Tag Archives: New York

How to Import a Classic American Car

If you are a classic car enthusiast who has an interest in American motors and are considering buying one then you have a number of options. By far the easiest one is to purchase such a vehicle that is already located in the UK but if there is a car that has really taken your fancy but is situated over in the USA then you can arrange to buy it and have it imported to this country.

We have a number of clients who are the proud owners of such vehicles. In this respect, we thought it would be of interest to you if we asked our clients how they imported their vehicles from the USA and if they had any tips/advice.

Here is what one of our clients, Mr B, kindly had to say having recently imported this beautiful example of a 1965 Ford Mustang: –

 

You’ve imported a few American classic’s, what the secret to making it painless?

Personally I’ve always tried to keep it simple.  You can do it all yourself independently. You can book the cheapest container, book your own shipping, get someone else to load it but your giving yourself 8 extra jobs and if something goes wrong the whole pack of cards falls down.

I generally try to use one really competent shipper and give them the zip code, contact details and address and they do the rest.  They also need to know the length, weight and description.

The other key thing is to remember where you are shipping the vehicle from in the US too because the cost to ship from inland American can be as much as shipping the vehicle from the US to the UK.  Generally I buy one not too far from the shipping port so stick to New York, Seattle, San Francisco and Houston but obviously if I stumble across a real bargain I need to factor in the extra transport costs. “

 

Do you mind sharing with us the approximate cost of the car to purchase in the States and the variety of prices?

$17,500.

From $2000 (wreck) to $250000 (fully restored Shelby GT500)

 

Who did you imported it through? 

Schumacher Cargo Logistics who will do a door to door service or just to any UK port if you are able to pick-up.

 

Where did you purchased the vehicle from?

Mark is an ebay seller and mainly deals with Mustangs at Ford Chevy Classics.  He sent me lots of photos and a video of the car in action prior to the purchase.  Another eBay seller with nice cars Oldman Classic Mustangs in Texas.

 

What do you think the car would sell for in the UK? 

£20-25k

 

How much was the import tax and any other associated costs? 

Special one off 5% vat for old classic collectors’ cars if for personal use. Typically the total shipping costs and taxes vary but were £3k for this vehicle.

 

Your dream American muscle car to purchase? 

I already have a GT40 but always fancied a 57 Chevy Bel Air 2 door.”

Some of the things you will need to consider in respect of the above include: –

  1. Obviously, the greater the distance that the car needs to be transported the more it will cost to move it. So, you may wish to concentrate your search for a vehicle around the east coast of the USA rather than over towards the west coast.
  2. How it is transported will have a bearing on the overall cost i.e. whether it is by air or sea and whether it is transported in a container enabling the carrying of any spare parts or on a roll on and roll off (Ro-Ro) basis.
  3. You can arrange everything to do with the transportation yourself or you can leave it to an established transportation company with the later being the most expensive.
  4. You will wish to make sure that classic car shipping insurance is in place in case the vehicle is damaged whilst being transported.
  5. Once the car is in the UK, you have 14 days in which to let HM Revenue and Customs (HMRC) know.
  6. HMRC will advise you how much VAT and duty is payable. It is worth noting that importing a classic car that is less than 30 years old from the USA incurs VAT at 20% whereas if the car is over 30 years of age VAT is reduced to 5%.
  7. You will need to obtain vehicle approval to show that the car meets environmental and safety standards.
  8. The car will need to be modified to be used on UK roads and have an MOT.
  9. You will need to insure the car here in the UK.

In respect of the last point, here at AIB Insurance, we have many years experience when it comes to insuring American classic cars. Once the car is in the UK we can insure it on a chassis number.  No road cover is provided (although some insurers will let you drive to and from the MOT test centre if pre arranged and disclosed to them) whilst you contact the DVLA to register the vehicle.

Many thanks to Mr B and we hope that he enjoys his American car import for many years to come. If any of our other clients wish to share their experiences about importing a classic American car please feel free to get in touch with us.

World Record Drone Flight

DroneDrone racing has grown in popularity in recent years having appeal in many countries around the world including the UK. It is an airborne sport that is affordable for a considerable number of people who perhaps could not afford to take to the skies in the likes of a power glider or light plane.

There are a number of competitions including the Drone Racing League (DRL) so there is plenty of action taking place on a regular basis. It is certainly adrenalin filled sport.

You will be interested to read that a Guinness World Record was recently set for the fastest racing drone with this being undertaken at Cunningham Park, Queens, New York. The quadcopter is capable of reaching a top speed of over 179 miles per hour but on the day of the world record it reached 163.5 miles per hour. It is known as the DRL Racer X. It is extremely light as it only weighs just over 1.7 pounds. The course was over a length of 100 metres with the drone racing up and down the course on a number of occasions.

The sport appears to have really taken off with events appearing on TV including Sky Sports and ESPN. The drones that are used in the races are capable of rocketing from 0 to 80 mph in less than one second. To say the least, that is an amazing speed. The drones fly around a Dronecourse that includes many challenges including extremely sharp turns and dodging through a number of gates. Those holding the remote controls for these space age looking flying machines wear goggles that enable them to see the course as if they were sitting on the drone. This is commonly known as First Person View (FPV).

If the above is of interest then why not take a look on the Internet to find out more about the sport including visiting the website of the British FPV Racing Association.

Overseas Millionaires Favour London When Buying Second Homes

LondonAccording to research carried out by Wealthinsight, it found that London is the most popular city in the world where millionaires from abroad decide to purchase a second home. This probably does not come as a surprise to many of you but it is still great to hear that this is the case as such people no doubt benefit our economy as they probably spend a considerable sum of money whilst visiting the capital city.

Apparently, London is favoured by millionaires residing in other European countries as well as Russia. More people living in the later country buy a second home in London than from any other country. Perhaps some come over to avoid the harsh winters encountered there. Residents of the USA also love to buy second homes in London – no doubt appreciating the historic buildings and architecture. Millionaires from African and Middle Eastern countries also invest in buying homes in London. Many of them love to come over here during the summer months of July and August to avoid the extremely high temperatures in their countries.

The research also found that very few overseas millionaires would look to buy a second home inLondon the UK that is outside the South East of England and London. They are no doubt attracted by all that London has to offer such as an extensive array of designer shops, wonderful theatres, the history of the place and, of course, the many fine-dining restaurants. It is interesting that such people focus on London when purchasing a second home in the UK because there are three cities in the USA that appear in the top five cities that overseas millionaires choose to buy a second home in.

Another interesting fact was that, although London was the most popular city in the world for overseas billionaires to buy a second home to live in for short periods, when it comes to looking at the number of billionaires actually residing permanently in a particular city in the world, London was in fourth place. The city that has more billionaires living permanently in it is New York, followed by Moscow and then Hong Kong.

Here at AIB Insurance, we have insured many expensive second homes in the UK. So, why not get in touch with us on 02380 268 351 to discuss your requirements and obtain a competitive quote.