[AKG M3]

Hi,

Hope everybody is doing well.

I will be moving within my current firm from Toronto to Atlanta. I am a Canadian citizen and will be coming into the US with a work. My question here pertains mostly to my current car situation. My M5 will be coming up to three years (got it new in 2016) and been driving and enjoying it way too much. So much so that I'm getting close to 80,000km which is when the factory warranty runs out. I've been saving up for a new 911 and wanted to get your thoughts on buying it here and importing it to the US. Has anybody done that? From what I hear if I finance it here, even though I would live in the US I can still pay monthly. I'm also considering going back to my BMW dealer and buying extra warranty if that is possible and then bringing it in. Or should I buy in the US directly?

Any additional insights from folks that have done this before would be greatly appreciated.

Thanks,
Alex

[tdott]

I moved from Toronto to FL in Dec. 2015.

Imo you'd definitely want to buy higher end cars in the US, the market is much better. My M3 was originally a US car so re-importing it into the US was easier for me I think and wasn't that big of a deal.

The problem you will have is you are starting over credit history wise, I recommend you try to open a bank account and get a US credit card asap as much of your score is tied to your oldest account. If you have a Canadian Amex, call them up they will be the easiest to get credit from initially, second would be TD Bank. All others will consider you as having zero credit history.

As for your 2016 M5, normally I would say you can import it to the US and just do that, but if you are planning to get rid of it at some point, buyers seem afraid to touch Canadian cars for some reason (which is odd because i've seen some shit boxes in FL that make Ontario cars look mint, but that's another story), like it will melt or something. So you may have a hard time selling it.

Eitherway goodluck with the move, what work Visa will be you on?

[Colodano]

Since I just went through selling a Canadian vehicle in the U.S. I will chime in...

Even if you go through the legal requirements to import and title the vehicle in the states, buyers will be scared, including businesses/ dealerships. The salt used in Ontario causes so much accelerated rust and corrosion compared to most U.S. areas that an enthusiast will probably steer clear just due to condition unless the price is amazing.

Now on the other end, summer is coming, and the roads are clearer for now. You could buy a new car in Canada, and temporarily import it for personal use while under a work visa I believe. That is what I did with my U.S. cars while I lived up there, and renewed my plates yearly here in Colorado.
If you go that route, and are getting paid in US funds, while making payments in Canada, you would be rocking it due to the current exchange rate.

[AKG M3]

Originally Posted by tdott

I moved from Toronto to FL in Dec. 2015.

Imo you'd definitely want to buy higher end cars in the US, the market is much better. My M3 was originally a US car so re-importing it into the US was easier for me I think and wasn't that big of a deal.

The problem you will have is you are starting over credit history wise, I recommend you try to open a bank account and get a US credit card asap as much of your score is tied to your oldest account. If you have a Canadian Amex, call them up they will be the easiest to get credit from initially, second would be TD Bank. All others will consider you as having zero credit history.

As for your 2016 M5, normally I would say you can import it to the US and just do that, but if you are planning to get rid of it at some point, buyers seem afraid to touch Canadian cars for some reason (which is odd because i've seen some shit boxes in FL that make Ontario cars look mint, but that's another story), like it will melt or something. So you may have a hard time selling it.

Eitherway goodluck with the move, what work Visa will be you on?

Thanks for the input, very helpful. I think its going to be an L1B visa. I have a corporate Amex that I've had since 2007 so hopefully I can use that track record with Amex in the US to get a card and then start building history. Thanks for the heads up with TD too, will go with them right after. Its still early days, I need to get new titles, JD, etc before HR starts filling the papers and even then I think it would be a few months. Really have to decide between keeping the M5 and renewing the warranty, getting the new car here and then taking it with me or selling everything here and buying there.

[AKG M3]

Originally Posted by Colodano

Since I just went through selling a Canadian vehicle in the U.S. I will chime in...

Even if you go through the legal requirements to import and title the vehicle in the states, buyers will be scared, including businesses/ dealerships. The salt used in Ontario causes so much accelerated rust and corrosion compared to most U.S. areas that an enthusiast will probably steer clear just due to condition unless the price is amazing.

Now on the other end, summer is coming, and the roads are clearer for now. You could buy a new car in Canada, and temporarily import it for personal use while under a work visa I believe. That is what I did with my U.S. cars while I lived up there, and renewed my plates yearly here in Colorado.
If you go that route, and are getting paid in US funds, while making payments in Canada, you would be rocking it due to the current exchange rate.

Good point on the rust. I've daily driven the M5 since I got it and it has certainly seen lots of salt here in Ontario and also the times I've gone to Quebec, which is roughly once every month. So the climate down there will accelerate the corrosion process? Good to know and yes, if I can score a new car it would not have seen the snow yet when I go down there so that would work. Plus, you totally got my drift with the USD to CAD deal, it was exactly what I was thinking of doing. Keep my current bank account here, get paid in USD and transfer for the payment in CAD and get the ~30% bump

I also think if I arrive there carless and walk into a dealer and want to buy a car they might not take me seriously as I wont have a credit history + don't really know how long I'll stay. It could end up being a few years or it could be longer...

[Joekerr]

Originally Posted by AKG M3

Good point on the rust. I've daily driven the M5 since I got it and it has certainly seen lots of salt here in Ontario and also the times I've gone to Quebec, which is roughly once every month. So the climate down there will accelerate the corrosion process? Good to know and yes, if I can score a new car it would not have seen the snow yet when I go down there so that would work. Plus, you totally got my drift with the USD to CAD deal, it was exactly what I was thinking of doing. Keep my current bank account here, get paid in USD and transfer for the payment in CAD and get the ~30% bump

I also think if I arrive there carless and walk into a dealer and want to buy a car they might not take me seriously as I wont have a credit history + don't really know how long I'll stay. It could end up being a few years or it could be longer...

Have you looked at Porsche USA vs Porsche Canada to see what the price differential is? I would have assumed that it would be FX difference at least, so no real bump, but FX risk is on you if the Canadian dollar strengthens under a new Conservative government (see how optimistic I'm being about October 2019?). Plus, Porsche USA probably is willing to move more on discount just because they have the volume, whereas in Canada, they don't, so they'll probably hold tight to make margin.

Edit: If you were to sell the M5 and go 911 route, how much would you need? Is it something that you could get a Canadian line of credit for (or mortgage on your Canadian house if you are keeping it) and transfer funds to USD and buy down there? And then use your salary to pay off LOC / mortgage? At least lets you purchase from US dealer in cash if the price is right.

[AKG M3]

Originally Posted by Joekerr

Have you looked at Porsche USA vs Porsche Canada to see what the price differential is? I would have assumed that it would be FX difference at least, so no real bump, but FX risk is on you if the Canadian dollar strengthens under a new Conservative government (see how optimistic I'm being about October 2019?). Plus, Porsche USA probably is willing to move more on discount just because they have the volume, whereas in Canada, they don't, so they'll probably hold tight to make margin.

Edit: If you were to sell the M5 and go 911 route, how much would you need? Is it something that you could get a Canadian line of credit for (or mortgage on your Canadian house if you are keeping it) and transfer funds to USD and buy down there? And then use your salary to pay off LOC / mortgage? At least lets you purchase from US dealer in cash if the price is right.

Good point on the US porsche dealers willing to negotiate more plus I am interested in the current 991.2 version and with the 992 soon to hit the dealers I hope to be able to get a deal. Fingers crossed.

I'll be taking a hit for sure on the M5, which I've accepted. Think I owe something in the $74k region and realistically speaking think the market would be under $70k, perhaps in the $65k for mine with the mileage I have.