Thailand gov't delivers crushing blow to Ferrari
In Thailand, exotic car theft is a pretty common occurrence, and thieves are pretty sophisticated about it, too. First, they make off with the vehicle's important components. Then, after the police seize what's left, the criminals purchase it at auction at about 15% of its value. This is "car laundering," and local officials have caught on to the ruse. Now, rather than auction cars off to the people who stole them to begin with, the government will simply crush what's left behind. Here's an example.In June, Thai officials seized a Ferrari 456GT that was stripped of its ABS brakes, transmission, wiring systems, and exhaust. In proper condition, the car would be valued somewhere between 30 and 40 million Baht. In its stripped state, it likely would have brought under Bt 5 million at auction. If the original thieves were to re-acquire the car at that low price, and then restore it to working order with its own stolen parts, it could be sold at a tidy profit. So the government decided to make an example of the GT and sell it off as scrap. Enter one heavy excavator, exit one Ferrari 2+2.
It's a shame, really, but Thai authorities are serious about efforts to dissuade car laundering. At the very least, thieves won't be flipping this one for a quick buck...er...Baht.
Thanks for the tip, Gregg!
[Sources: The Nation, WreckedExotics]
Reader Comments (Page 1 of 2)
Andrew 2:27PM (9/30/2007)
that'll buff right out! =D
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Larry 3:09PM (9/30/2007)
So funny! That is one of MY "lines" as well!
James 2:53PM (9/30/2007)
It still looks better than this:
http://www.sybarites.org/2006/02/24/photos-from-the-ferrari-enzo-crash/
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SuperSkyline89 2:53PM (9/30/2007)
At first I thought that something very wrong was happening in Thailand but after reading post it actually sounds good. Better to crush it than let criminals profit from it, even as much as I like Ferrari's.
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El Calor 3:17PM (9/30/2007)
It's a shame they have to resort to this :(
http://www.Ferrari-Talk.com
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jkhsns 3:54PM (9/30/2007)
Could they not have replaced the stolen parts and used it as a police vehicle?
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Ben 4:02PM (9/30/2007)
30 million Baht = ~$950K USD wtf
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Jimmy 4:07PM (9/30/2007)
In Thailand there is a huge tax on vehicles (comes out to roughly 200% of the cars value). So your $30k car here would cost close to $90k there.
500 9:26PM (9/30/2007)
So by Ben's math, the stripped Ferrari still might have brought roughly $150,000 at auction, but instead the government crushed it? What a shameful waste of taxpayers' money!
Ben 10:53PM (9/30/2007)
A 300% tax does not even come close to explaining a 30-40million Baht price tag on a Ferrari from the 1990's. In neighboring Malaysia with similar taxes, a NEW Ferrari goes for under 30 million Baht equivalent, and I guarantee you they do not appreciate (from friends experience)
AndyMF 4:07AM (10/01/2007)
ya, a new F430 in Malaysia would go for the equivalent of Bt 20-25million.
AndyMF 4:09AM (10/01/2007)
ya, a new F430 in Malaysia would go for the equivalent of Bt 20-25million.
Jeff Johnson 4:20PM (9/30/2007)
here is a radical idea... maybe return the car (even if its partially stripped out) to the original owner?
It's crazy but it just might work!
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Toy Yoda 5:04PM (9/30/2007)
That will just encourage the thieves to steal all the parts of the Ferrari. :)
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cromag9 5:16PM (9/30/2007)
You're right, I think the Thai government should just seize and crush all Ferraris as a preventative measure. That'll teach those pesky car thieves.
Jeff Johnson 5:45PM (9/30/2007)
well if there is a 200% vehicle tax... on top of the high cost of Ferrari's... you would think that the people that legally own them would be able to protect them better? its sad but almost like you have to hire a body guard for your car if its out somewhere... or have a high security garage.
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john j 10:10PM (9/30/2007)
a lot of the cars are stolen from other countries (europe and the us) and imported to thailand/south east asia, where it becomes much easier to register a stolen vehicle. they are usually not stolen from within the country themselves, as so few people have them....
Gardiner Westbound 5:49PM (9/30/2007)
The insurance companies, if there are any in Thailand, must be really pissed.
I'm no Sherlock Holmes, but it seems to me raiding the auction purchaser's residence and garage might turn up the stolen parts. Running him through the crusher will minimize recidivism.
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asia_will_destroy_usa 7:49PM (9/30/2007)
bwhahahahahahahaha stopid usa an eurotrashes peeples asia will destro you!!!!!!!!!!!!!!! bwahahahahahahahaha
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Harrison 9:56PM (9/30/2007)
This kids, is why you shouldn't smoke pot. Or do ecstasy for that matter.