BOC turns over P205-M for auctioning 2 Bugatti Chirons

MANILA: The Department of Finance reported that the Bureau of Customs (BOC) has successfully auctioned off its pair of confiscated Bugatti Chiron units. Overall, the auction netted P205.016 million, with Elite Garage Corporation winning the bid for both vehicles. 

Notably, this is a milestone for two agencies. Per DOF, it demonstrates the government’s ability to transform unused assets into profits that are projected to support the country’s development. 

In further breaking this down, the 2017 Bugatti Chiron in blue was auctioned with a value of P101,508,000. Meanwhile, the 2019 Bugatti Chiron in red was auctioned at P103,508,000. These proceeds from the auction were already turned over by the BOC to the Bureau of the Treasury.

 “The turnover of these forfeited assets shows that our work does not end with seizure or forfeiture. Ang tunay na layunin natin ay tiyakin na ang mga nakukumpiskang smuggled goods ay nare-recover at naco-convert into public funds para sa pampublikong proyekto, [Our real purpose is to make sure that confiscated goods are recovered and converted to public funds for public projects>” Bureau of Customs Commissioner Ariel F. Nepomuceno said. 

“Through transparency, accountability, and teamwork among government agencies, we continue to protect what belongs to the Filipino people,” Nepomuceno added. 

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Bugatti Chiron: why so expensive?

As noted above, both examples of the Bugatti Chiron that BOC has auctioned off have accrued bids of above P100 million. 

For reference, the model’s price during its global launch, according to the marque’s old press releases, was set at $2.6 million. That’s around P158 million - equivalent to around P112 million in 2016 money (calculated after inflation). 

So, why are two examples that BOC auctioned off so expensive despite being used cars? 

The perceived value of the Chiron has something to do with its specifications. For starters, it boasts an 8.0-liter W16 engine fitted with four turbochargers. For the unaware, that’s a total of 16 cylinders that can pump out a whopping 1,500 horsepower. 

 Moreover, a majority of the Chiron’s components have been described as “aerospace-grade.” This means forged aluminum, titanium, and a lot of carbon fiber. 

Each Example of this Bugatti nameplate was also hand-made in Molsheim, France, in a bespoke manner requiring nearly a week to complete a single unit. This resulted in an ultra-low production volume - another contributor to its extravagant price tag. 

With the successful auction and the turnover, the government has demonstrated that it actually has the imagination and will to hit two birds with one stone: preserve engineering marvels like the Chirons mentioned above, while using the said cars to generate funds for the betterment of the country. Sounds like a win-win, right?

Also read:

Bugatti W16 Mistral showcases its timelessly elegant look in Singapore

Bugatti Chiron Profilée is most expensive new car sold at auction

Bugatti W16 Mistral tours Tokyo

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