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calculating car value

  • 17-03-2007 2:19pm
    #1
    Registered Users, Registered Users 2 Posts: 3,651 ✭✭✭


    I was wondering if the revenue commisioners are accurate in calculating the value of your car - they give the omsp but is the vrt to be added to this to get the value or is the omsp the actual value?


Comments

  • Registered Users, Registered Users 2 Posts: 672 ✭✭✭dil999


    The VRT is calculated as x% of the omsp. So for a 2 Ltr (30% VRT) with an omsp of 30K, VRT is 9K


  • Registered Users, Registered Users 2 Posts: 3,651 ✭✭✭Captain Slow IRL


    so if i get omsp of 10k and vrt of 3k, price is still 10 - not 13?


  • Registered Users, Registered Users 2 Posts: 38,247 ✭✭✭✭Guy:Incognito


    land9 wrote:
    so if i get omsp of 10k and vrt of 3k, price is still 10 - not 13?


    but the point is, you wont have paid 10k for it, otherwise why would you have gone outside the country to buy the car in the first place.

    The reasonign is, you see a car for 10k here, but its 7k in the uk. the 3k is o make up the difference.


  • Moderators, Politics Moderators Posts: 41,239 Mod ✭✭✭✭Seth Brundle


    What you paid for it is irrelevant - VRT is based on the OMSP.


  • Registered Users, Registered Users 2 Posts: 672 ✭✭✭dil999


    VRT is only on new or imported cars. The omsp is a nominal figure which the revenue feels that an equivalent car would sell for in Ireland.

    Maybe an example would clarify:

    If you take a 2 year old 2.0L car that that has an omsp of €20K. That represents the price that the car would sell for in Ireland and includes all applicable taxes. In other words it the price you would pay for a second hand car on which the VRT was paid when it was new)

    If you imported an equivalent car from the UK and it cost you £8K ~ €12K, then the VRT is caculated as 30% of €20K = €6.3K. So on top of the €12K you paid for the car in the UK, you would have to pay the revenue €6.3K VRT.

    you would be paying €18.6K for your imported car, or you would have paid €20K if you bought the same car in Ireland


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  • Registered Users, Registered Users 2 Posts: 51,363 ✭✭✭✭bazz26


    The OMSP is what the VRO value the car to be worth here in Ireland. VRT is then What the car cost to buy in the UK has no relevance on the OMSP.


  • Registered Users, Registered Users 2 Posts: 3,651 ✭✭✭Captain Slow IRL


    land9 wrote:
    so if i get omsp of 10k and vrt of 3k, price is still 10 - not 13?

    thanks for the replies, but what I want to know is that if the omsp is the final price or if vrt is added on - i wanna get a rough idea what price I should be asking for a car


  • Moderators, Politics Moderators Posts: 41,239 Mod ✭✭✭✭Seth Brundle


    The OMSP is a retail price which would include a residual element of VRT.
    Anyhow, VRT is a recursive tax, i.e. it is applied on the value of the car including VRT, so the VRO calculating a used cars value in this manner is the same as calculating the VRT on a new car.


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