Buying a ferrari in California

Phil the Brit · Jun 7, 2016

There is an auction coming up in California in June and there is a Mondial which I want to bid on. I have never done this before so I am looking for any pointers to aid the purchase.
I have the ability to do the following..........
1/ I can get them the $$$ within their time allowance allowed in their rules.
2/ I can use their approved carrier to get the car from California to Florida where a friend of mine who lives there can take delivery of it. I can then ship it back to UK via Jacksonville to Harwich for about $1000 I believe.
3/ I can bid online in their auction and provide them information demanded in advance of having suitable funds.

So my questions to all you esteemed car buyers are ...............
Are there any pitfalls in doing this and are there any pitfalls in registering it here when it gets back. it is a 1985 Ferrari Mondial Quattrovalvole Cabriolet

ANY help would be much appreciated.

mjheathcote · Jun 7, 2016

Can't offer any help, but the Mondial Cab is a great choice.
Reason for purchase in US being ...price, condition?

Contigo · Jun 7, 2016

Phil the Brit said:
There is an auction coming up in California in June and there is a Mondial which I want to bid on. I have never done this before so I am looking for any pointers to aid the purchase.
I have the ability to do the following..........
1/ I can get them the $$$ within their time allowance allowed in their rules.
2/ I can use their approved carrier to get the car from California to Florida where a friend of mine who lives there can take delivery of it. I can then ship it back to UK via Jacksonville to Harwich for about $1000 I believe.
3/ I can bid online in their auction and provide them information demanded in advance of having suitable funds.

So my questions to all you esteemed car buyers are ...............
Are there any pitfalls in doing this and are there any pitfalls in registering it here when it gets back. it is a 1985 Ferrari Mondial Quattrovalvole Cabriolet

ANY help would be much appreciated.

A forum member on here imported a Fezza from the U.S not too long ago, contact them for the lowdown.

http://www.sportsmaserati.co.uk/showthread.php/15014-New-garage-partner

Doohickey · Jun 7, 2016

Jkulin imports US cars for a living. Probably worth dropping him a PM.

Jkulin · Jun 7, 2016

Thanks Dave,

Phil, it seems like a bit a waste to move the car from California to FL then onto Felixstowe, why not ship straight in to Long Beach and then ship direct into Felixstowe/Port of London.

You don't mention the year but I am presuming that it is less than 30 years old?

Don't forget that on top of the purchase price that you will have 10% Duty and then 20% VAT plus terminal charges in the UK.

Duty is calculated at the cost of the vehicle + the Ocean Freight + Collection Charge + Fees + Insurance, then multiplied by the rate.

VAT is calculated by adding the above total figure plus the amount duty, then multiplying by the relevant rate of VAT.

Presuming the car is more than 10 years old then you won't require an IVA, but you will need to convert the vehicle to UK spec for an MOT.

Registration isn't a problem as that costs just Â£55.

We bring in up to 500 cars a year, predominately from the USA and Canada

If you want to give me a buzz, then feel free on 01902-790797 or if you would prefer a firm quote, then please click the following link: -

http://www.goldenchariots.com/quotes.html

Phil the Brit · Jun 8, 2016

mjheathcote said:
Can't offer any help, but the Mondial Cab is a great choice.
Reason for purchase in US being ...price, condition?

This is what the auction house says about it..........

â€¢V-8 engine
â€¢Five-speed transmission
â€¢Quattrovalvole: four valves per cylinder
â€¢Approximately 11K possibly original miles
â€¢From long-term ownership
â€¢Books, tools, and jack included
â€¢Michelin TRX tires
â€¢Previous award winner
â€¢Exceptionally well-kept
â€¢A stunning example

Phil the Brit · Jun 8, 2016

Oh and price is suggested to go $24k to $35k

zagatoes30 · Jun 8, 2016

Nice colour combo

mjheathcote · Jun 8, 2016

Looks very nice.
I would imagine the actually hammer price to be higher than the conservative estimate, but you never know at auction.
Are you planning to attend in person to eye ball the car first?

