In a tough economy, it’s cost effective to buy a used car, but for one Chicago man, the purchase of President-elect Barack Obama’s used car may turn into a jackpot.

Tim O’Boyle says he bought Obama’s used 2005 Chrysler 300C – which has a HEMI engine, moonroof, leather interior and GPS – at a Chicago area dealership for $24,000 and was told at the time that it was the former car of the President-elect.

O’Boyle put the car for sale on an internet auction site yesterday and as of 5pm Thursday the bidding was up to $150,000. For someone who just had to have the car, it could be theirs for $1 million.

“Overall, the car is immaculate. If you were to jump inside the thing and drive it, you’d think you’re driving a brand new car,” O’Boyle told the Associated Press. “Hopefully he takes as good care of the country as he did the car.”

Kelly Blue Book lists a 2005 Chrysler 300C in excellent condition at just under $24,000.

Find New York Used Cars with New Jersey State Auto.