The floods ravaging the city of Chennai in December resulted in many people losing their lives, homes, property and businesses. There were many who also ended up losing their cars in these floods caused by the worst rains the area has seen in 100 years.
Thousands of cars in the flood-hit areas ended up sitting in more than three feet of water for numerous days, damaging them badly. Insurance companies are now flooded with claims from car owners whose vehicles were 'damaged' in the floods.
Luxury cars from BMW, Audi, Porsche, Mercedes Benz, Jaguar, Porsche and others that were rendered useless in the floods, are now being auctioned off at throw-away prices. A report in Hindustan Times quotes the COO of cardekho.com’s auctions division Abhishek Gautam, saying that a 2011 Audi A4 was sold for just Rs 3 lakh. The Porsche sports coupe was going for between Rs 5 lakh and Rs 15 lakh. Due to the floods, high-end cars are now being sold at nearly 40% of their ex-showroom price, and they have takers too.
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According to another report, a BMW 3 series was up for auctioning for Rs 6 lakh, a 2015 Audi A4 was up at a starting price of Rs 3.4 lakh, and a 2012 Porsche Cayenne was going for peanuts at Rs 5 lakh.
The report also quotes copart.in, an online auctioneer, which had received requests for selling off flood-damaged vehicles. The line-up of flood-damaged vehicles includes those manufactured in 2014 and 2015 too. It is likely that the auction will go on for the next few months. Insurance companies have received insurance claims for nearly 30,000 cars, out of which 10,000 have been declared "beyond repair" so far.
Select Auto Mart which has about 10,000 flood-affected cars have already sold about 5,000 cars in 20 days, a report from a leading newspaper said.
This auction is drawing people in flocks from all over the country, with people coming in from Gujarat, New Delhi, Mumbai, Punjab.
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