Buy your supercars ASAP!

[shakalaka]

Has this been posted yet?

But ya, time to get fucked if your proclivities include having expensive cars.

https://apple.news/A57R91F19RXKVTcVQ3mzJZg

[ExtraSlow]

Buying every 14 weeks is going to really add up.

[killramos]

Buying every 14 weeks is going to really add up.

*you have given out too much rep*

[shakalaka]

You guys should stop sucking each other off with rep and worry about the bigger issue at hand...

[SJW]

I didn’t see really expensive vagina anywhere. I guess it’s still just priced at the going rate?

[ExtraSlow]

There's a thread for the federal budget.

[killramos]

You guys should stop sucking each other off with rep and worry about the bigger issue at hand...

Moving to the states?

Been working on that one for a while.

[schurchill39]

You guys should stop sucking each other off with rep and worry about the bigger issue at hand...

*you've given out too much rep....*

[killramos]

*you've given out too much rep....*

98721

[Buster]

I think this moment is the worst moment I've ever seen to buy a supercar

[schurchill39]

98722

[killramos]

I think this moment is the worst moment I've ever seen to buy a supercar

No luxury tax on guns though

I have a feeling they will become more useful before long

[My_name_is_Rob]

Haha! Canada really is trying to chase off the wealthy class these days, it seems.

[vengie]

Haha! Canada really is trying to chase off the wealthy class these days, it seems.


...... This is essentially the goal of communism.
Are you just connecting the dots now?

[BavarianBeast]

Guess I’ll just buy boats under $250k now... /s

Stupid socialists clawing at everything they can.

[My_name_is_Rob]

...... This is essentially the goal of communism.
Are you just connecting the dots now?

No. I've been building my exit strategy for several years now. I also turned my news feed off, so I tend to find out canadian news topics after the fact.

[shakalaka]

I gotta start planning my move to the Cayman Islands.

[ercchry]

Guess I’ll just buy boats under $250k now... /s

Stupid socialists clawing at everything they can.

Who wants those?? Does that even get you a base off-brand wakesurf boat these days? :rofl:

Hypothetical loophole: leases? Technically not purchasing anything for that much as it’s a taxable monthly payment?

[Buster]

I gotta start planning my move to the Cayman Islands.

I've come up with two solutions: get Alberta out of Canada, or get me out of Canada.

[Twin_Cam_Turbo]

It’s a good time to be a poor pleb!

[ExtraSlow]

It’s a good time to be a poor pleb!
Truth.

[shakalaka]

I've come up with two solutions: get Alberta out of Canada, or get me out of Canada.

Unfortunately it seems like that is what it has come to. Absolute fucking shit, but maybe this is what I need to force me to stop wasting $ on cars and concentrate on more investments instead. Fuck it.

[killramos]

Investments you say?

Capital to redeploy says freeland

This is the way comrade.

[ZenOps]

Sounds like the USA is going to be far more punitive than Canada on combustion engines. All except Texas that is.

[Misterman]

I think this moment is the worst moment I've ever seen to buy a supercar

The peak of a massive bubble is generally the worst time to buy anything.



I gotta start planning my move to the Cayman Islands.

I've been trying to figure out what would stop someone from at least making a company headquarters in Caymans or the like? There must be something other than a few legal speed bumps that I already know about, or people would be doing this. I have long considered setting up my company in a tax sheltered nation, and just paying myself like 20k/yr as a Canadian employee of the business. Is it really that expensive to have a lawyer/accountant set up a shell company down there?

Other option is to just find a job overseas. I've interviewed for one so far in a tax free nation, but covid has royally fucked up their hiring time frame. No idea when I can expect to hear back about it now.

[ercchry]

The peak of a massive bubble is generally the worst time to buy anything.




I've been trying to figure out what would stop someone from at least making a company headquarters in Caymans or the like? There must be something other than a few legal speed bumps that I already know about, or people would be doing this. I have long considered setting up my company in a tax sheltered nation, and just paying myself like 20k/yr as a Canadian employee of the business. Is it really that expensive to have a lawyer/accountant set up a shell company down there?

Other option is to just find a job overseas. I've interviewed for one so far in a tax free nation, but covid has royally fucked up their hiring time frame. No idea when I can expect to hear back about it now.

Nothing if you don’t like borrowing money from Canadian banks

[Masked Bandit]

Just be happy with your beige coloured Corolla comrade.

Don't you know that success and achievement are to be punished?

[Tik-Tok]

I think the arguments are work about this today were hilarious. I disagree with it 100%, but some guys were arguing like they were just about to buy a $100g car this summer.

