Supra Prices in Cyprus

[ellis]

Just returned from another week over in Cyprus and, as usual, the mrs and I were discussing getting a car over there to keep for when we go over. Bought a copy of their Autotrader mag (already aware of just how much more expensive the cars are over there) but still pretty surprised by this!!!!! €18,000!!

 

http://www.autotradercy.com/0-24042_car_1997_toyota_supra.html

 

Might have to drive mine down instead!!!

[Wez]

Its a 1997 facelift by the looks of it, although doesn't say anywhere that its a turbo, surely that's not the price for an NA.

[AlexM]

Is that a battery gauge on the dash rather than boost? Would imagine that means it's an NA if it is! (I've never seen a stock boost gauge so I'm guessing..).

 

http://www.autotradercy.com/temp/af950c8e8e1c3d7c8e6ee9bf16c593fc.jpg

[marc_p]

Yup, that's an N/A, it is the battery guage.

[Wez]

18k for an NA

 

How do I sell mine there

[Neil-NA]

Its a bloody auto too, imagine how much a manual would sell for.

[ilicos]

At work now but I'll come online later and explain why this is the situation......Basically one word....€EURO

[ufop]

I might be wrong but wasnt there some crazy import tax to bring a car into cyprus which is what makes some cars seem really expensive? im sure someone else knows about it and why.

[Lbm]

I might be wrong but wasnt there some crazy import tax to bring a car into cyprus which is what makes some cars seem really expensive? im sure someone else knows about it and why.

 

 

I was thinking this too.

[ilicos]

From outside Europe yes, but if you take a car that you have owned for over 6 months you can take it duty free.

[Wez]

I might be wrong but wasnt there some crazy import tax to bring a car into cyprus which is what makes some cars seem really expensive? im sure someone else knows about it and why.

 

Could be, here are some examples

 

Example 1

A used saloon vehicle is 9 months old at the time of its transfer to Cyprus from the United Kingdom on the 17 November 2006. The cubic capacity of its engine is 1789 cc and the carbon dioxide emissions are 180 gr/km.

 

The excise duty payable is calculated as follows:

Initial excise duty: 1789 Χ €3,42 = €6118

 

This amount is reduced:

by 10%, because of the carbon dioxide emissions: €6118 - 10% = €5506

by 18.50%, because of its age (9 months) and type (sedan) : €5506 - (18.50%) = €4487

Additional excise duty €0.02/c.c.: 1789 Χ €0.02 = €36

Total excise duty payable: €4487 + €36 = €4523

 

Example 2

A used cabrio car is 6 years, 7 months and 10 days old at the time of its transfer to Cyprus on 15 November 2006. Its engine cubic capacity is 2499 c.c. and the carbon dioxide emissions are 250 gr/km.

 

The payable excise duty is calculated as follows:

Initial excise duty: 2499 Χ €5,98 = €14944

This amount is increased by 10% because of its carbon dioxide emissions, i.e. €14944 + 10% (€1494) = €16438

The total of the initial excise duty and its increase is reduced by 62% because of its age (6 years, 7 months and 10 days) and type (cabrio), i.e. €16438 – 62% (€10192) = €6246

Additional excise duty 2499 c.c. Χ €0,02 = €50

Total excise duty payable: €6246 + €50 = €6296

[Wez]

From outside Europe yes, but if you take a car that you have owned for over 6 months you can take it duty free.

 

I believe military personnel can import them duty free as well.

[Purity14]

Why aren't people exploiting this?

[Lbm]

From outside Europe yes, but if you take a car that you have owned for over 6 months you can take it duty free.

 

 

And would there be duty to pay if you then sold the car while in Cyprus, say to a nice Cypriot man with lots of Euros?

 

And if no (sales) duty, could you then repeat the excercise...a few times?

[ellis]

From outside Europe yes, but if you take a car that you have owned for over 6 months you can take it duty free.

 

I was hoping you'd step up and tell us why. I know that new cars are subject to high import duties and taxes etc. My eventual plan was to take the Supra over there one day (it should be about 18 years old by then) and the last time I calculated the cost it was about €1300 (found a form on the Cypriot government website somewhere). This might have changed in the last couple of years though.

[ellis]

Why aren't people exploiting this?

 

I feel sure there's a market for shipping a boat load of motors out there. Big market for small hatchbacks!! Could make a mint!!!

[paulrenn]

If you think that's expensive, ask anyone on here who lives in Denmark how much it costs.

Only place in the Nordics that doesn't butt-rape you for importing is Sweden.

[wile e coyote]

Hell thats one expensive na

[ilicos]

And would there be duty to pay if you then sold the car while in Cyprus, say to a nice Cypriot man with lots of Euros?

 

And if no (sales) duty, could you then repeat the excercise...a few times?

 

If the buyer was not entitled to a duty free car then they would have to pay the duty.

[ilicos]

I was hoping you'd step up and tell us why. I know that new cars are subject to high import duties and taxes etc. My eventual plan was to take the Supra over there one day (it should be about 18 years old by then) and the last time I calculated the cost it was about €1300 (found a form on the Cypriot government website somewhere). This might have changed in the last couple of years though.

 

Sorry, just got round to doing this.

 

Basically, pre EU entry Cyprus was an independant market and had a very high duty on all cars. If you were a Cypriot national that lived outside of the island for at least ten years, or any other nationality emigrating to Cyprus, then you were allowed a duty free car.

 

When Cyprus was attempting to join the EU, the duty on European cars was cut and for cars imported from outside the EU (e.g. Japan) the duty was still high.

 

What you have to understand is that in Cyprus cars do not depreciate the way that they do in the UK. Years and mileage are not as important as they are over here and not looked at as much as the condition of the body and general running condition of the engine/gearbox.

 

Along with this, Cyprus joined the €euro a couple of years back at a flat rate of Cyp£0.585 = €1 and EVERYTHING since is revalued at that rate. Hence why at the bottom of that add it shows a price of Cyp£10,535. This is also why a Cyp£2 beer now costs €4 and a Cyp£100,000 flat now costs €180,000!

 

Taking this into account you have to now take your minds back to 97'. The car would have probably cost about Cyp £20,000-£30,000 to buy so the guy selling wants about £10/11k back. He takes that and converts it into €Euro and comes up with his price.

 

The locals pay in € but think in Cyp£.

 

For anyone moving to Cyprus they would not need to worry about paying this duty, only the shipping costs which range between £600 for and open transport by ship to about £1200 for a closed container via road transport and subsequent registration costs of about €500.

 

As far as someone exploiting the market goes, there are literally 100's of people/companies sending cars to Cyprus on order due to the weak pound.

Edited April 6, 2010 by ilicos (see edit history)

[Wez]

So how do we sell our cars in Cyprus then