CAR IMPORT

CAR IMPORT

Car imports are the processes or acts of bringing cars into the country for the sole purpose of using the car for personal reasons or selling the cars. It is also the bringing in of cars to a location where it was non-existent. 방문운전연수

 

Global car import purchases cost a total of US$643.5 billion. This sum represents 3.7 % imports ($17.536 trillion) for all products purchased.

Since 2016, when automobiles acquired on international markets were evaluated at $708.1 billion, the overall cost of cars imported by all trading countries has declined by an average of -9.1 %. From 2019 to 2020, the total dollar value of worldwide imported autos declined by -17.7% per year.

Europe acquired the most imported autos in terms of dollar value in 2020, with purchases totaling $304.1 billion, or 47.3 % of the global total. North American auto importers finished in second with 26.9%, while Asian buyers received 19.4% of all cars imported worldwide.

Importers in Oceania (2.4 %), dominated by Australia and New Zealand, Africa (2.2 %), and Latin America (excluding Mexico and the Caribbean) received smaller percentages (1.8 %).

 

Major import brands like Honda, Hyundai, Kia, Toyota, Volkswagen, Subaru, Nissan, and even premium brands like Mercedes-Benz and BMW have a lot in common. Each of the brands listed above has a facility in the United States where they sell vehicles to customers.

 

Cars Imports by Country: Top 15

The 15 countries with the highest dollar value of cars imported in 2020 are listed below.

 

  1. United States: US$145.7 billion (22.6% of imported cars)
  2. Germany: $65.5 billion (10.2%)
  3. China: $44.9 billion (7%)
  4. France: $36.5 billion (5.7%)
  5. United Kingdom: $34.7 billion (5.4%)
  6. Belgium: $32.5 billion (5%)
  7. Italy: $22.7 billion (3.5%)
  8. Canada: $21.8 billion (3.4%)
  9. Spain: $13.8 billion (2.2%)
  10. Australia: $12.8 billion (2%)
  11. South Korea: $12.1 billion (1.9%)
  12. Saudi Arabia: $10.6 billion (1.6%)
  13. Netherlands: $10.4 billion (1.6%)
  14. Japan: $10.2 billion (1.6%)
  15. Switzerland: $10.1 billion (1.6%)

 

DOCUMENTS REQUIRED FOR CAR IMPORT

The following documents are required by US Customs and Border Protection to import a car into the United States:

Original bill of lading

Bill of sale

Foreign registration

EPA Form 3520-1

DOT Form HS-7

What is Car Import Duties?

 

Import duties are fees that must be paid when cars are imported from one country to another. The amount of the fees is determined by the value of the imported vehicles as well as other factors. Customs duties, import transaction tax, and other excise duties levied on imported autos are referred to as import duties.

Rules for car import to the U.S.

First and foremost, the United States government has imposed import constraints that you must adhere to. The following laws establish minimum requirements for all automobile imports:

 

  • The Federal Traffic and Automotive Vehicle Safety Act signed into law in 1966.

 

This law establishes safety criteria for motor vehicles and highway traffic. The Imported Vehicle Safety Compliance Act was adopted in 1988 to specify broad safety and import criteria that must be met by all cars entering the nation.

  • The 1972 Motor Vehicle Monitoring and Cost-Savings Act

This bill imposes penalties on automakers who fail to fulfill fuel economy criteria that must be met by all cars sold in the United States. Cars import into the United States are also included.

  • The 1968 Clean Air Act was amended in 1977 and 1990.

The United States Environmental Protection Agency (EPA) is required under this law to establish national emission guidelines for sources of air pollution, including automobiles. Vehicles entering the United States must meet EPA and Customs and Border Protection regulations (CBP).

 

Car Import Charges

 

Duty is usually levied on imported foreign-made automobiles, whether new or used. A car will cost you at least 2.5 %, a motorcycle will cost you at least 2.4 percent, and a truck will cost you at least 25%. The duty is calculated customer’s purchase price of the car.

 

Some cars import by the U.S include;

  • Toyota
  • Honda
  • Nissan
  • Volkswagen
  • Subaru
  • Kia
  • Hyundai

 

Even luxury brands like BMW and Mercedes-Benz are not excluded from the list.