I think the average car value in our parking lots is around $15g and there's only one that was worth over $100g brand new. The guy yelling loudest drives a rusty 2008 Sierra 1500.

[03ozwhip]

Wait...so 100k retail brand new? What if it was 100k new, but only 95k used?

[ThePenIsMightier]

Wait...so 100k retail brand new? What if it was 100k new, but only 95k used?

What's a "used" car?

[ExtraSlow]

What's a "used" car?

Shak knows lots of people who buy used cars.

[Misterman]

I think the arguments are work about this today were hilarious. I disagree with it 100%, but some guys were arguing like they were just about to buy a $100g car this summer.

I think the average car value in our parking lots is around $15g and there's only one that was worth over $100g brand new. The guy yelling loudest drives a rusty 2008 Sierra 1500.

Not every one argues from a completely selfish point of view. A lot of us are concerned for people in general and just want the best for society. If one automatically assumes everyone is selfish, this is likely a form of mirroring.

[Tik-Tok]

Not every one argues from a completely selfish point of view. A lot of us are concerned for people in general and just want the best for society. If one automatically assumes everyone is selfish, this is likely a form of mirroring.

Trust me, the people arguing yesterday, aren't ever concerned for other people.

[ZenOps]

China building them electric wonders. If they put one motor on each wheel which you can do with electric, instead of a single electric motor with higher torque than a combustion engine, you will have an electric vehicle with 4x more torque than the best singular electric engine.

Buyer beware for the torque heads.

By comparison dogecoin is up what 16,000% since last year? If you are simply spending to show that money really doesn't matter, then combustion car is the way to go.

[03ozwhip]

What's a "used" car?

I forgot. Beyond.

[dirtsniffer]

Wish I could remember who here said they'd never buy a used house... hah

[Misterman]

Trust me, the people arguing yesterday, aren't ever concerned for other people.

Either way, I don't see anything wrong with selfishly not wanting to pay these extra taxes that will be guaranteed to trickle down to all of us middle classers.

- - - Updated - - -


Wish I could remember who here said they'd never buy a used house... hah

Well you have to admit it is a weird proposition to pay more for something used and not as nice.

[kertejud2]

I gotta start planning my move to the Cayman Islands.

The Caymans has a 42% duty on car imports over $30,000, FWIW.

Tax shelters still need to make money, afterall.

https://caymanresident.com/live/transportation/importing-a-car


The import duty is calculated on what is known as the CIF value. This is the Cost of the car plus the Insurance premium for its journey by ship, plus the sea freight charges. 100% electric vehicles and hybrid vehicles are charged at a different rate depending on their CIF value. 100% electric vehicles are charged a maximum of 10% of their CIF and hybrid vehicles are charged a maximum of 15% of their landed CIF. All pick-up trucks, unless hybrid and electric, are rated at 29.5%.

CIF up to CI$20,000 = 29.5%
CIF up to CI$25,000 = 32%
CIF up to CI$30,000 = 37%
CIF from CI$30,001 and up = 42%

[BavarianBeast]

What are the odds this budget passes and this tax is implemented? Starting to feel to pressure to buy now.

[ercchry]

What are the odds this budget passes and this tax is implemented? Starting to feel to pressure to buy now.

Should probably get a new mastercraft for your boat slip while you’re at it

[ExtraSlow]

Buy two of each. There's no chance the budget doesn't pass.

[BavarianBeast]

Going for the super air nautique instead.

So as long as the order is in before Jan 1, 2022. Or have to take delivery before that too?

[ZenOps]

The problem with buying physical items is that its physical. Buy an empty house in Vancouver? The government will eventually find a way to tax you extra on it.

Got an extra supercar? Have no doubt, if they want to it shall be done. The beauty of owning things in the matrix is that it doesn't really exist - which makes it hyper valuable.

[tcon]

Wow, 100k threshold seems moronic, even middle class workin peeps are buying 6 figure trucks, or older dudes who save up for their dream car. That seems like an asshole move by the gubmint.

[C4S]

Sorry, I didn't read all the detail,

So does it mean:

For example, a $175,000 Porsche 911, first $100k, 5% tax, $5,000

And the $75K above $100K, 20% tax, $15,000

So, total tax is $20,000, vs $ $8,750 now?

But since 10% for the total amount, $17,500 is lesser, so will pay $17,500 tax?

And for a $120K, say GLC63, 5% off %100k = $5,000 and add 20% of $20K, $4K, total of $9K tax?

Or those 20% and 10% tax are on top of our current 5% GST?

Does it affect used car? (private sale and dealers)

How about lease? How to calculate payment?

