© 2019 MOTORSPORT NETWORK. All rights reserved.
Sign up to receive latest updates for Ferrari News, Threads, and Classifieds
Discussion in 'Vintage (thru 365 GTC4)' started by ross, Jun 14, 2018.
Good!!!! Why is this bad? It just raised the prices of cars in the US.
because i am planning to finally import my cars this year and i dont want to pay $150k more in duty than i have to pay right now.
So, you get hurt but everyone else gets helped
Sorry, there are always winners and losers in tax laws.
You understand that anyone thinking of buying a car in a foreign auction now will have to pay that tax? That means these cars get more expensive. That means more people will buy them in the US.
That's good for us. Not only is it an incentive to do a direct sale or auction sale in the US but it also limits foreign markets which will mean higher resale prices from a restricted supply at home.
I just want to know if Mc Niel who bought the GTO is included in this case?
thats not really going to happen.
look at countries that already have ridiculous import taxes, like singapore, they did not alter the overall ww value of cars. their cars are simply higher in country.
if the usa applies this to vintage cars, it will just stifle the vintage car market in the usa.
vintage cars can just about circle the globe as a commodity since almost every real market barely taxes them on import basis.
this makes that business very interesting and lucrative - and the usa gains much more when they are traded within our borders because of the tax paid.
stifling that with a stupid additional duty, would be short sighted and detrimental.
It means also that spares part will be very expensive on these cars in US.
Ok Fellas, this isn't P&R, keep ALL of the political comments out of this discussion.
Reword my post to keep it non political.
I would note that many ultra high value cars in Europe are domiciled in Switzerland despite being owned by European vendors, as seen by the 10 or 11 Ferrari 250 SWB that Lukas Huni displayed at Retromobile earlier this year. Most European auctions have a percentage of cars on offer with riders to note that EU taxes have not been paid and it seems senisble that US collectors will want to look at similar work arounds. A comparable workaround would involve having a collection domiciled somewhere near the continental USA, I am thinking Canada would be best, have them registered and titled in Canada and then bring them into the USA, pay the refundable bond and they can remain for 364 days. You would then need to return them to Canada for the mandatory stand down period which I believe wouldn't be long, receive your bond back and then rinse and repeat. Where it might not work is the European collector who would otherwise have chosen a US restoration shop although they would have plenty of options in Europe for those services. I also believe the importation law prohibits selling the item while in the US under bond although a foreign vendor could chose any channel incl. RM Sothebys, Artcurial or Bonhams to offer a car in Europe. Hell RM Sothebys is a Canadian company based in Blenheim, Ontario so they could always hold a sale there?
Man o man, this is really happening then?
I was looking at the Miura coming up at the Articural Auction thinking I can get a deal since the motor was not original. Now its probably going to be taxed and priced to high to make any sense to buy.