Seriously considering this Camaro - VRT calculation

Pkiernan

Anyone know how the Revenue calculate VRT price on imports of new cars from the US with no pricing guide here?

I know that VAT will be charged on the price calculated by Customs subject to duty (basically the American price plus shipping, plus a percentage, I believe 2.5%).

Given the high emissions of C02, I would expect to pay the 36% rate, but on what price?

This car costs about $27,000 for the pictured version with a 304 hp V6. And $33k for the 417 hp V8.

unkel

Pkiernan wrote: »

I know that VAT will be charged on the price calculated by Customs subject to duty (basically the American price plus shipping, plus a percentage, I believe 2.5%).

The percentage is 21% and you also have to pay import duty

Pkiernan wrote: »

I would expect to pay the 36% rate, but on what price?

36% is right. On the OMSP (Open Market Selling Price - what price the car would be expected to be for sale at here)

You need to get a quote from the NCT for VRT. Without a written quote, don't even think about importing one!

I like your choice of car though - big V8 petrol engine FTW

Matt Simis

I wouldnt for a second consider the V6 "a Camaro". I drove it, its not that fast and sounds like muck. Its as exciting as an automatic 530i (which is to say competent).

The V8 is totally different though.

Soarer

Duty price is normall 10%, which is then added on to the purchase price + shipping.
Then that total is subject to 21% VAT. That's right, you pay tax on the tax.

Then, after you've paid all that, you've the privilege of paying 36% of the OMSP in VRT, as well as (probably) €2100 per year in CO2 based road tax!

Big Nasty

Most definitely go for the V8!

As already said final cost is going to depend on the OMSP here - Revenue is your only man and without meaning to sound smart, best of luck with that! I would imagine you could be looking at the guts of €20k VRT.:eek::eek::eek:

Is it going to be a weekend car or a daily? If only for the weekend I would be looking at a classic model.

mickob16

Jesus i thought it was a porn site i had strayed onto when i seen the Camaro.Unreal-good luck with it if you do buy.

FreudianSlippers

417hp V8?

Camaro only comes with the LS3 6.2L V8 426bhp or the LSA 6.2L Supercharged V8 @ 550bhp.

Say shipping is about $1000 and estimate insurance on that to be about $500 (you pay tax on this too).

Customs value is approx €24397.14
Import duty (@ 10%) €2439.71
Import VAT (@ 21%) €5635.74
Total is €8075.45

Landed cost is therefore around €33,000

Big Nasty

FreudianSlippers wrote: »

417hp V8?

Camaro only comes with the LS3 6.2L V8 426bhp or the LSA 6.2L Supercharged V8 @ 550bhp.

Say shipping is about $1000 and estimate insurance on that to be about $500 (you pay tax on this too).

Customs value is approx €24397.14
Import duty (@ 10%) €2439.71
Import VAT (@ 21%) €5635.74
Total is €8075.45

Landed cost is therefore around €33,000

+ VRT;)

Matt Simis

LIGHTNING wrote: »

Its never going to come to 33k!

Maybe he means pre-VRT landed cost?

Big Nasty

Matt Simis wrote: »

Maybe he means pre-VRT landed cost?

Maybe - but OP's question was about VRT!;)

Midnight_EG

By landed I presumed he meant landed in the country...

Sweet car though OP...go for it!

Soarer

VRT wrecks my head.
Take a new car for example.
That sells for €25k including VRT.
But VRT is calculated on the OMSP.
But the OMSP of the new car already includes VRT.

So how do they know how much VRT to charge on a new car?

Wheaven

As a ball park figure if the car is brand new, so as not to get a shock when you land the car. I would say €46,000 including Vat, customs charges and Vrt for V8 all in.

