You definitely won’t like to miss out a great deal on a car that you were in search of since a long time. However, what should you do if the deal is in a foreign country?
Image Courtesy: dazmac.com.au
Importing a vehicle may be the next great thing to purchase new, old or luxury vehicles having custom finishes.
However, you should consider a few things and costs before choosing to import a car.
When you import a car to Australia, you should first understand some regulations here.
Importation contains a series of processes and you have to complete some complex documentations and details before going ahead to import a vehicle.
First of all, you should decide on what kind of import you’d like to do. Second thing is that the kind of import you choose will come with certain rules and expenses.
You will find various options depending upon vintage and luxury cars that will vary for cars that will be used every day.
Can Australian Car Loan Companies Finance Imported Cars?
Yes, you can get a car loan even if you choose professional Japanese import cars from Dazmac or from your trusted logistics company in your area.
But you will have to study your loan feature options carefully and examine the overall costs incurred by the importation.
You should choose a policy that has features that will be easy to pay over the set period of time and will be flexible.
Costs of Taxes and Duties
A luxury car will bring you a different amount that you’ll have to shell out than an everyday car. If your car’s value is more than $60,316, you will need to pay something called luxury car tax which is 33%.
The type of GST and duty you will have to pay will also be determined by the type of vehicle you have and its age.
Thus if your car’s age is more than 30 years, you will need to pay 10% GST fee and 5% of duty fees.
However, you should keep in mind that on classic cars, also called collector’s items, you don’t have to pay duty fees because of the fact that they appreciate in value instead of depreciate.
Motorbikes are also exempted from duty. However, 10% GST has to be paid on them.
Image Courtesy: dazmac.com.au
Costs of Shipping and Customs
The costs of shipping are not set. However, they will depend on the kind of car you will import.
The length of time taken to ship your car on the Australian shores will also decide to some extent how much you’ll have to pay.
Cost of shipping typically includes:
- Customs for both the countries, i.e. county of origin and Australia
- Fees for quarantine clearance
- Post service charges
- Freight charges that will also include currency exchange rate
To ensure the best service, hire a classic car imports Australia like Dazmac Logistics or other reputable local logistics company.
Cost of Compliance
Another type of cost you’ll incur is the compliance cost i.e. you’ll have to pay for making your car roadworthy for Australia. So, your car should meet the Australian standards.
This will include, but not limited to:
- Replacing brake pads
- Testing for roadworthiness
- Changing to a right-handed driver from left-handed driver car
- Re-gassing the air conditioner
- Replacing seatbelts
- Replacing gas headlights with halogen
Cost of Insurance and Covering Registration
After you complete other paperwork, you’ll have to get insurance for your car and even pay for stamp duty.
Different insurance providers will have different costs for the insurance. Find the best one by shopping around.
Stamp duty will vary depending on which region or state to which you import your car.
Preparing yourself for these costs will make the process of importation of your car to Australia easy. It’ll also help you make an educated decision.