Hindsight is all the time 20/20, however even used automotive sellers know there may be virtually no appreciation on a automotive when you drive it off the lot — a lesson Papua New Guinea is studying the exhausting manner.
Papua New Guinea — which is likely one of the poorest nations in Southeast Asia, with a mean GDP per capita of $2,613 — dropped a mind-boggling $5.6 million on a fleet of luxurious vehicles to impress regional leaders throughout a 2018 convention.
Nearly three years later, the nation admits the shallow buy was a “terrible mistake” and is making an attempt to recoup its losses by offloading the a number of Maseratis at a hefty loss.
At the time, the federal government claimed the flamboyant rides bought for the Asia-Pacific Economic Cooperation, or APEC, convention, could be snapped up, in accordance with the BBC.
But many leaders on the convention refused to even drive the vehicles.
“If we had any foresight, the Maseratis would not have been purchased in the first place,” Finance Minister Sir John Pundari advised the BBC. “I don’t know the reasons we went down the path of purchasing Maseratis and now we are caught up with this dilemma.”
The Quattroporte sedans, which have been bought via a Sri Lankan vendor and flown into the nation by way of a chartered jumbo jet, are anticipated to be offered for $114,000 every – a lack of 20 p.c per car.
At the time, in accordance with the BBC, the nation’s APEC Minister Justin Tkatchenko claimed the vehicles would offer “the level of carriage for leaders that is the standard for vehicles used at APEC summits” and boasting the used autos would then “sell like hot-cakes” post-summit. Then-Prime Minister Peter O’Neill promised the federal government “will not be out of any funds.”
Both have been catastrophically unsuitable. O’Neill resigned in 2019 whereas Tkatchenko is the Member of Parliament for Moresby South and Minister for Sports.