Final Mitsubishi 380 fetches $100,000 at auction
April 23, 2008 by George Skentzos
The final Mitsubishi 380 to roll off the production line has been purchased by an exceptionally generous Mitsubishi dealer for the unprecedented sum of $100,000.
All proceeds of the auction will be donated to the winning bidder’s charity of choice.
“There has been tremendous interest in the fate of the last 380, and this is a fitting result for such a fantastic and well built car,” Robert McEniry, chief executive officer and president of MMAL
The final vehicle, a Platinum model 380 sedan, was hotly contested between several interested dealerships from right around Australia.
The hammer finally fell following an astounding six-figure bid from Perth-based John Hughes Mitsubishi.
“Mitsubishi’s manufacturing history in Australia is a very proud one, and it is an honour to own this significant vehicle,” Mr Hughes said.
Print it: 
Good sale for an end of an era!
RIP Mitsubishi 380. :(
Let’s hope and prayer the 380 will be the last discontinued Aussie car for along time.
I agree Oz. Looks like many would love to see the aurion/camry go the same way though, not sure how that helps those that work in the industry but oh well…
Is the entire amount tax deductible?
Lets see so Ford Holden and Now Mitsubishi can build cars which reach 6 figure sums… I can’t see a Home Grown Toyota ever doing that..
Tax Deductible – not to the guy who bought it but to Mitsubishi it is as they will apparently be donating it to local various charitiwes
It will be tax deductible to the dealer – it will just be buried in amongst all the other cost of goods sold.
It’s also quite possible that the buyer would write a cheque direct to the nominated charity, and Mitsubishi would simply give the car to the dealer.
I reckon option 2 would be the one, as it would eliminate potential problems with GST/LCT as well.
But whatever, the dealer would have to get plenty of other incentives from Mitsubishi – no-one would be that stupid to pay $100,000 for a Magna, even if it is the last one.
This way there’s a bit of free press for the brand.
“But whatever, the dealer would have to get plenty of other incentives from Mitsubishi – no-one would be that stupid to pay $100,000 for a Magna, even if it is the last one.”
John Hughes is the car dealer of WA.
Dealing mainly with Mitso and Hyundai plus many other brands. The guy is probably one of the wealthiest people in WA…
Wheelnut totally wrong… I believe as said it comes down to an expense to the dealer, which will be a deduction. It isnt a donation definetely to Mitsubishi and even for the dealer, as a donation cannot involve a benefit arising from the payment (such as the vehicle in this case… in more commmon cases, raffle tickets etc)
he prob bought it to hide somewhere and keep to collect…. i reckon in years to come (maybe 30 years+) that thing will be collectable!
he will be able to depreciate it like every other business can depreciate an asset.
Hey TP……………Wheelnut is off for the night,poor baby not well all tucked up in bed,but Im sure he’ll reply sometime tomorrow,remember your not the only accountant on here either…..
If he holds onto it as an asset, I think the only thing he would worried about is appreciation.
Good price for the last one.
Made twice as much as the last Fairlane off the Broadmeadows earlier this year & half as much as the last Monaro made a few years back.
Yes BM, Im sure there are thousands. The fact is the purchase by the dealer when the vehicle is sold will offset the sale… that is what expenses do, reduce net profit. The donation can come about from Mitubishi then giving this money to a charity… perhaps this is what Wheelnut meant, I am however unclear on how the transaction is being treated by Dealer and Mitsubishi
Bloody hell TP – you swallowed the Tax return software. Ha Ha ;)
JEEZ $100K!!!!
The last Ford Fairlane of the production line only fetched $45K at the auction!!!!!
It’s only a deductible expense if the dealer intends to sell it which I doubt.. I expect he will either keep it as an investment [making it a capital expense] or pass the car on to a charity or trust -like the National Motor Museum Trust at Birdwood Mill whereby he can then claim it as a deduction
Be good to see it placed in the Australian Motoring Museum or whatever they call it. Some people are saying “stupid price for a 380/magna” but that is fundamentally missing the point. While the last Fairlane represented the death of just one model, the last 380 represents so much more. It represents the end of local manufacturing for Mitsubishi and the closure of a plant that dates back to the 70’s (or earlier?).
