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Discussion Starter · #1 ·
Hey guys, I'm currently in the market for an SVJ, coupe or roadster, there's basically none for sale in Canada, and the ones in the U.S. are going for way over sticker. On the other hand, there are plenty of SV's for sale on the Canadian market, would you guys suggest I settle for an SV in the meantime, or should I wait till perhaps SVJ owners move into the new Ultimae and put theirs up for sale, and/or when prices drop in the U.S?
 

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Just wait, there's plenty of SVJ's lurking and with a couple months left of summer and the new luxury tax end of the year you'll see SVJ's popping up for sale.

And the SV's listed for sale are overpriced. For example the white coupe listed was lowered, tuned and who knows what else was done to it. It was also purchased for around $450k last summer so it's not worth the massive markup. Don't get me wrong, I love the SV but no way a coupe is worth $550k.
 

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Just wait, there's plenty of SVJ's lurking and with a couple months left of summer and the new luxury tax end of the year you'll see SVJ's popping up for sale.

And the SV's listed for sale are overpriced. For example the white coupe listed was lowered, tuned and who knows what else was done to it. It was also purchased for around $450k last summer so it's not worth the massive markup. Don't get me wrong, I love the SV but no way a coupe is worth $550k.
As far as I’m aware, the luxury tax will apply to new cars only.
 

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Discussion Starter · #4 ·
Just wait, there's plenty of SVJ's lurking and with a couple months left of summer and the new luxury tax end of the year you'll see SVJ's popping up for sale.

And the SV's listed for sale are overpriced. For example the white coupe listed was lowered, tuned and who knows what else was done to it. It was also purchased for around $450k last summer so it's not worth the massive markup. Don't get me wrong, I love the SV but no way a coupe is worth $550k.
Thanks for the input man! I definitely agree with everything you mentioned, the market is super weird right now, as everything exotic is overpriced compared to last year. Only thing is I've been waiting to pull the trigger on an SVJ for quite a while now and at this point I just want to jump into any Aventador for the time being. I would hope that more SVJ's pop up on the market and this weird market slows down and prices decrease, but I'm also afraid that the opposite might happen.
 

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As far as I’m aware, the luxury tax will apply to new cars only.
I believe it's going to apply to new and used but not to cars been exported. Out in BC they get luxury tax on new and used so it's likely the Federal tax will be the same. If they excluded used cars that means all new supercars will be classfied as demos and sold as used to customers. Too big of a loophole.
 

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I believe it's going to apply to new and used but not to cars been exported. Out in BC they get luxury tax on new and used so it's likely the Federal tax will be the same. If they excluded used cars that means all new supercars will be classfied as demos and sold as used to customers. Too big of a loophole.
This article suggests new vehicles only. To add insult to injury, sales tax is applied on top of the luxury tax. Double dipping.

 

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This article suggests new vehicles only. To add insult to injury, sales tax is applied on top of the luxury tax. Double dipping.

Somewhat good news if the tax only applies to new cars only, bad news for dealers because I can't see much demand for new supercars come the new year.

Safe to say we have to wait until later in the year to get a better idea how this tax will work but anyway you slice it it's going to be absolutely brutal for dealers and buyers in BC. It's a luxury tax on top of another luxury tax.
 

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Discussion Starter · #9 ·
Somewhat good news if the tax only applies to new cars only, bad news for dealers because I can't see much demand for new supercars come the new year.

Safe to say we have to wait until later in the year to get a better idea how this tax will work but anyway you slice it it's going to be absolutely brutal for dealers and buyers in BC. It's a luxury tax on top of another luxury tax.
Hey man since you're also from Canada, I had a quick question I was hoping you'd be able to answer. How hard is it to get financing on a 500k+ car like an SV or SVJ for example, any idea on what parameters the lenders would be looking for, such as down payment and income?
 

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Hey man since you're also from Canada, I had a quick question I was hoping you'd be able to answer. How hard is it to get financing on a 500k+ car like an SV or SVJ for example, any idea on what parameters the lenders would be looking for, such as down payment and income?
I know with Pfaff they usually require the basics like T4, proof of income, proof of investments (if you don't have enough "declared" income or a property under your name), good credit score (I believe over 700min) and 25% down payment.
 

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Discussion Starter · #11 ·
I know with Pfaff they usually require the basics like T4, proof of income, proof of investments (if you don't have enough "declared" income or a property under your name), good credit score (I believe over 700min) and 25% down payment.
Are the major banks any different, like RBC or Scotiabank? It seems as if my local Lamborghini dealer (Grand Touring) mainly uses those lenders, and from what they were saying it was quite tough to get approved with them
 

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Are the major banks any different, like RBC or Scotiabank? It seems as if my local Lamborghini dealer (Grand Touring) mainly uses those lenders, and from what they were saying it was quite tough to get approved with them
I believe Grand Touring is referring to Lamborghini Financial Services which I believe uses SB. Pffaf also uses SB. The thing about LFS is they're more or less a "legit" lender so their requirements are strict however they offer the best rates. You also have to remember you're basically financing a $500k+ car so the requirements get tighter.

Only way around this is by giving a bigger down payment, I mean if you gave say 75% down I'm sure most lenders will qualify you as long as you make the basic requirements.
 

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Discussion Starter · #13 ·
I believe Grand Touring is referring to Lamborghini Financial Services which I believe uses SB. Pffaf also uses SB. The thing about LFS is they're more or less a "legit" lender so their requirements are strict however they offer the best rates. You also have to remember you're basically financing a $500k+ car so the requirements get tighter.

Only way around this is by giving a bigger down payment, I mean if you gave say 75% down I'm sure most lenders will qualify you as long as you make the basic requirements.
I see, that makes sense, ideally I would like to put as little down as possible so I can make other investments, so hopefully when the right car comes at the right price I will be able to pull the trigger. Thanks again for the input, you're a great help
 

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Discussion Starter · #15 ·
Ask the lenders what’s the minimum down they’d take with your income. Easy peezy.
I've tried that, but I was told you can't speak directly with the lenders (specifically the banks) about car loans (at least in Canada), you have to go through a dealership, and at the moment they don't even have any SVJs available for me to do an application on
 

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This article suggests new vehicles only. To add insult to injury, sales tax is applied on top of the luxury tax. Double dipping.

The luxury tax is something we had in the US for a few years, then they did away with it...now looks like they are tying to bring it back...it's on NEW cars only, and the luxury tax portion only applies to the amount ABOVE a certain level, so let's say the car is 200k, luxury tax begins at 100k, you pay the luxury tax on 100k, not on 200k. It's a BS tax and as somepne else pointed out, dealer demos will be flying off the shelves.
 

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The luxury tax is something we had in the US for a few years, then they did away with it...now looks like they are tying to bring it back...it's on NEW cars only, and the luxury tax portion only applies to the amount ABOVE a certain level, so let's say the car is 200k, luxury tax begins at 100k, you pay the luxury tax on 100k, not on 200k. It's a BS tax and as somepne else pointed out, dealer demos will be flying off the shelves.
I believe the tax will apply to the first dollar above $100k.

20% on that first dollar or 10% of the total car value, whichever is less.

HST will be applied to the price inclusive of the calculated luxury tax.
 
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