Large SUV Running Costs (VRT Exemption)

onrail · 28-02-2023 9:30pm #1

Im in a fairly lucky position in that I'm moving home to Ireland from the UK in around 7 months and will be able to avail of an exemption on VRT and VAT on a car. Shopping around, it seems as if I'd be saving around €20k VRT on something like a Volvo XC90 or Audi Q7. Trouble is, I don't see myself owning one long-term. I'll need the cash at some stage and the running costs frighten me, so hopefully I'll flip it after a year for a small profit and buy a more sensible family car (2 kids with plans for a 3rd).

So I'm trying to weigh up the risks and costs over the year in Insurance, tax servicing, diesel etc (I'll have no NCB which won't help). Would any owners have an idea? Is there a chance of the luxury market crashing?

Some examples:

2019 Volvo XC90 - £36k in UK, Vs €61k in ROI

2019 Audi Q7 - £37k in UK V €70k in ROI

Seems like I'd be a fool not to?

Arnout · 28-02-2023 9:47pm

Don't you have an NCB history in the UK that you can transfer?

onrail · 28-02-2023 9:50pm

https://www.boards.ie/discussion/comment/120299681#Comment_120299681

I did until a frosty morning a couple of months ago!

User1998 · 28-02-2023 10:27pm

You can buy a 2019 Audi Q7 S-Line here from a dealer for around €70k. So as a private seller you’d get maybe €60k. You have to wait a year before selling so take off another €5k in depreciation. And take away all your running costs. 6 months in the UK and 12 months here. I’m sure you’ll still make money, but probably not as much as your hoping for.

Arnout · 28-02-2023 10:36pm

Not all running costs, the sensible family car he would otherwise need doesn't run for free either.

Buddy Bubs · 28-02-2023 10:54pm

Not being able to sell a 60-70k out of warranty car privately would be my biggest worry.

onrail · 01-03-2023 7:25am

https://www.boards.ie/discussion/comment/120299925#Comment_120299925

What would a dealer give you for trade in?

Buddy Bubs · 01-03-2023 8:46am

https://www.boards.ie/discussion/comment/120300254#Comment_120300254

A lot less than the prices you see them asking for. It could still be worth it but its not the slam dunk you might think it is. Personally I'd buy the car you want to keep and drive and make some money that way. If the economy tanks, you're goosed.

hoodie6029 · 01-03-2023 12:12pm

Nothing to say that you have to drive it. If your OH will be in the UK with you, you can bring back a car each. Park the Q7 and drive the other sensible car full time.

LIGHTNING · 01-03-2023 12:43pm

Something a bit more specialised like maybe a GT-86 maybe a better purchase. They are mad money here but are far more reasonable in the UK.

Casati · 01-03-2023 2:29pm

https://www.boards.ie/discussion/comment/120301168#Comment_120301168

Go even further - something like a 2010 911 can be got for £35k in U.K. and buying this age they are practically depreciation proof, if anything they are rising in value. Cars like this are so unaffordable to import with 41% VRT, VAT 23% plus Customs 10% but are still highly sought after on the used market here so can't see them getting cheaper anytime soon.

https://www.autotrader.co.uk/car-details/202302033884106?radius=1500&sort=year-desc&advertising-location=at_cars&postcode=n87ex&include-delivery-option=on&price-to=40000&onesearchad=New&onesearchad=Nearly%20New&onesearchad=Used&make=Porsche&model=911&page=1

https://www.carzone.ie/used-cars/porsche/911/fpa/202210190871493?journey=Search

whippet · 01-03-2023 4:47pm

https://www.boards.ie/discussion/comment/120301048#Comment_120301048

you can bring in more than one car each.

My missus did it when she moved home from the UK. Had her own hatchback for a couple of years and bought a nice new premium SUV about 9 months before she knew she was moving home. I drove one car back she drove the other and presented both of them for VRT a couple of days apart.

She held on to it for 12 months and then 'sold' to the family member who kindly lent her the money to buy it originally - who also happened to be a named driver on the insurance policy.

That was about 15 years ago - not sure if they have changed the requirements since but once there was 6,000miles (I think) on the clock and it was over 6 months in her ownership it was all fine.

hoodie6029 · 01-03-2023 5:10pm

https://www.boards.ie/discussion/comment/120302169#Comment_120302169

Very interesting. Tbh I’m tempted to move to the UK for a while just so I can bring back a nice Jag F type or something similar without bankrupting myself!

onrail · 01-03-2023 11:40pm

https://www.boards.ie/discussion/comment/120302169#Comment_120302169

I didn't think that was the case, but re-reading the conditions, it's a bit vague.

Could be worth a shot, but I definitely don't want to be lumbered with a 20k vrt bill if things have changed!

whippet · 02-03-2023 5:02pm

at the time I'm fully sure the lad in the VRT office (before NCT centre) was suspicious but all paperwork was legit.

Marcusm · 02-03-2023 11:48pm

https://www.boards.ie/discussion/comment/120303942#Comment_120303942

You can bring in your personal possessions ncluding cars without taxation consequences meaning duty, VAT or VRT. I too returned after 20 years with two cars both of which I’d had for a while, one 5 years, one 8 months. I’d had 2 cars all my driving life except for a 6 month period. I believe internal Revenue instructions are to raise inquiries if more than 5 cars are imported.