Old Green mustang sold for premium

[flatchat]

I heard that THE  bullit  fetched 3.4 M at a recent auction or am I seeing "things" ?

[scollist]

US$3.4M - so AU$4.92M

[SXTY8]

My conversion app says 5.140 million OZ Pesos. Either way it's a heap of money but probably a pretty good investment.

[Dwayne]

Does the buyer also need to add auction fees?

[mwizz]

Does the buyer also need to add auction fees?

I think that is an extra 10%

[scollist]

My conversion app says 5.140 million OZ Pesos. Either way it's a heap of money but probably a pretty good investment.

That's because you are converting at an Aussie bank - that will tear you a bigger rear-end with their stupid fees. To get your AU$5.14M it is a conversion of $66.1 US cents to each Aussie dollar. But at the moment the quoted conversion is at $68.94 US cents to each Aussie dollar.

So for you to buy it at US$3.4M the bank would be slugging you AU$220K in fees.  And they wonder why we hate them.

And to make matters worse, if you had to cancel the sale and bring your money back to AU dollars again that US$3.4M you bought for AU$5.14M would come back into your hands as about AU$4.74M - again becuase of their hidden currency fees. 

[BAC]

US$3.4M - so AU$4.92M

Plus the 10% buyer's premium plus another 10% GST in the unlikely event it was bought by an Aussie...