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Rare Bugatti smashes price record

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Car insurance costs for rare classic motors that may worry the average driver are unlikely to faze one collector, who is now the owner of possibly the most expensive used car ever - a 1930s Bugatti 57SC Atlantic.

The supercar was sold at auction in California for up to $40 million (£27 million) to a private buyer.

Only three examples of the car were manufactured by the Italian carmaker from 1936, and just two survive. Fashion designed Ralph Lauren is the owner of the other one.

The model that fetched between $30 million and $40 million at auction handled by Gooding & Company of Santa Monica, was the first in the series.

© Press Association 2010