Luxury cars being exported
The "VRT Export Repayment Scheme" that began in 2013 has seen numerous luxury vehicles exported out of the State according to a new Cartell.ie report. To date in 2015 there has been 3,284 vehicles exported with 556 (17 per cent) of those having residual Vehicle Registration Tax (VRT) refunded by the Government. This marks a slight increase year-to-date in comparison to 2014 when a total of 4,474 vehicles were exported out of Ireland. Of those, 968 - or 22 per cent - had VRT refunded.
Some of the bigger winners of the VRT Export Repayment Scheme are owners of vehicles from luxury marques that can claim back much higher amounts of residual VRT. Since the scheme began, 12 Aston Martins, 13 Bentleys, 12 Ferraris, two Lamborghinis and 32 Porsches have been exported with repayments being given to the respective owners. Given that many of these vehicles will have seen their values drop during the recessionary period, as demand and desire for such vehicles dramatically subsided, the scheme has opened up a more beneficial avenue for owners to sell their vehicles and potentially reduce some of the loss incurred from ownership.
Commenting on the latest study, John Byrne, Legal and PR Manager, Cartell.ie, said: "Owners of vehicles from manufacturers like Ferrari and Aston Martin may see the VRT export repayment scheme as a win-win: they get a refund on residual VRT, which may be significant for a top-end car, and they also get to find a buyers for their vehicle in the larger UK market."
Even though many cars are leaving the country there are still a high number of cars being imported into Ireland. Another study by Cartell.ie found that one-in-ten vehicles imported from the UK have been classed as a write-off, so consumers are advised to thoroughly check the history of any car prior to purchase.
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