As there is almost a 100% mark up of price paid in America, when taking in to account customs duties, shipping, vat, vrt, customs clearance in the docks etc.

darragh o meara

Aren't revenue looking for a new method of valuation on omsp? Might be worth holding off a while to see if they implement a new system. Might work out in your favour or might not. Also there is a lot of American car dealers in the uk who may be able to get it in cheaper ie no vat if you buy a 6 month old one with over 6000 miles. Bringing from uk would save shipping and import duty if over 6 months.

Pkiernan

FreudianSlippers wrote: »

417hp V8?

Camaro only comes with the LS3 6.2L V8 426bhp or the LSA 6.2L Supercharged V8 @ 550bhp.

Say shipping is about $1000 and estimate insurance on that to be about $500 (you pay tax on this too).

Customs value is approx €24397.14
Import duty (@ 10%) €2439.71
Import VAT (@ 21%) €5635.74
Total is €8075.45

Landed cost is therefore around €33,000

I meant 427 hp.

I thought the Customs duty was levied at 2.5%, with VAT added to this plus shipping at 21%.

With a landed cost of 33k, and assuming (big if) I could get away with this as the OMSP, I would be looking at €45k.

I have seen them (though not in the Synergy Green as pictured above) for £23 k for the v6 in the UK and £32k for the SS V8.

That VRT is a right wa*ker.

mickdw

Not a hope of them given it an OMSP of €33k.

More like €55k. That would give you 20k vrt @36%.

It would be wrong to go with OMSP of 33k as this would mean the car is costing you 44 or 45k all in. Therefore, why not give it an OMSP of 45 or 45? Giving it an OMSP of 55 approx works out better in that the cost to import is roughly equivalent to OMSP

Pkiernan

mickdw wrote: »

Not a hope of them given it an OMSP of €33k.

More like €55k. That would give you 20k vrt @36%.

It would be wrong to go with OMSP of 33k as this would mean the car is costing you 44 or 45k all in. Therefore, why not give it an OMSP of 45 or 45? Giving it an OMSP of 55 approx works out better in that the cost to import is roughly equivalent to OMSP

Hi Mick,

thanks for the reply. I was wondering how the Revenue would arrive at a figure of 55 grand for a car that retails for $27k.

Given no previous selling price here, do they just pick a number out of thin air?

Del2005

Pkiernan wrote: »

Hi Mick,

thanks for the reply. I was wondering how the Revenue would arrive at a figure of 55 grand for a car that retails for $27k.

Same way they can have a Focus at $18,000 in the US v's €21,000 here.

Given no previous selling price here, do they just pick a number out of thin air?

No they ask the SIMI what price they'll sell the car for, who then pick a price out of thin air and add a bit so that it's not worth your while to import yourself.

FreudianSlippers

Yeah, sorry left out VRT.

-Chris-

Soarer wrote: »

VRT wrecks my head.
Take a new car for example.
That sells for €25k including VRT.
But VRT is calculated on the OMSP.
But the OMSP of the new car already includes VRT.

So how do they know how much VRT to charge on a new car?

The Irish distributor declare a retail price and "discount" to the Revenue who then use that to calculate an OMSP and then calculate the VRT based on that OMSP.
That is to say, Ford decide they want to charge €21K for a particular model of Focus, and declare that to the Revenue who reverse-engineer the price to give themselves a pre-VRT price and VRT amount.

doctorchopper

you would be better off buying this one if its already irish reg
http://cars.donedeal.ie/for-sale/cars/2022429

rabbitinlights

Say you were to open a company/small business in Belfast at the time you import the V8 and rent a cheap apartment up there for 6 months but unfortunately it failed shortly after the 6 months, could you then bring the car into Ireland VRT free?

S.

darragh o meara

rabbitinlights wrote: »

Say you were to open a company/small business in Belfast at the time you import the V8 and rent a cheap apartment up there for 6 months but unfortunately it failed shortly after the 6 months, could you then bring the car into Ireland VRT free?

S.

Doubt it very much. The amount of paperwork you need to get free vrt is unreal. You can be sure they check it over and over and over looking for something to refuse you.