Wack61 · Jun 8, 2016

They usually start with a low estimate to draw interest , see if any have completed on eBay.com to get an idea of the true value , $40,000 will probably equate to Â£45,000 by the time everybody has had their cut and you're driving it

Phil the Brit · Jun 8, 2016

mjheathcote said:
Looks very nice.
I would imagine the actually hammer price to be higher than the conservative estimate, but you never know at auction.
Are you planning to attend in person to eye ball the car first?

To be honest, no I am not. I was just going to take a chance. My max bid was going to be exactly in the middle of their estimates ($30K)

Phil the Brit · Jun 8, 2016

Wack61 said:
They usually start with a low estimate to draw interest , see if any have completed on eBay.com to get an idea of the true value , $40,000 will probably equate to Â£45,000 by the time everybody has had their cut and you're driving it

Not sure how $45K gets to Â£45K even allowing for auction house 10% transport fees UK import duties of 10% and VAT at 20% I don't see how it gets any higher unless you are allowing for service items etc when it gets here?

allandwf · Jun 8, 2016

I used to import drums, and as a rough rule of thumb, what I paid in dollars equated to same figure in pounds by the time I shipped them paid duty and vat etc. Possibly not quite as high as Wack61 says but won't be far off.

MAF260 · Jun 8, 2016

You couldn't give a Mondial away not that long ago. There's no way I'd ever spend Â£25k on one, let alone Â£45k. Ferrari prices have gone bonkers, even for the least desirable models. I just can't see the values holding.

Jkulin · Jun 8, 2016

Assuming a Purchase price of $30K

Then the likely costs excluding collection will be around the following: -

Vehicle Purchase Â£21250
Duty @ 10% Â£2325
VAT @ 20% Â£5110
Shipping Â£1100
Doc Fees Â£25
Marine Insurance Â£450
UK THC etc. Â£370
Registration Â£55

Total Excluding US Collection, MOT Conversion and all figures rounded Â£30,685

Pounds for dollars is always a good guideline.

If you then ship the car over to Florida you will have even more expense.

Hope that helps?

StuartW · Jun 8, 2016

Very interesting to see that John, thanks for the information. There are so many reasons to bring a car in the from the US and I've often wondered how the prices would stack up - that doesn't look too bad at all

Wack61 · Jun 8, 2016

Phil the Brit said:
Not sure how $45K gets to Â£45K even allowing for auction house 10% transport fees UK import duties of 10% and VAT at 20% I don't see how it gets any higher unless you are allowing for service items etc when it gets here?

I was , I don't imagine it'll be cheap if you're changing lights to RHD UK spec, having to add a rear fog lights plus anything else, it is a Ferrari after all , maybe Â£41000 plus conversion costs.

Are you going to see it before you bid, or get somebody to look at it

Phil the Brit · Jun 8, 2016

Jkulin said:
Assuming a Purchase price of $30K

Then the likely costs excluding collection will be around the following: -

Vehicle Purchase Â£21250
Duty @ 10% Â£2325
VAT @ 20% Â£5110
Shipping Â£1100
Doc Fees Â£25
Marine Insurance Â£450
UK THC etc. Â£370
Registration Â£55

Total Excluding US Collection, MOT Conversion and all figures rounded Â£30,685

Pounds for dollars is always a good guideline.

If you then ship the car over to Florida you will have even more expense.

Hope that helps?

Great information thank you John. I'll be in contact soon.

Phil the Brit · Jun 8, 2016

Wack61 said:
I was , I don't imagine it'll be cheap if you're changing lights to RHD UK spec, having to add a rear fog lights plus anything else, it is a Ferrari after all , maybe Â£41000 plus conversion costs.

Are you going to see it before you bid, or get somebody to look at it

Not seeing it before and I don't know anyone to ask. Thought about asking a local independent to check it over (at some cost of course but it could be money well spent). The car is reported by Petrolicious as one of the best they have seen.............

http://petrolicious.com/is-this-mondial-your-affordable-entry-into-ferrari-ownership

Wack61 · Jun 8, 2016

It's whether the best they have seen means *seen in person* or just a journalist writing a story from New York

difficult choice, spend $$$ getting it looked at then watch it go way over your best bid or take a chance on it being as good as it looks and bid at no cost, It seems to be attracting some attention so I'd scour US forums to see if there's any comments on it's condition from people that have viewed it

Buying a ferrari in California

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