If you’re in the market for luxurious and lavish collector car, Dubai might be your city to search. With thousands of abandoned supercars being discovered at airports and roadsides every year, discounts on impounded automobiles aren’t scarce.
Once prosperous and flourishing, Dubai was at the top of the world. Being home to some of the most extravagant sky scrapers and billionaires from around the globe, flaunting worth was embedded in the culture.
This lifestyle saw its height in the late 2000’s and early 2010’s when oil prices peaked, bringing expatriates and locals to new levels of affluence, ultimately feeding exorbitant spending. However, in August of 2014, oil prices began to crash to new lows. Dropping like an iPhone to the floor, the worth of a barrel was more than halved in a 6-month window. To this day, oil has yet to recover to the same magnitude and it has affected plenty of locals and expats who couldn’t keep up with the Joneses.
For those who may not have already known, the United Arab Emirate (UAE) follows Sharia Law. These observed customs are in place over the majority of the Middle East and view defaulting on your debt as a criminal offence. Even bouncing a cheque or missing a credit card payment by mistake can get you into trouble. So for those living well above their means, leaving the country is a preferred option over imprisonment.
So what happens to all their exotic vehicles? Well, many drive as fast as they can to the closest airport where individuals then leave incredibly expensive supercars in parking lots and roadsides. Several automobiles have been found with keys still in the ignition. Some with registration and apology letters on the dash. But for all, due process is still followed.
One cannot simply jump in an abandoned vehicle. Although tempting, these cars are still technically owned by the individual up until they are processed to be impounded. At which point a majority will be put up at police or private auctions for fairly reasonable rates.
So how can you take advantage of this? It’s not as simple as you would think. But for a well-connected individual, knowing the right people can get you in.
These used vehicle auctions are generally offered to dealers and insiders known to the industry. This is due to their extended knowledge in the market and will bid appropriately. With the right finder’s price, these dealers can work with buyers to locate one or more exotic vehicles to be transported to the buyer’s preferred location.
However, be sure to do your math before making a purchase. Although many of these abandoned supercars may be in relatively pristine condition and auctions are slashing their prices, unknown dealers may try to scam you out of a good deal with higher than average surcharges.
But if you are lucky, you could be the owner of a Lamborghini, Porsche, Bentley or other exotic vehicles of your dreams. There was even a dust covered limited edition Ferrari Enzo discovered. With only 400 ever in production, social media was furious to see this deserted beauty.
So if you’re in the market for an exotic collector car, your next best deal might just come from Dubai. But remember to do your homework. And if you do find that special vehicle to fit your collection, make sure you insure it with the right coverage.
You can call us at 1-844-929-4768 to talk to one of our licensed insurance brokers on how your normal auto policy might not be suited for a modern luxury vehicle.