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Posted September 28th, 2011 by Charles Purdy

Buying a car overseas and having it imported

When it comes to buying a new car, the UK can be a bit on the pricey side; it is not uncommon to find that you can get the same make and model from abroad for a much more attractive price. If you choose to import your new car from overseas then there will be several things to think about; registering the vehicle, organising the importation, and of course, paying for it.

Many people who buy a new car when they move abroad, order the vehicle from another European country before they relocate, meaning payment for it will be in euros. You will probably pay for your vehicle in two parts, the deposit and then the remaining balance. When you need to transfer pounds into euros, you could use your UK bank to make these payments, however, just as when you buy a property abroad, using a currency specialist, such as Smart Currency Exchange, could save you money.

On top of offering better exchange rates than banks – typically up to 4% better – currency specialists provide a range of payment plans to suit your time frame and to help you budget. For example, if you don’t need to pay for the car for a couple of weeks, or even months, but the current exchange rate is too good to miss, you can fix an exchange rate using a forward contract. You can also set an agreed rate with the Smart trader, and they will buy the currency you need when it hits the rate you are happy with; using an ‘order to buy’ contract.

Using a currency specialist to pay for your new car might not sound important, but it could be the difference between the cost of air conditioning or another added extra on your car – so must be worth considering.

Always shop around when it comes to buying currency and transferring money abroad, and you will be surprised at how much the exchange rates can differ, and how much money you can save by using a specialist rather than a bank.

If you haven’t yet collected your FREE report from Smart on "Why Overseas Property Buyers Lose Money… and how YOU can avoid it" get it here

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