Please don’t show your ignorance by suggesting that this is an inflated price for this car, i guarantee it will be worth alot more in the future.
Its ok, the way fuel is going the 380 would have died anyway.
The Falcon and Commodore are yet to feel the squeeze, have no fear its coming…..
Ok all the same…LPG is the anwser, staring you right in the face~!
Cheers
F-0
Frugal-one, you keep harping on about LPG. Yes, it is cheaper per litre than petrol, and Yes, when petrol hits $2.00, your LPG will hit $1.00. History proves it so.
A Caddy van using 6.0 of diesel at $1.70 is still cheaper to run than a Falcon ute on LPG, and a lot cheaper to buy as well. Plus all your cargo stays dry …..
I love it how when a Monaro or Falcon sells for top dollar, it’s a passion purchase…when a 380 sells for top dollar, it’s a tax deduction!
Reckless – thats a fairly redundent argument. For a start a caddy doesn’t have the payload of a 1 tonne falcon ute. The caddy and the falcon ute are two completely different models aimed at two completely different markets, to compare them is rediculous. It’s like saying your better off with a mazda 2 then a mazda 6 because the 2 uses less fuel, even though a mazda 6 buyer would have completely different wants and needs then a mazda 2 buyer
oh and by the way Reckless, the only reason LPG is so much cheaper is because it is taxed so much less then petrol! If everyone suddenly switched from petrol to LPG you better damn well beleive that the government would put the tax on LPG to the same level as petrol! Otherwise they would miss out on literally billions of dollars of tax, something they are not too fond of doing!!!
Folks, two points:
1. The National Motor museum at Birdwood already has one, Mistubishi donated the second last one off the production line.
2. Tax on LPG; the phased introduction of this (excise) is well known and published on the relevant govt. website. There is no hidden agenda, it’s documented:
“The excise rates to apply to LPG used in internal combustion engines will be 2.5 cents per litre
from 1 July 2011 increasing in five equal annual steps to 12.5 cents per litre from 1 July 2015.” – Dept Industry, Tourism & Resources.
Richo, my argument is just as relevant as FO’s – the Falcon ust on LPG is totally different to the last Magna.
The Falcon may have a bigger payload, but it can’t keep its load dry.
Your second post seems to have the aim of ridiculing me when I say the cost of LPG will rise to about 50% of the cost of petrol, and then goes on to support my contention that it will rise. You need to stop smoking, – LPG is not “only cheaper because it is taxed less”. Bret correctly points out that there is already a plan (created by Howard) for slapping extra excise on LPG. But you would have known that, wouldn’t you?????
Reckless – wasn’t trying to ridicule you mate, you should probably stop taking those sensitive pills! I was just stating my opinion that LPG is NOT the answer, same as how you are arguing that it is. I’m allowed to have a different opinion yeah?
And when did i say LPG was not taxed AT ALL? I said it wasn’t taxed as heavily as petrol, and even after the excise has increased it will still be taxed dramatically less then petrol, which i assure you accounts for a significant portion of the price difference! Not all of it no, however taxed equally the difference between petrol and LPG prices at the bowser would be eaten up by the reduced fuel economy you get with LPG. Therefore, in MY opinion, LPG is only the solution for so long as it is taxed much more favourably then petrol. There is definetly no guarantee that this will be the case forever!
And yes the caddy will keep your load dry, but thats still not the point, the falcon is car with a completely different market to the caddy, it’s pointless attempting to compare them. One is a ute, the other is a small van. One can carry a tonne, one can’t. The Caddy is a car i rate very highly as a work car, but that’s not to say it is appropriate for builders who may have to carry gravel or sand etc, same as a ute isn’t appropriate for alot of couriers who carry things that cannot get wet. Different markets mate!
