Australia is built on muscle and dust and our love of high-performance cars is part of that rugged, thrill-seeking culture. Though the locally made HSV vs FPV (RIP!) debate is a relic of the past, Aussie petrolheads are casting their eyes overseas for sports-tuned, race spec cars from the United States, Japan, and Europe.
Though we may be car enthusiasts, we also sometimes need the deep pockets to match. So can you obtain finance for a high-performance car in Australia? What do you need to know about importing exotic vehicles? Is it worth the cost, especially when modifications need to be sourced from overseas? What about taxes and duties?
Sourcing the car of your dreams
Let’s say you have your heart set on a certain model – a Lamborghini Huracan, Mitsubishi Lancer EVO, or something high end, slick, and the envy of everyone in the car club.
If your car is less than 25 years old, it needs to be listed on the Australian Government’s Special Enthusiast Car Register to be eligible to be imported. There are no restrictions on enthusiast vehicles over the age of 25 years.
Importing a car from overseas is a wild and often confusing mix of factors. Buying a Cadillac in Tokyo will add a premium over buying one in New York; a Rolls-Royce Ghost costs US$279,390 in London yet US$455,829 in Sydney. You may think, “Great! I’ll just import it from London and save a bundle!” However, this may not end up being the case.
Delivery, taxes, and fees
Once you have registered with ROVER, you will need to pay an application fee to join the register. You’ll also need to gain approval from the Department, which may impose certain use conditions.
You’ll have to arrange a deep steam clean on the exterior and interior to comply with quarantine rules, as well as removal of air-conditioning gas. You’ll then have to lodge an import declaration, customs duty, GST, Luxury Car Tax, and arrange for modification of the vehicle post-delivery if the department deems it necessary. Costs to physically import a vehicle can range from $3,000 in Asia to $5,000 in Europe for roll-on/roll-off shipping, doubling that amount if you choose a specialised shipping container.
After landfall, you can’t drive it home yet: you’ll have to apply for entry on the Register of Approved Vehicles and apply for State or Territory vehicle registration.
Financing your high-performance car
If you are looking to finance your high-performance car import, you should talk to an automotive finance broker first, especially if they have specialist enthusiast or personal loans for these circumstances. Of course, you should set a budget and temper your expectations for a loan amount, as there are high risks involved in importing vehicles – as well as currency conversions which can sometimes go the other way. Doing your research and ensuring compliance with the rules and regulations can help you make a smooth and trouble-free transaction, and help you get behind the wheel of a supercar sooner!
