Vehicle Imports In T&T

[LadyDeath]

Today, people are now choosing to import their own vehicle themselves since there are many advantages/ disadvantages

ADVANTAGES:

-Cheaper
- First Hand Look @ Vehicle When Imported
- All Proceedures Handled By Individual


DISADVANTAGES:

- Long Waiting Period
- All Cash Money In Hand
- Unsure about Condition Of Vehicle
- All Vehicle Fixes Have To Be Done By Individual



For someone who wants to import a vehicle for the first time what is the proceedure of doing so. I know you have to acquire a license, pay a downpayment in which you have to wait about 4 weeks then to clear it at the port. At the port you will then have to pay vat or tax etc. and then have it licensed.
Can someone shed light on this?

 

[grimreaper009]

In for info on this............

 

[Mad racer]

Nice to know about the advantages and disadvantages of this vehicle import but overall its good to import vehicle because all the checking you can do invidually and we should agree with our importing in this way.Long wait period is not the issue for me.

 

[nirtime]

A key disadvantage is money that is wired cannot be traced and it can be the perfect scheme if you are not in the country of interest and personally there first hand to make your transaction or have a trustworthy contact.

The advantage is that you may gain features that local dealers omit as well and sometimes Japanese used cars do come with some cool accessories like aftermarket stereos or performance upgrades.

Also the taxes kill sometimes. Ive heard from people who have imported themselves that taxes can exceed the actual cost of buying the vehicle. So its not a simple process as once the vehicle gets here you have to either pay a Broker or do all the running with your new car to have it registered and detailed.

Also, I believe a personal import according to the law if it has a Diesel engine then the engine must be removed prior to shipment unless a dealer does the import.
Personal imports also cannot be legally transferred out of your name for 2 years of ownership.

 

[MangaAddict]

Thanks for the info, I always wanted to know more about this.

 

[LadyDeath]

I want more info ..Can anyone answer these for me ? If i want to import?

1. Where do i have to get the license?
2. Which banks will approve of loans for these cars when they reach?
3. What are the payments do i have to pay when it reaches in the port?

 

[nirtime]

1. Ministry of Trade.
2. Payment is done through wire.
3. Banks give you trouble if they cannot see the car.

 

[Mad racer]

Yeah these are the major disadvantages but a car lover can understand all about the advantages and disadvantages and carry on this importing of car.