Buying up North for re-sale

mel123

Mr Mel123 was thinking of doing this, paying the VRT ect, and then after couple of months selling it on for a profit (high spec car). Without trying to sound funny, why do more people not do this, there seems to be a tidy profit in doing it? Also, would u be stung by the tax man?

Henry Ford III

I've no inkling. Great original thread btw.

bazz26

mel123 wrote:

Mr Mel123 was thinking of doing this, paying the VRT ect, and then after couple of months selling it on for a profit (high spec car). Without trying to sound funny, why do more people not do this, there seems to be a tidy profit in doing it? Also, would u be stung by the tax man?

I think the VRO keep tabs on how regularly you import cars and pay VRT. I think they pass this information on to Revenue who would probably chase you for outstanding tax on any profit made from the venture.

Do-more

Bought my last 2 cars up North (Wilson's Auctions Portadown) and ran them for 12 - 18 months each and sold for the original cost, +€300 in one case. Cheap motoring. 3 year old Zafira each time...

fl4pj4ck

you cannot sell the car within first 6(or maybe 12) months

unkel

fl4pj4ck wrote:

you cannot sell the car within first 6(or maybe 12) months

Nonsense. You can sell immediately after buying and you can do that as often as you like

As said though, the tax man might consider you to be a trader...

Guy:Incognito

unkel wrote:

Nonsense. You can sell immediately after buying and you can do that as often as you like

As said though, the tax man might consider you to be a trader...

I assume he's mixing it up with when you bring it in having owned it for sufficient time as to not have to pay vrt.

ctc_celtic

mel123 wrote:

Mr Mel123 was thinking of doing this, paying the VRT ect, and then after couple of months selling it on for a profit (high spec car). Without trying to sound funny, why do more people not do this, there seems to be a tidy profit in doing it? Also, would u be stung by the tax man?

there are quite alot of people doing it, especially bring in cars from England, vrt'ing them and then selling.
the problem is, most people cant afford to make a loss on any of them, which traders can.
and it will happen, you can know alot about cars, but still end up buying a lemon.

my last car a Celica SSIII, i bought for €6000 (cost for car in england, transporter to bring it to ireland, VRT and NCT) sold it 10 months later for €8000, in which time i spent very little on it.

my current car 95 MR2 cost €4100 (all cost to get it here and on the road) and i haven't seen one (even bog standard) on carzone for less than €6500. but i didn't buy it to make a profit.

dmaprelude

You have to give your pps number now when vrting a car so they can keep a proper record of people.

Esel

bazz26 wrote:

I think the VRO keep tabs on how regularly you import cars and pay VRT. I think they pass this information on to Revenue who would probably chase you for outstanding tax on any profit made from the venture.

The VRO are Revenue!

bazz26

esel wrote:

The VRO are Revenue!

Indeed, what I meant to say was income tax.

Up to recently despite being part of the same Government department they didn't work that closely with each other. However in the last couple of years that has changed and as someone else has stated when paying VRT these days you have to provide your PPSI number meaning that it looks like they are now linked to income tax too.

mel123

Thanks for the replies everyone, seems like a few quid can be made, but will see what happens. Hopefully going up on Friday for a look around a few garages.

slemons

is there anyway that you can get the normal irish number plates on a uk car?
i always hated the look of the uk plates...

if so im getting me an e class next week with my redundancy money. hurray!

sesswhat

slemons wrote:

is there anyway that you can get the normal irish number plates on a uk car?

All you need is a screwdriver. And a huge wad of money:)

OKenora

or a look around a few garages.

Forget it, only way to buy cheap for re-sale, at a decent profit to make it all worthwhile, is to know about cars, prices and how to spot a lemon then head for the auctions.

A lot of the forecourt stock you see in Northern Ireland has already been bought from auctions on the mainland where they are cheaper again but you do incur extra transport costs getting them back.