30 October 2019
In the market for a new car and intrigued by the potential savings that lie beyond a trip to your local dealership? You’re not alone.
According to the Consumer Market Monitor1, used imports are set to climb to 105,000 this year. In the process, our purchase of UK cars will overtake the number of new cars sold in Ireland for the first time ever.
So, what’s behind the growing trend of Irish drivers looking abroad for value? The uncertainty of Brexit has one positive: a weaker pound means more sterling for your Euro. The larger British market also supports a wider variety of deals.
The only thing stopping you is knowing where to start. Whether you’re confused about transport or paperwork, we’ve 7 steps to help make your import easier. It’s an involved process but one that could save you thousands.
Heading to Northern Ireland may be the most straightforward option if you’re on the hunt for a more affordable car. It’s an accessible day trip, saving time and expense, whereas travelling across the Irish Sea means having to factor in flights, accommodation and other costs. This could set you back around €5002.
However, the prices you’ll find in Great Britain are generally more competitive than in Northern Ireland. You’ll encounter a greater range of specs, so any extra features shouldn’t heavily impact the price. To be on the safe side, stick to main dealers.
Before diving into any deal, arrange your car finance. Assess how much you can spend – permanent tsb can cover the cost of the car as well as vehicle registration tax (VRT).
You can visit your local branch to get the ball rolling on a loan, or learn more about applying online right here. If approved, you’ll have 90 days to draw down your funds, allowing ample time to find your next set of wheels.
This payment will rear its head once you try to register your car in Ireland. The amount is a percentage of the car’s Open Market Selling Price (OMPS), which is what Revenue believes it would cost if sold in Ireland3.
This percentage varies, taking into account everything from the vehicle’s age to its CO2 emissions4. Calculate a rough estimate here.
You’ll receive a full vehicle log book (VC5) with the car. Complete the ‘Permanent Export’ section and send it to:
UK’s Driver & Vehicle Licensing Agency (DVLA), Swansea, SA99 1BD
Click here for further details.
If you’re bound for Britain, flying over and then returning by ferry should be the most cost-effective method. To save you that hassle, there are companies that specialise in importing cars. Typically, this will cost you between €400-€600.
You have 7 days once you hit Irish soil to book an NCTS appointment so you can register the car and pay VRT. Registration must be fully completed within 30 days to avoid additional charges.
Here’s what you’ll need to bring to the NCTS centre5:
You will then receive a RF100 form (for your motor tax) and your vehicle will be assigned a registration number, which must be displayed within 3 days. You can buy registration plates at most NCTS centres.
When insuring your car, it is important to notify your insurer that it is a foreign import. Otherwise, it can invalidate your cover. You will need your insurance details to hand when paying your car tax (online at motortax.ie).
Once this is paid, your Vehicle Registration Certificate will be issued to you.
Lending criteria, terms and conditions apply. permanent tsb p.l.c. is regulated by the Central Bank of Ireland.
The content of this blog does not constitute advice and is for general information purposes only. Readers should always seek professional advice before relying on anything stated in the blog. Some of the links above bring you to external websites. Your use of an external website is subject to the terms of that site.