Smuggled vehicles auction fetches B424m

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Nereus
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Smuggled vehicles auction fetches B424m

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Smuggled vehicles auction fetches B424m

http://www.bangkokpost.com/news/general ... ches-b424m

The Customs Department reaped 424.53 million baht from selling 295 smuggled cars and motorcycles at an auction at its headquarters in Bangkok on Tuesday, with the top price of 14.2 million baht paid for a Mercedes-Maybach 57.
Director-general Kulit Sombatsiri said on Thursday that at the first auction in fiscal 2016, the department sold 295 of all 338 vehicles put on the block.

The highest price was 14.2 million baht for the 2005 black Mercedes-Maybach 57, with a starting price of 6.63 million baht.

The second highest price was 13.3 million baht for a 2012 black Bentley Continental GT with a starting price of 7.93 million baht, followed by 11.2 million baht for an orange Bentley of the same series, year and starting price.

Among motorcycles, the top price was 2.1 million baht for a 2007 black BMW with the starting price of 578,000 baht, followed by 1.70 million baht for a white-blue Harley Davidson with the starting price... of 318,000 baht, and 1.55 million baht for another black BMW with a starting price of 578,000 baht.

In fiscal 2015 ending in September last year, the Customs Department earned 1 billion baht from two such auctions, Mr Kulit said.
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Re: Smuggled vehicles auction fetches B424m

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"The second highest price was 13.3 million baht for a 2012 black Bentley Continental GT with a starting price of 7.93 million baht."

Highlights what people will pay in Thailand. There is no shortage of the 2012 Bentley stated and can be picked up outside of Thailand for well under 100,000 dollars (less than a quarter of the price at this auction.)
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Re: Smuggled vehicles auction fetches B424m

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HHTel wrote:"The second highest price was 13.3 million baht for a 2012 black Bentley Continental GT with a starting price of 7.93 million baht."

Highlights what people will pay in Thailand. There is no shortage of the 2012 Bentley stated and can be picked up outside of Thailand for well under 100,000 dollars (less than a quarter of the price at this auction.)
'A Fool and his money are soon parted.'
Rich people don't care though 13.3 million baht is pocket change to them and they have tons of money to burn.
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Re: Smuggled vehicles auction fetches B424m

Post by Homer »

HHTel wrote:There is no shortage of the 2012 Bentley stated and can be picked up outside of Thailand for well under 100,000 dollars (less than a quarter of the price at this auction.)
How is the price outside of Thailand relevant to someone living in Thailand?
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Re: Smuggled vehicles auction fetches B424m

Post by HHTel »

It's not. I was highlighting the massive tax in this country. No tax was paid on these cars as they were confiscated from smugglers. The Customs Dept got these cars for free so even their reserve price was way over the top. I agree that anyone buying outside and importing them would have to pay a massive tax. The dept needed to recover unpaid import duty and they certainly did that. Every baht they received at this 'auction' was pure profit.
You usually go to an auction to buy something cheaper than market value not much much more!
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Re: Smuggled vehicles auction fetches B424m

Post by Homer »

HHTel wrote:IThe dept needed to recover unpaid import duty and they certainly did that. Every baht they received at this 'auction' was pure profit.
Were you trying to say every baht they received at this auction beyond the unpaid import duty was revenue?
HHTel wrote:You usually go to an auction to buy something cheaper than market value not much much more!
What is the market value in Thailand for a used 2012 Bentley Continental GT? Only one I found listed has a 7.5 million baht asking price.
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Re: Smuggled vehicles auction fetches B424m

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Homer wrote: What is the market value in Thailand for a used 2012 Bentley Continental GT? Only one I found listed has a 7.5 million baht asking price.
I have no idea what the market price is, but the figure you have quoted is considerably less than the 11.2 and 13.3 m baht obtained at the auction for similar cars, suggesting the auction prices were way over the top!!
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Re: Smuggled vehicles auction fetches B424m

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Dannie Boy wrote:
Homer wrote: What is the market value in Thailand for a used 2012 Bentley Continental GT? Only one I found listed has a 7.5 million baht asking price.
I have no idea what the market price is, but the figure you have quoted is considerably less than the 11.2 and 13.3 m baht obtained at the auction for similar cars, suggesting the auction prices were way over the top!!
So, you think the 7.5 m asking price of one car reflects the market price? In that case, why isn't an average of the 11.2 m and 13.3 m cars a better idea of the market price?

Some Continentals are more desirable and sold new at a higher price. Given the Bangkok Posts' reputation for reliable and accurate information, how does a reader know if the cars are GT models and not GTC or GT Speed Coupes? V8 or W12? Were they models unavailable from the Thai Bentley dealer? If, for example, the only legal Continentals in Thailand are the V8 GT, what's an otherwise unavailable W12 GT Speed Coupe worth? Whatever someone is willing to pay.
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Re: Smuggled vehicles auction fetches B424m

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The market price is whatever someone is willing to pay, not what is defined in a book. If you have millions to waste why would you care if something is overpriced?
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Re: Smuggled vehicles auction fetches B424m

Post by RCer »

StevePIraq wrote:The market price is whatever someone is willing to pay, not what is defined in a book. If you have millions to waste why would you care if something is overpriced?
Not to mention that rarity in the non-collector market is based on availability in the local market, not the other side of the world.
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Re: Smuggled vehicles auction fetches B424m

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Abandoned cars lose B1bn in taxes

http://www.bangkokpost.com/auto/news/10 ... n-in-taxes

27 Aug 2016 at 04:00 NEWSPAPER SECTION

The Customs Department estimates that 1 billion baht in tax revenue will come in if importers pay the duties to remove 633 abandoned cars from tax-free zones.

The 633 cars are worth 600-700 million baht in total, said Kulit Sombatsiri, director-general of the Customs Department.

The duties and other taxes come to 328% of the price of each imported car with engine sizes greater than 3,000cc and 276% for those with engine sizes of 2,500-3,000cc.

In total, 209 of the cars were imported by local dealers and the remaining 424 by independent dealers, also known as grey-market operators. In terms of the car types, 71 are supercars and 127 are Mercedes-Benz, with various other models accounting for the rest.

Following a Section 44 order, 326 out of the 633 cars must be removed from the tax-free zones as they have been idly parked for more than two years, said Mr Kulit. Under the order, issued by Prime Minister Prayut Chan-o-cha, the cars which have breached the two-year deadline must be removed within 90 days.

The discarded vehicles have become a burden for the Customs Department, which has been tasked with caring for and maintaining them.

Mr Kulit said if the relevant importers do not pay their tax bills within the deadline, the Customs Department will seize the vehicles and put them on sale to generate revenue for the government.

Normally, the Customs Department is able to set the selling prices for the vehicles based on the market prices, taking deprecation-related deductions, duties and taxes into account.

As many as 1,140 imported vehicles were previously left at bounded warehouses and tax-free zones. The abandoned cars could be attributed to a failure to find buyers or higher importation costs from the baht's weakness.

In 2015 when the baht fell against the greenback, 307 cars were abandoned at tax-free zones.

A few years ago, more than 400 luxury cars reportedly disappeared from bonded warehouses without the taxes being paid on them, although some of them were eventually retrieved.
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Re: Smuggled vehicles auction fetches B424m

Post by HHTel »

" the Customs Department, which has been tasked with caring for and maintaining them. "

That's very nice of them!

"more than 400 luxury cars reportedly disappeared"

Losing 400 cars! Could happen to anyone!

"were previously left at bounded warehouses '

Bound with what! ..... Lol
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Post by hhinner »

^^ Bound with red tape, obviously.
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