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12 Fun Facts New Luxury Cars 2021 Australia | Top Luxury Car Brands
- The government will still hit you with a luxury car tax (LCT) if your vehicle is worth more than $63,184 (figure for the 2015/16 financial year). If your vehicle isn’t brand new, you can ask to have this figure revised to better reflect the current value of your car, however if it’s still above the threshold then you will have to pay 33% tax, plus GST and customs duty. As you might expect, the cost of importing most luxury cars (if you are actually allowed to do it in the first place) equates to a substantial amount of money. - Source: Internet
- Motoring.com.au notes that the introduction of this legislation could see a drop in the price of luxury vehicles: - Source: Internet
- “The prices of these [luxury] cars are [also] more competitive than they’ve ever been. If you compare the price of an E-Class, say the E200 CGI, to its equivalent 10 years ago, it is significantly better value now in terms of average weekly earnings and inflation.” - Source: Internet
- While mid-range luxury vehicles are relatively popular here in Australia, top-end cars such as Ferraris and Lamborghinis are sold in far smaller numbers. The lower demand for these cars – as you might expect – equates to a much higher retail price. Australia has a relatively small population compared to countries such as the United States and United Kingdom; therefore, there are fewer people who can afford the sort of cars that cost hundreds of thousands of dollars. - Source: Internet
- LCV stands for luxury car value; this is the retail price of the car. Therefore, a vehicle that has a retail price of $88,000 must pay a LCT of $7,444 ((88,000-63,184) x 10/11 x 0.33). This means that the car would be sold to a customer for $95,444. - Source: Internet
- Another Drive.com.au article from 2011 analysed the cost of high end luxury cars such as Ferraris and Lamborghinis and found that these luxury vehicles have increased in price by as much as 50% in a decade. While the price of a new BMW had also increased in this time, it was by a far smaller margin (approximately 10%). However, standard vehicles such as the Toyota Corolla actually saw a reduction in price between 2001 and 2011 – revealing just how much of a premium Australians really are paying for luxury cars. - Source: Internet
- This general increase in vehicle affordability does appear to extend to some luxury cars. For example, BMW’s senior manager of corporate communications told Drive.com.au in 2011 that: - Source: Internet
- However, there is some respite in site. Thanks to recent legislation changes that will see parallel imports become legal in 2018, it’s possible that luxury vehicles in Australia could become more affordable in the near future. Whether this actually comes to fruition remains to be seen – knowing the Australian government, things could change a lot in two years time! - Source: Internet
- In this scenario, the cost of importing the car (customs duty + GST + LCT) is $9,773.60 (plus the cost of transport and insurance). As you can see, importing a luxury car yourself (if you are even allowed to) can become very expensive – and this cost only increases with the value of the vehicle you’re looking to import. - Source: Internet
- LCT is set at 33% and this is taxed on the amount above the LCT threshold. This tax is paid by businesses (i.e. dealerships) that sell luxury cars and therefore the cost is passed on to consumers. LCT also applies to individuals who choose to import luxury vehicles – you can read more about do-it-yourself imports later on in the article. - Source: Internet
- While the current Australian dollar is relatively low at around 0.52 GBP and 0.76 USD, over the past five to six years it has been rather strong at times (for example, in 2011/12). With this being the case, many people have wondered why the cost of luxury vehicles has remained so consistently high. - Source: Internet
- The value of the taxable importation (VoTI) is then calculated by adding the CV, customs duty and transport and insurance costs. In this example, this equates to $60,300. A GST of 10% is then added ($6,030) which takes the total at this point to $66,330. This is considered to be the luxury car value (LCV). - Source: Internet
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