Secondhand Electric Company Car OMV Question

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championc

Registered User
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Hi all,

If you buy a secondhand electric company car, what value would the OMV be, if the vehicle when new, attracted the €5k VRT exemption and the SEAI €5k Grant ? So if a var had an original when new cost of €40k minus €10k (grant and exemption), then it would have been impossible for anyone to have spent €40k on it and therefore, would the OMV be considered as being €30k ?

Also, is there a scale for a reduction in value based on the age of the car from new ?

Thanks in advance
 
Pretty sure it is the €40k as there were some surprises from people who paid less than the €50k BIK exemption for their EVs but then had to pay BIK, because the OMV was actually over €50k before the reliefs were applied.

From Revenue -
In practice, the original market value is generally considered by reference to its list price before any reliefs or grants are applied.

Click to expand...

On the secondhand value question, the Revenue VRT calculator will give you their Open Market Selling Price (OMSP) which is probably a safe figure to use. https://www.ros.ie/evrt-enquiry/vrtenquiry.html?execution=e1s1
 
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So if the "company" buys a six month old or 1 year old secondhand Electric Car, the BIK is still calculated on the same say €40k regardless of the age of the car when bought ?

Of course, BIK the the "employee" will be 0% anyway until the end of 2022
 
championc said:
So if the "company" buys a six month old or 1 year old secondhand Electric Car, the BIK is still calculated on the same say €40k regardless of the age of the car when bought ?

Of course, BIK the the "employee" will be 0% anyway until the end of 2022
Click to expand...

BIK is ALWAYS calculated based on the OMV of the car. You could buy a ten year old clapped out Merc, for 5k, but BIK would be calculated based on its original value when new.
 
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