:dunno:

[BavarianBeast]

$300k Lambo is going to cost

$30k in luxury tax
$15,000 in gst

$345,000 out the door instead of $315,000.

I think, because otherwise it would be 20% of $200k ($100k being threshold) which is $40k and they are offering you the lesser option.. :thumbsdow

[sabad66]

Sorry, I didn't read all the detail,

So does it mean:

For example, a $175,000 Porsche 911, first $100k, 5% tax, $5,000

And the $75K above $100K, 20% tax, $15,000

So, total tax is $20,000, vs $ $8,750 now?

But since 10% for the total amount, $17,500 is lesser, so will pay $17,500 tax?

And for a $120K, say GLC63, 5% off %100k = $5,000 and add 20% of $20K, $4K, total of $9K tax?

Or those 20% and 10% tax are on top of our current 5% GST?

How about lease? How to calculate payment?

:dunno:

rage explained it well in the other thread:


Yea, 20% of the total above 100k, up to 200k before the 10% of total cost calculation kicks in.

$125k car = $5k tax (20% of $25k)
$150k car = $10k tax (20% of 50k)
$200k car = $20k tax (10% of total price from here on)
$250k car = $25k tax (10% of total price)

[C4S]

rage explained it well in the other thread:


And GST PST HST on top?

[sabad66]

And GST PST HST on top?

Good question. According to this top link on google, it appears that yes, GST/HST calculated on top of the price inclusive of the luxury tax.
https://www.advisor.ca/tax/tax-news/liberals-put-luxury-tax-in-budget-2021/

not sure about PST but most likely yes... can't imagine any of the provincial governments will say no to more money.

[killramos]

When things cost this much, you just make it more economical to try and dodge the taxes.

I’m sure someone sets up a leasing scheme out of Seattle or Buffalo to satisfy the needs of luxury car buyers in Canada.

[C4S]

Good question. According to this top link on google, it appears that yes, GST/HST calculated on top of the price inclusive of the luxury tax.
https://www.advisor.ca/tax/tax-news/liberals-put-luxury-tax-in-budget-2021/

not sure about PST but most likely yes... can't imagine any of the provincial governments will say no to more money.

Ouch ...

So, if in Ontario, 5% gst, + 8% PST (or call HST now?) and 10/20% tax ... (do they still have gas tax?) we are talking 23% or more tax for a $125K Cayenne??

Since B.C. and Ontario etc already have Luxury tax on luxury vehicle, will they be affected? I know people are trying to lease expensive cars in B.C. so they high tax% only applied to the monthly payment .. :confused:

Well, so when is this new Tax coming? July 1?

[BavarianBeast]

January 1, 2022

[ZenOps]

At the rate things are going, China will probably make an EV in the next decade costing $30K that outperforms most combustion muscle cars.

Torque is trivial to the cheapest of electric engines.

Its kind of a risky thing to put it all on cassette tapes when the CD is just around the corner. Just an idea.

[Power_Of_Rotary]

At the rate things are going, China will probably make an EV in the next decade costing $30K that outperforms most combustion muscle cars.

Torque is trivial to the cheapest of electric engines.

Its kind of a risky thing to put it all on cassette tapes when the CD is just around the corner. Just an idea.

Heard the China made cars are so bad it breaks down even during test drives. Not to mention the overall QC is nil. Saw a post on a "luxury" china brand car with so many interior parts that squeak and are loose.

I can only imagine the budget cars being a death trap.

[DustanS]

.

[Power_Of_Rotary]

I’m all for it, and you tightwads who car afford this shit regardless of the increase should quit bitching. If this makes you question whether you’ll buy something in these ranges it’s pretty likely you couldn’t afford it anyway.

Rich people arent rich by splurging blindly.

PS. your post makes me question if you graduated high school.

[DustanS]

.

[ZenOps]

Heard the China made cars are so bad it breaks down even during test drives. Not to mention the overall QC is nil. Saw a post on a "luxury" china brand car with so many interior parts that squeak and are loose.

I can only imagine the budget cars being a death trap.

It won't matter much in about nine years. If they indeed go ahead with a combustion engine sales ban in California and the UK, it will be illegal to buy one anyways. I can imagine that Beyonders will be looking to get in before that deadline though.

You could always get a used supercar, but I mean if you are buying a supercar - you probably don't even know the meaning of the word used.

It does depend a little bit on what you consider it to be: More of a museum piece like a Mona Lisa, where it only gains value as it gets older. Or will everything in it eventually rot out and it simply put on blocks as replacement parts for it run out.

