Buying a car in Europe with a offshore bank account

[Nicholas Van Orton]

Need MOAR info on this

Just take a look at the Emirates Auction link I pasted above in another reply. You need local ID credentials to participate in the bidding. If you need any further help, let me know in private as we're probably getting too much off-topic and @Admin won't be happy
** Just as an example (not the very best one, though), this 2015 Mercedes S500 auction expiring on Monday has an approx €28K value (for a car close to €180K). In perfect condition... 2015 Mercedes S 500 for sale in UAE | 170644

 

[Martin Everson]

so you may end up with an 'in perfect condition' 2017 Porsche Cayenne for €8K or 2015 Maseratti Quattroporte fpr €5-6K.

That's cheap if you can get at those prices. Duty is not such a big deal you could still make some margin.

 

[Nicholas Van Orton]

@0w1ck Hey OP, as @Martin Everson said, get a car in the UAE and drive it in style in Portugal, like 'an arab'. Literally, if you want something flashy, this LOTUS EVORA goes for around €5K lol... 2016 Lotus Evora for sale in UAE | 171986 - sure you can afford the shipping costs even if they are 10k and still drive a real bargain, huh?

 

[Nicholas Van Orton]

That's cheap if you can get at those prices. Duty is not such a big deal you could still make some margin.

fancy that LOTUS, Martin?
With regards to the margin, yes and no, as I can find some distressed sales or foreclosed cars (I only look at lux type sedan, BMW 7, Mercedes S or similar) cheap -or close- enough not to need to import one as the difference wouldn't make up for the hassle. As I said, the main problem here is the sh*t you've got to go through in the auctions, but I can live with that for just one purchase. Anyway, not to get ahead of myself, I'll find out the import duty costs before I make up my mind.

 

[Martin Everson]

fancy that LOTUS, Martin?

I live on an island with roads like the surface of the moon

 

[Nicholas Van Orton]

I live on an island with roads like the surface of the moon

lol ... then maybe this one for around €1.7k will be better 2014 Dodge Ram for sale in UAE | 171990 .. you can even load the moon rocks you find along the way!

 

[Gediminas]

Sounds like too good to be true. Seems like something is not right there...

 

[Nicholas Van Orton]

@Gediminas - that's becasue you must have the 'European-auction mentality' syndrome, as much I had it before experiencing first hand what a real auction is, ie, the need to get rid of a thing to the best bidder...Have you ever watched 'Storage wars'? Well, then you get the picture. I won't go in too much detail, but suffice to say that these auctions are legit, wish we had something like this in Europe. Take a trip and see it on the spot for yourself (there's an on-site facility for you to check the item you want to bid on before the auction ends, so there's no chance of foul play at all).

 

[Gediminas]

that's becasue you must have the 'European-auction mentality' syndrome

2017 Porsche Cayenne for €8K or 2015 Maseratti Quattroporte fpr €5-6K

I have imported some cars from the US before and I understand what means buying without knowing what you will receive.

But the prices look unrealistic to me. I have checked the website and haven't found anything like this. If that's true, probably these offers are flying out of the radar in seconds.

 

[Nicholas Van Orton]

But the prices look unrealistic to me. I have checked the website and haven't found anything like this. If that's true, probably these offers are flying out of the radar in seconds.

I posted here the auction of a 2016 Lotus Evora for around €5K. These 'deep value' opportunities come and go and obviously aren't there all the time (it depends on the Courts and Police actions and there aren't that many 'crimes' happening there). Worth correcting two wrong assumptions you make in your post though:
a) They can't go out 'in seconds' as you mention, since all auctions have a set time (the 'end time') where the highest bidder wins the unit (as I said, like in 'Storage Wars');
b) Against your point of 'not knowing' what you'll receive (pretty much like in Storage Wars), here there's an on-site facility where you can check out the units. So the surprise factor can be eliminated if one takes the time to check things out.
The best deal I've ever seen can't be posted here, it would defy your (anyone's) western-logic -plus it's kind of not the point- , but you quickly become a believer when you take part in the process and/or see these things for yourself. Anyway, I think I've said enough. Have a good w/e.

