04-25-2019, 01:41 PM | #1 |
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Move from Toronto to Atlanta...what about the M5?
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
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2016 BMW M5 MCB/Full Silverstone - "Maureena"
2013 BMW M3 E92 DCT - "Brynhildr" (Sold) 2012 Audi S4 B8 6MT - "BlackBird" (Sold) |
04-25-2019, 01:50 PM | #2 |
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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?
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04-25-2019, 06:14 PM | #3 |
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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. |
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04-26-2019, 08:54 AM | #4 | |
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2016 BMW M5 MCB/Full Silverstone - "Maureena"
2013 BMW M3 E92 DCT - "Brynhildr" (Sold) 2012 Audi S4 B8 6MT - "BlackBird" (Sold) |
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04-26-2019, 09:01 AM | #5 | |
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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...
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2016 BMW M5 MCB/Full Silverstone - "Maureena"
2013 BMW M3 E92 DCT - "Brynhildr" (Sold) 2012 Audi S4 B8 6MT - "BlackBird" (Sold) |
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04-26-2019, 09:10 AM | #6 | |
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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. |
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04-27-2019, 12:51 PM | #7 | |
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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.
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2016 BMW M5 MCB/Full Silverstone - "Maureena"
2013 BMW M3 E92 DCT - "Brynhildr" (Sold) 2012 Audi S4 B8 6MT - "BlackBird" (Sold) |
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