Government sources yesterday refuted some mainstream and social media reports that vehicles have been vastly undervalued at the recent auction of luxury Government vehicles.
According to the President’s Media Division (PMD), the auction (conducted via tender) for the sale of 17 vehicles yielded Rs. 200 million for the coffers. However, a PMD spokesman said that some of the vehicles were nearly 25 years old, misused badly and not in a good running condition. Hence, some vehicles could not command prevailing market rates. Of the 26 vehicles scheduled for auction, 17 were sold in the first round of bidding.
Nevertheless, many of the vehicles received bids that were more than the Government Valuer’s estimate.
According to a Government report, the following are the prices at which the vehicles were sold: Ford Everest (two cars), selling price Rs. 5.3 million and Rs. 8.8 million (valuation from Rs.1.9 million), Hyundai Terracan (selling price Rs. 3.7 million, estimate Rs. 3.5 million), Land Rover Discovery 4 (selling price Rs. 27 million, estimate Rs.25 million), Mitsubishi Montero (selling price Rs. 8.6 million, estimate Rs.5 million), Nissan Teana (selling price Rs.8.1 million, estimate Rs. 5.5 million), Nissan X-Trail (selling price Rs. 6.1 million, estimate Rs.4 million), Nissan Patrol (selling price Rs. 14.6 million, estimate Rs. 13 million), Nissan Patrol (selling price Rs. 12.2 million, estimate Rs. 11.5 million), Porsche Cayenne S (selling price Rs. 13.6 million, estimate Rs.13.5 million), Rexton W (selling price Rs.9.4 million, estimate Rs.8.3 million), Rexton W (selling price Rs.9.6 million, estimate Rs. 8.5 million), Rexton W (KJ series, selling price Rs. 5 million, estimate Rs. 4 million), Toyota Land Cruiser V8 (KC series, selling price Rs. 12.6 million, estimate Rs. 6.5 million), Toyota land Cruiser V8 (KU series, selling price Rs. 32 million, estimate Rs.28 million), Land Rover Discovery (selling price Rs. 18.6 million, estimate Rs. 13 million) and Mitsubishi Rosa bus (selling price Rs. 4.1 million, estimate Rs. 2.2 million). Based on the Government Valuer’s estimates, the Presidential Secretariat planned to earn Rs. 150 million for the Exchequer.
However, it received Rs.50 million more, the PMD said. There was a good demand for the vehicles and 108 bidders were present when the bids were opened. More Government vehicles are due to be auctioned later.
