Car insurance news

Buffett auctions gold car online, car insurance not included

Have a spare £13,250 ($25,000) burning a hole in your pocket?

If so, consider putting the opening bid on Warren Buffett's old car next time you're checking your email or searching for cheap online car insurance (and you're going to need it for this baby).

Buffett, who was the world's second-richest person until he donated about $37 billion - 85% of his personal fortune - to the Bill & Melinda Gates Foundation last June, is auctioning the 2001 model Lincoln Town Car on eBay.

Profits from the sale will go towards his daughter Susie's favourite charity, Girls Inc.

Despite sounding like America's answer to the Spice Girls, Girls Inc. is in fact a non-profit organisation which supports six to 18-year-old girls in inner city and other high-risk areas of the US and Canada.

Buffett has previously auctioned a wallet for Girls Inc., and that fetched $215,000. "My dad made a joke that the wallet went for $215,000, and the car weighs 4,000 times more," quipped Susie.

The car is coloured light gold, has 14,000 miles on the clock and sports Buffett's trademark "THRIFTY" personalised number plate. If you're the winning bidder, however, you'll need to be more than "THRIFTY" when it comes to finding online car insurance - or any other future expense for that matter.

75-year-old Buffett has had the Lincoln sat on his drive for three months, presumably wasting road tax and motor insurance, since he bought a new Cadillac DTS in May.

Cautious bidders are probably wondering why the dealership didn't suggest a part exchange.