The Journey of Importing Classic Cars: A Personal Experience
The allure of classic cars often transcends borders, drawing enthusiasts to seek out beloved models from other countries. A recent account of Nick Bailey’s experience importing a first-generation Renault Twingo from France offers valuable insights into the intricacies and challenges of this process.
Why Choose to Import a Classic Car?
Nick Bailey’s passion for the first-generation Twingo began during his time studying in France in 1993, when he promised himself he would own one. Years later, he found a 1993 model in good condition, priced at £3,500. Classic cars like the Twingo hold emotional value and unique charm, making them irresistible to collectors and enthusiasts. The appeal of acquiring such vehicles at a lower price compared to the UK market can also influence the decision to import.
Navigating Post-Brexit Import Regulations
The aftermath of Brexit has introduced new complexities for UK residents looking to import vehicles from Europe. Before January 31, 2020, the process was relatively straightforward; however, the departure from the EU has resulted in additional bureaucratic hurdles.
To begin the import process, one must inform HMRC within 14 days of receiving the car using the Nova (Notification of Vehicle Arrivals) service. This is crucial for calculating the VAT and import duty owed on the vehicle. For cars over 30 years old, which are no longer in production and remain unmodified, a reduced VAT rate of 5% applies. Cars younger than 30 years incur a 20% VAT. However, the process has become more cumbersome since HMRC ceased offering direct tax calculations over the phone. Importers are now encouraged to hire agents to handle the paperwork, which typically costs around £120.
The specific requirements for registration can vary significantly based on the car’s age. For vehicles under ten years old, a European Certificate of Conformity is necessary, alongside an Individual Vehicle Approval (IVA) certificate to confirm compliance with UK regulations. Cars older than ten years are inspected during the MOT test, though a speedometer in miles per hour is not legally required for vehicles over ten years old.
Insurance Challenges for Imported Vehicles
Securing insurance for an imported car can pose another significant challenge. Nick, who is fluent in French, was able to negotiate a 30-day policy that covered him to drive the Twingo from France to the UK. This flexibility reflects the complexities of car insurance in different countries, where policies may be more closely tied to the vehicle rather than the driver.
Costs Associated with Importing a Classic Car
In total, Nick spent approximately £1,400 to legally drive his Twingo on UK roads, which included the 5% VAT, the first registration fee of £55, £300 for road tax, and the agent’s fees. This financial breakdown underscores the importance of budgeting for various costs beyond the purchase price of the vehicle.
The Growing Trend of Importing Classic Cars
The trend of importing classic cars appears to be thriving among enthusiasts. Will Smith, a director of a car import agency, notes that demand remains strong, particularly for older models that are subject to lower VAT rates. His agency imports an average of eight cars per week, illustrating the ongoing interest in acquiring rare vehicles from abroad.
Nick’s journey with the Twingo serves as a testament to the joys and challenges of importing classic cars. He plans to maintain the car’s authenticity, opting for light tidying rather than a full restoration. This approach resonates with many collectors who appreciate the character and history of classic vehicles.
Ultimately, importing a classic car can be a rewarding endeavor, offering enthusiasts the chance to own a piece of automotive history. By understanding the regulations, preparing for the associated costs, and navigating the insurance landscape, potential importers can successfully add their dream cars to their collections.