Cash-driven Thai elite sell luxury cars

After a cut-rate Mercedes-Benz? A bargain-basement Rolex? If you've got cold, hard baht, Thailand is a buyers' market.

An enterprising Bangkok car dealer, tired of looking at deserted showrooms, yesterday created a high-class garage sale allowing the capital's credit-starved elite to hive off the trappings of an economic boom gone sour.

Barely used and repossessed Mercedes, Swiss watches, designer furniture and a round-the-world air ticket were all on offer in a market set to be repeated each weekend. 'So many people want money now - and fast. It is that simple,' said Jessupha Panon, vice-president of the Thonglor Group, the Mercedes dealer behind the weekend's sell-off.

'We're amazed at the interest. We knew people wanted to sell but we had no idea if people still wanted to buy,' Ms Panon said.

'Nearly 20 cars have been sold already and we've got hundreds of people passing through.' Thonglor was trying to get rid of old stock and decided to let businesses and private citizens offer their luxury possessions to create interest in a flat market.

Elderly society maidens, wealthy Thai-Chinese wholesalers and the cash-strapped young rich packed an unfinished Thonglor garage off Sukhumvit Road to survey more than 120 heavily discounted luxury vehicles.