If North America does the China thing, and make the license plate cost $10,000 for a combustion engine car (or maybe even six digit) - that could also be a factor going forward. Reminder: I don't make the rules, just know some of them.

[DustanS]

.

[Buster]

Know how I know you’re not rich? You think rich people are always frugal. This tax doesn’t even exceed the stereo upgrade in most luxury vehicles, you think it’s going to deter them from purchasing?

You probably also think working your 9-5, saving and investing per societies standard recommendations will eventually make you rich. Good luck with that.

P.S - I didn’t come anywhere close to graduating High school (got my grade 9, Ricky), but that hasn’t stopped me from building very successful businesses. Didn’t your parents teach you not to judge a book by its cover?

what kind of businesses?

[flipstah]

If you put a down payment, do you still get taxed on the whole thing or the net value remaining?

[JRSC00LUDE]

Should probably get a new mastercraft for your boat slip while you’re at it

That's the poor man's surf boat.


what kind of businesses?

Likely none of yours I assume!

[shakalaka]

I believe this is only on the brand new vehicles as well and not used.

- - - Updated - - -


If you put a down payment, do you still get taxed on the whole thing or the net value remaining?

I am not sure but if I were to guess I would say you would still get taxed notwithstanding whatever downpayment you make.

[killramos]

I believe this is only on the brand new vehicles as well and not used.

- - - Updated - - -



I am not sure but if I were to guess I would say you would still get taxed notwithstanding whatever downpayment you make.

What would be more interesting is how a trade factors into this, similar to how GST is counted on the “taxable” portion of the sale.

My guess is to take away any gaming the system the tax needs to be on MSRP of the vehicle + options cost before any negotiating, discounts, value added services, or trades.

Then again, that would require the government to think something through.

[suntan]

Put in my order for a Pininfarina Mythos.

[killramos]

Put in my order for a Pininfarina Mythos.

It’s really the smart thing to do

[suntan]

That’s what the salesman said too!

[DustanS]

.

[Buster]

Obviously a drug dealer, banks don’t lend to roaches.

I’m fairly diversified now but I started some service companies (Construction, Mechanical Contracting), and a software development company. I still own some of the service companies but have been more focused on our software and e-commerce development and consulting/brokering over the last couple years.

Nice.

Education is over rated as you say.

[suntan]

Obviously a drug dealer, banks don’t lend to roaches.

I’m fairly diversified now but I started some service companies (Construction, Mechanical Contracting), and a software development company. I still own some of the service companies but have been more focused on our software and e-commerce development and consulting/brokering over the last couple years.

What stack do you prefer?

[DustanS]

.

[DustanS]

.

[killramos]

What kind of bullshit super car thread is this, talking about how you pay for them. Gross

[DustanS]

.

[suntan]

You’re not the first stranger I’ve crossed that asked me a similar question when I mentioned I owned a software development company. So here’s a pasted answer from one of my partners and lead developer:

PostgreSQL database on the back end, Vue.js front end, and a GraphQL API to tie them together and for integrations. But we work with REST APIs to integrate to other systems that are still on REST. And Auth0 for authentication but that can also be tied to any OAuth authentication system too.

When we started this company in 2017 I gave my team hand written text with pictures I drew depicting my ideas, I knew absolutely nothing about coding, still don’t. I kept hounding them on progress when my lead came into my office with his laptop to show me what went into creating software, and to explain that 3 months wasn’t enough time to create a program to organize and operate 350 employees.

I still do the same thing for new ideas. It’s just how I function.Well it's good to see lying on the internet is still a thing.

[killramos]

Need less logic way more yolo

BavarianBeast please let us live vicariously through you

[DustanS]

.

[Team_Mclaren]

I’m all for it, and you tightwads who car afford this shit regardless of the increase should quit bitching. If this makes you question whether you’ll buy something in these ranges it’s pretty likely you couldn’t afford it anyway.

Ever heard that rich people are usually not the ones stupid with their money? just saying.
Paying taxes also isnt something rich people likes to do....

[DustanS]

.

[killramos]

I love how a wealth tax is the default alternative here :thumbsdow

[ExtraSlow]

I love how a wealth tax is the default alternative here :thumbsdow

The voters made it thus.

[DustanS]

.

[heavyD]

The “tax the rich” narrative isn’t going away and with the likelihood of another liberal government coming in federally, some form of wealth taxation is inevitable. I think they’ll tread lightly to avoid any more fleeing and luxury taxes are less inconvenient and easy to use to fulfill those campaign promises.

