Revenue Value of cars

joey54

With the current economic climate and huge drop in second hand cars are Revenue taking this into account when they are deciding what the cars value would be on the Irish market.

Apologies if I haven't made myself clear!

easyontheeye

i assume your referring to the OMSP for calculating VRT? not a chance, sure the government need to be finding more tax not reducing it.

Car-dealer

Hi

despite the downturn I'm still selling a few cars - but luckily for me I have a small operation.

Of all the cars I check out on the VRT system for Open Market Selling Price (OMSP) I would say 75% have an incorrect value on the car, mostly overvalued. I have a Merk Estate for sale at €24-25K (2006) and its valued at OMSP €30K --- also I had another one for sale 6 months back and was shocked to find that the OMSP had not dropped one bit since then to now.

Also I noticed that back in July-2008 the Revenue put up the OMSP on a lot of cars overnight - this totally f..cked me off, but there was nothing I could do about it, even as a trader.

Very recently, I acquired a Mercedes CLK Coupe 2001 high miles 100K miles, thinking I'd either drive it myself or sell to friends or family, until I found out that while I got the car for €5500 - the VRT rip off merchants wanted €5500 for the import tax. Now how the f--ck is the price of a car in County Down double the price in County Dublin.

The whole system is one big rip off for you me and everyone. yes, yes we've all ranted over the years, and nothing will change!

Well not exactly - I challenge the VRT OMSP on every car I get! Do the same!

(did you know that the VRT system will not take account of miles above say 75000 miles not matter what your car#s mileage, I spoke to a nice rip off merchant employee in Rosslare and he told me their system just sets a cap for mileage and that even if your car had 150,000 they would value it at 75,000 miles -- If I had a gun I'd be likely to pull the trigger)

Mickk

Car-dealer wrote: »

Well not exactly - I challenge the VRT OMSP on every car I get! Do the same!

How successful have you been and how long does it take?

Car-dealer

Can take weeks to months and am generally very successful as if I dont get some refund from the VRT paid - after Ive put forward a strong case based on actual car prices, using data and examples - I go to Appeal, and even then I wouldnt give up.

Even if I didnt get a penny back - or a cent - I do it to make myself feel better that those rip off merchants have to spend time reading my claim, have to spend time researching prices, have to spend time responding to me --- who pays for their time --- ME! so Im getting my monies worth

Makes me feel better!

bazz26

Don't Revenue get guidline prices from the SIMI with regards the OMSP value of cars? Isn't there a conflict of interest here?

joey54

easyontheeye wrote: »

i assume your referring to the OMSP for calculating VRT?

Yes, that's the one!

Car-dealer wrote: »

Can take weeks to months and am generally very successful as if I dont get some refund from the VRT paid - after Ive put forward a strong case based on actual car prices, using data and examples - I go to Appeal, and even then I wouldnt give up.

Even if I didnt get a penny back - or a cent - I do it to make myself feel better that those rip off merchants have to spend time reading my claim, have to spend time researching prices, have to spend time responding to me --- who pays for their time --- ME! so Im getting my monies worth

Makes me feel better!

Would the refund you get be much?

I Was seriously thinking about buying a car up north until I put the details into the revenue website and was shocked about the price they valued it at!

Car-dealer

if you can bang in proof that average sales prices are what you claim they are - you can get the difference back

but at least have fun making them do something!

Hobart

bazz26 wrote: »

Don't Revenue get guidline prices from the SIMI with regards the OMSP value of cars? Isn't there a conflict of interest here?

No.

Mailman

they get the OMSP when new as advised by SIMI and then work off depreciation tables. They'll keep using those tables until somebody complains about the OMSP valuation on a car and then move it to a steeper or shallower depreciation curve table. they have about 28 of them.

They claim to check the OMSP of secondhand cars at first hand but they don't really. By "at first hand" I mean they accept whatever the franchised dealers tell them is the selling price of a particular second hand car although it is of benefit to the dealer to keep the OMSP high to disuade people from importing privately.

VRT exists because of the complicity of SIMI and it's members.

They will reduce valuation on a very high milage car if you appeal and jump through hoops but not if you don't appeal.