Placing a vehicle up for sale on the international markets can be an excellent way to find a substantially higher price. For those who are unfamiliar with the exact process, it is a good idea to have a quick look at a handful of the concerns to address before any price is quoted or accepted.
Understanding VAT Requirements
Leading online sources observe that it is the responsibility of the seller to understand the VAT obligations that he or she is required to pay. Keep in mind that new and used vehicles are associated with different tax brackets. A good rule of thumb is to note that any car is considered to be “new” within the European Union if it is sold within less than six months from the date that it was first driven (1).
Use the Internet
Take a look at the asking prices for vehicles of the same make and model. This will enable the seller to appreciate what a realistic proposal will amount to. Without this insight, it will be difficult to sell the car.
All About Exchange Rates
For those who are selling a car abroad to countries within the European Union (or the United States), exchange rates are absolutely critical to follow. While these may fluctuate only a small bit on a daily basis, such disparities can quickly add up when applying them to a sale into the tens of thousands of pounds. What is the difference in value between the pound and the dollar or the pound and the euro? Perhaps more crucially, is this gap expected to widen or narrow in the near future? The answers to these questions will enable the seller to take advantage of amenable rates; securing more of a return.
Following these three simple rules will enable any international transaction to take place quickly and easily. Thanks to the availability of the Internet as a resource, such a sale may be only moments away!