I’m far less bothered paying more for things the average joe can’t afford. In fact, I think it’s the right thing to do as wealth divide continues to spread further apart. Now, a blanketed wealth tax on perpetuating income, I’m going to find ways to avoid/hide/redistribute that money, guaranteed.

LOL the great wealth divide. While it's true a small percentage own most of the wealth this tax penalizes a great deal of moderately successful people that are not millionaires. We live at a time when a Ford Explorer Platinum comes in just under $70k for crying out loud.

[killramos]

Our voters are too stupid to realize that the “tax breaks for the middle class” does not apply to them. Everyone thinks they are middle class. Almost no one is.

So naturally they are too stupid to realize that taxing the rich means taxing them too.

Universal truth in Canada is there are always more taxes to be paid, we just like to complicate the system so much 90% of the country can’t figure out how they work.

[rage2]

Well the struggle is real. Didn’t have time till end of the day today to get my order in for the E53 Cab. All the MY2022 allocations of E53s for delivery prior to Jan 1st is sold out. Seems like everyone has the same idea right now, ordering cars before the tax.

Maybe that’s a sign not to upgrade and just open the sunroof.

[Disoblige]

Budget ballers will all buy gently used now.

[arcticcat522]

LOL the great wealth divide. While it's true a small percentage own most of the wealth this tax penalizes a great deal of moderately successful people that are not millionaires. We live at a time when a Ford Explorer Platinum comes in just under $70k for crying out loud.

Ya, what he said. I get the tax the rich slogan, but this isn't hitting just the rich.

[killramos]

Well yea. There aren’t nearly enough rich people to make a dent in anything.

You need to tax everyone.

[DustanS]

.

[Buster]

Well the struggle is real. Didn’t have time till end of the day today to get my order in for the E53 Cab. All the MY2022 allocations of E53s for delivery prior to Jan 1st is sold out. Seems like everyone has the same idea right now, ordering cars before the tax.

Maybe that’s a sign not to upgrade and just open the sunroof.

I won't pay any luxury tax. But that's ideological.

[Buster]

I don’t think it’s over rated if people are using it as a resource to create opportunity. I wouldn’t have achieved anything without educated individuals by my side. My oldest kid called me out while struggling in high school saying something along the lines of “you didn’t graduate”, but I made it clear I would have faced significantly less challenges along the way had I obtained even the most basic education.

Not sure if you’re kidding or not.

I didn't say that education was useless. I said it was over-rated.

People think education is why successful people are successful. It's not. Hard work is also over-rated for the same reasons.

[BavarianBeast]

Need less logic way more yolo

BavarianBeast please let us live vicariously through you

Is Verde Scandal a nice colour? As a poor dude who can’t afford a luxury car, the pressure is real right now.

[rage2]

I won't pay any luxury tax. But that's ideological.
Ditto. I rather give up on cars as toys than to pay $5k in luxury tax on principal.

[killramos]

Is Verde Scandal a nice colour? As a poor dude who can’t afford a luxury car, the pressure is real right now.

Sexy

[Darkane]

Ditto. I rather give up on cars as toys than to pay $5k in luxury tax on principal.

God, I’m sort of down the same path.

Maybe I’ll just do a supercharged coyote F150 as a next fun car. Lol.

Base 911, pay up sucka.

[ExtraSlow]

There's some insane things you can do to the ecoboost if you want to go down that road.
RCSB rocket would be very amusing.

[Twin_Cam_Turbo]

I’ve always wanted a RCSB 5L F150 with a blower just to cruise around in.

[killramos]

Am I the only person who figures out what price something is worth to me and then figures out what I like around that price bracket?

Meaning, if it costs 5-10k more for no reason or no reason I can value, I won’t buy it.

Reality is manufacturers will work to price their models aggressively to dodge this, inclusive service? Gone, you can buy that on the side where it won’t be taxable. Base models will likely include less options. Maybe even some erosion of maintain volumes.

Economically, likely this ends up being partially paid by consumers and partially by manufacturers in net effect.

Just more government stifling of the economy. End of the day, when it comes time for me to buy a car subject to this tax, it’s going to be tough for me to justify paying it versus buying something a bit cheaper and spending the money that would have been tax on a few more days in Hawaii ( hint not in Canada ).

[Twin_Cam_Turbo]

I’m lucky I’m not in the category who can afford a car that can be taxed that much, makes life easy :)

[killramos]

I feel like there have been several occasions where a vehicle I wanted was in my opinion 5-10k overpriced for what it is and subsequently didn’t buy it.

So I guess my point is yes, I think my actions line up with my rhetoric and this tax would indeed lead to me not buying a car.