Your better off arguing that a diesel hilux is a more cost effective ute then a falcon ute, which it probably is, but trying to argue that a small van is a better then a ute is only true for people who want a small van! People who are in the market for a ute are not interested in a small van, just the same as how people in the market for a small van are not in the market for a ute! therefore they are un-comparable cars. It would be like trying to compare a kia rio to a jeep wrangler, compeltely difference cars!
RECKLESS -
Looked at the Caddy [inc. the new maxi model]its nowhere
NO NO NO the Caddy is more expensive to fuel, didnt you even bother to calculate it?
Using YOUR price and figures:
Caddy 6L/100km [uses more than that, be around 7.5 realworld]x$1.70= $10.20 [Really is 7.5L x $1.60 =$12]
Falcon [factory figures]15.1L/100km x.60 = $9.06 [Act my realword 14L/100x.60 = $8.40]
Mine is still tight but its down to 14L/100km x.60 =$8.40
So WORST case the Falcon is $1.14 per 100km cheaper, but really its $3.60 in the REALWORLD not on paper
CADDY -
1/To expensive
2/Gutless
3/To small
4/Falcon have a canopy and also tarp
5/Falcon tows 1600kg
5/400 dealers Aussie wide
6/No 3 seater
7/Noise and FWD rubbish
Falcon ALL the way [NOT with L.B.J!]
Cheers
F-0
Somebody must have liked their 380’s too much!
Imagine if they did make a 380 ute! Or if Toyota made a Aurion Ute! It would look weird!
O oh! Ive given toyota ideas……….
F-O
you beat me to it mate.
i can only laugh at those that have the wrong perceptions about LPG.
Richo, and Reckless.
since when did petrol have a 70 cent excise placed on it?
even if you throw all the taxes you can think of at LPG it will still be cheaper than petrol.
if you want to cover your load, opt for the canopy. Simple.
the latest tech LPG system fitted in the optimal dedicated set up, should return better fuel economy and power figures than a petrol equivalent.
it is yours and others like you guys misconceptions of the LPG fuel that has ensured other manufacturers have not offered it on a larger scale
It’s a shame to see Mitsubishi go, If tariffs stay the way they are we might see another local manufacturer go the way of the dodo. Chrysler went the same way back in 81, it’s only now that people start to realize what a great car they made back then. Maybe in years to come the 380 will be looked upon the same way, because it is a really well built car “built by Australians for Australians…
7s29 says “built by Australians for Australians”.
The 380 was not built for us aussies it was build for the american market and designed by the yanks! You know the Mitsubishi Galant dont you?
LPG consumes MORE fuel (15L per 100km for standard Aussie six)… it loses LOTS of power (190kw Falcon into 150kw). The ONLY saving grave is its cheap… for now. Its crap otherwise.
TP,
you are one narrow sighted thick kid.
the only reason an LPG vehicle will return 15L is because it is either duel fuel, or it is running the old school system.
there is actually greater performance and economy potential with LPG
I wonder if the last of the Futuras or Fairmont Ghias coming out of broadmeadows will be worth anything in the future!
I am glad I bought a 380, completely underestimated. And I intend on buying one or two more when the price is right (basically now). I have an inkling they are going to be quite rare…only what, 32,000 odd ever made? Best aussie car ever!!!
Michael – I beleive the 380 and the previous model magnas were abit under-rated.. Howevver the Ralliart Enhanced 380 was definietly an impressive bit of kit.. what with a 230Kw Supercharged [Non F1 Inspired] V6 engine; Brembo Brakes; Koni Suspension; Recaro Seats and an Eclipse ICE System.
Just imagine what the 380 could have been like if former CEO Tom Phillips got his way with Tokyo and the 380 was RWD?
Wheelnut, I walked out on this car on the first public launch. If this was RWD, the game would of changed and this car would of been Number 1. People have always equated fwd=magna. Which is what killed it.