The Mercedes Benz 450SEL, a 1980 edition from the German manufacturer, had previously appeared on the world's most popular auctioning site listed at €90,000 ($122,000), but that price has been halved to just €38,000 after little interest in the initial sale.
The vehicle was the car that Paul Hewson (Bono's real name) bought after their first breakthrough album, and was also used to film a number of music videos. It has 170,000km on clock.
The seller, Dave Lawlor, a Dublin music venue manager, said €5,000 of the sale money would be donated to charities for schizophrenia.
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The car was previously owned by the Pepsi Cola Corporation, after its first auction. The cola conglomerate then paid €61,000 ($82,000) for the Benz.
After its stint with Pepsi, the car was given to Boyzone singer Keith Duffy, who in turn raised €30,000 through its sale for autism charities. It was then bought by a Cork businessman before finally making its way into Mr Lawlor's hands.
The car contains a sound system believed to be worth €15,000, installed by Bono himself, and was extensively refurbished by Mr Lawlor after the acquired it.
Speaking to the Belfast Telegraph the car dealer said that the car was a "big monster of a thing", adding that he had spent about "€20,000 refurbishing it".