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Finance: This 18-year-old is raffling off his uncle’s £130,000 Porsche Panamera Turbo for £35 a ticket

The 64 plate Porsche Panamera Turbo could be yours for just £35.

The winner of the car, which is under three years old and has 20,000 miles on the clock, will be drawn on New Year's Eve.

  • Faizan Mehdi is holding a raffle to auction off his uncle's Porsche Panamera Turbo and tickets cost £35 each.
  • His uncle bought the car, which is less than three years old, for £130,000.
  • Mehdi plans to draw the winner during an Instagram Live on New Year’s Eve.

18-year-old Faizan Mehdi is raffling off his uncle's Porsche Panamera Turbo just in time for the festive season — and tickets cost just £35 each.

Mehdi told Business Insider that his Uncle Hassan — his mum's brother — has owned the car for under three years, and bought it for £130,000.

It's been on the market for five months and hasn't sold, so Mehdi came up with an alternative way of earning some cash from it, inspired by a Chelsea estate agent who did the same with his Porsche Cayman in April.

The pair agreed to raffle the car online and are aiming to sell 3,000 tickets at £35 each, splitting the profits between them. That's £105,000, or £52,500 each if split equally, assuming they sell all the tickets.

To enter the raffle you need to buy a ticket and answer three trivia questions correctly. Entrants must be 18 and over and UK-based.

Mehdi plans to draw the winning ticket on his Instagram live on New Year’s Eve, and will deliver the car to the winner himself, "because it's the season of gift giving I think the timing is very suitable," he said.

It's easy to see why it's worth the effort for Mehdi…

…who clearly like fast cars, according to his Instagram.

If the full 3,000 tickets are not sold in time for New Year's Eve, the pair will hold off on selecting a winner until they reach their target. If ticket sales are much lower than their goal — if, for example, just 1,000 are sold — two winners will be chosen to receive 20% of the profits made from the raffle each, while the uncle and son duo will still make some cash for their efforts.

"The main target is to give away the car," Mehdi told Business Insider. "It’s in the circumstance where tickets sales are too low by Christmas that we would choose to do the cash option."

This is Hassan's 64 plate black Porsche Panamera Turbo. Similar models are available starting from about £115,000, according to the Porsche website.

Mehdi said that the registration plate is blurred because there is a personal, private plate currently on the car.

The MOT — or test to make sure the car is safe for the road — is due in January 2018, according to the listing, and the car has 20,000 miles on it.

It has 542bhp (horsepower) and is less than three years old.

And, if you're lucky, it could be yours for just £35.

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