 

[Gediminas]

I posted here the auction of a 2016 Lotus Evora for around €5K. These 'deep value' opportunities come and go and obviously aren't there all the time (it depends on the Courts and Police actions and there aren't that many 'crimes' happening there). Worth correcting two wrong assumptions you make in your post though:
a) They can't go out 'in seconds' as you mention, since all auctions have a set time (the 'end time') where the highest bidder wins the unit (as I said, like in 'Storage Wars');
b) Against your point of 'not knowing' what you'll receive (pretty much like in Storage Wars), here there's an on-site facility where you can check out the units. So the surprise factor can be eliminated if one takes the time to check things out.
The best deal I've ever seen can't be posted here, it would defy your (anyone's) western-logic -plus it's kind of not the point- , but you quickly become a believer when you take part in the process and/or see these things for yourself. Anyway, I think I've said enough. Have a good w/e.

Thank you for the clarification.

 

[JohnLocke]

The best deal I've ever seen can't be posted here, it would defy your (anyone's) western-logic -plus it's kind of not the point-

possible for you to post it in short form? I wonder if it would make sense to buy such a cheap car if you live in a country where car costs 10 times what the average pay in Europe.

 

[traveller79]

Is it possible to by onsite without local ID / residency?

Is it possible to by onsite without local ID / residency?

After reading the FAQ it seems anybody can take part, ID needed for register plate auctions, but not cars.

 

[Nicholas Van Orton]

possible for you to post it in short form? I wonder if it would make sense to buy such a cheap car if you live in a country where car costs 10 times what the average pay in Europe.

@Admin - Ok, it was a 2008 RR Phantom for around €25k. It had flat tyres and damage in the bodywork (it looked like from a big crash), plus the airbags had to be re-installed. My guess it was this was a son-of-an Arab who like to fly instead of run. Anyway, with a just a few tweaks (35-40K tops all-in price) you end up with a 400K-value gorgerous car. I've sonly seen this once, but I'm not glued to the screen to say whether there have been more of these, which could very possibly be.

 

[Nicholas Van Orton]

Is it possible to by onsite without local ID / residency?

After reading the FAQ it seems anybody can take part, ID needed for register plate auctions, but not cars.

I wouldn't recommend doing any bidding without an ID as you'll need to insert UAE plates in it, but it's up to you to try.

 

[Joe Blasco]

I wouldn't recommend doing any bidding without an ID as you'll need to insert UAE plates in it, but it's up to you to try.

one should be table to tow the car without plates and just send it in what ever destination. I don t remember though if it is easy to be sold as a car or "spare parts"

 

[hernanday]

IRS???? are you a U.S Person then? .

Didn't you watch this film below btw...lol? Driving around in an 80k would put you on radar with i.e jealous neighbors, friends and strangers.

If he spends anything over 10k it goes straight to IRS, if he spends over 5k near the financial system they keep a record. He seems crazy. If you evade taxes, just to go and spend the money on $80k car, you have defeated your own system. He will always fail forensic account and audit test of how his low income generated that car. The closest thing I can think he could do is to put it in a company name, buy it in a neighbouring country possibly used and work out payment plan with the owner to pay him $5k a month or something.

 

[avalanche]

That's why you will never be rich with that mind set. To get rich and stay rich you don't ever buy depreciating assets unless you can write off the depreciation. That's why 99.9% of people despite earning good money all their life finish their lives broke because they buy depreciating assets i.e cars, iphones, designer clothes etc - total loss items

Leasing is way to go

Locking up 80k in capital in a depreciating car when that same 80k can be working for you to earn you money makes no sense as your just destroying capital.

somehow for some people iphones are an asset. app developers for example

 

[avalanche]

Welcome to the real world. That is how much it costs to take money out from a company in most European countries with good roads, social security, good education. Those things doesn't come for free and taxes are the way we pay for them.

Not true. Most EU taxes go to fund refugees

 

[Martin Everson]

He seems crazy.

Well he is a Tesla cult member so what do you expect. They are all like this i.e zero basic common sense or logic and totally irrational due to a blind following of Tesla . They come second only to blind followers of EPB and Peter Schiff.