games, and I suspect the asshat in question will have a hard time gaining admittance to future Barrett-Jackson auctions. When the next bidder wouldn’t come up to the $700k hammer price, Craig Jackson himself stepped in and bought the car for $700k, which was the right thing to do for the seller. Even if the car doesn’t sell to a phone bidder now, chances are good it won’t lose money before the next Barrett Jackson auction.

A $700k Veyron seems like a bargain, but the value has a lot to do with how the car was maintained. If this one is up-to-date on all required services and doesn’t need major replacement parts (or even tires, for that matter), then it’s hard to imagine losing money on such an investment. If the car needs major work, then whoever does end up as the next owner will be spending a lot more than $700k to keep this Veyron on the road.

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