ianc Posted November 11, 2019 Report Share Posted November 11, 2019 From what I heard the auctioneer say on Saturday, the 15% INCLUDES the VAT which the auction house has to pay on its commission, so it's 12.5% to the auction house, with the VAT adding 20% to that to give 15%. From what you say, Hamish, I conclude that the car was bid to £225,000, but the cost to the purchaser is £258,750. Ian Cornish Quote Link to post Share on other sites
roger murray-evans Posted November 11, 2019 Report Share Posted November 11, 2019 Doesn't the seller pay an auction premium as well? Negotiable, like most things automotive, but usually 5-10percent!. Makes the total changing hands quite a bit more than the hammer price. MVC575 a bargain in comparison. Roger M-E Quote Link to post Share on other sites
Hamish Posted November 11, 2019 Report Share Posted November 11, 2019 3 hours ago, ianc said: From what I heard the auctioneer say on Saturday, the 15% INCLUDES the VAT which the auction house has to pay on its commission, so it's 12.5% to the auction house, with the VAT adding 20% to that to give 15%. From what you say, Hamish, I conclude that the car was bid to £225,000, but the cost to the purchaser is £258,750. Ian Cornish Stand corrected Ian. Their fees Charges Like all classic car auctioneers, Silverstone Auctions charge what is known as a buyer's premium. Our standard buyer's premium charges are 12.5% of the hammer price for motor vehicles and 20% for automobilia/lifestyle lots. Buyer's premium is subject to VAT at the prevailing rate on the day of the auction. PLEASE NOTE - Online bidding incurs an additional fee of 1% plus VAT for motor vehicles and 3% plus VAT for automobillia/lifestyle lots. Entry fees and charges We charge an entry fee of £250 plus VAT and sellers premium of only 5% plus VAT for all vehicles and £25 plus VAT and a sellers premium of 15% +VAT for all automobilia items. They have done will out out of that car alone Quote Link to post Share on other sites
ianc Posted November 11, 2019 Report Share Posted November 11, 2019 For the seller, ONLY 5% plus VAT means 6%, and then there's entry fee of £25 plus VAT (=£300). I like the use of ONLY ! So that comes to £13,500 plus £300, giving a total of £13,800. They must have needed an armed escort to convey all the day's takings to the bank! On my way back with my newspaper from the centre of Thame today, I noticed that one of the cars belonging to the estate agent had changed from a big Jaguar to an equally big Maserati. I wonder what the first year's depreciation might be on that beast? Ian Cornish Quote Link to post Share on other sites
Paul Hogan Posted November 12, 2019 Report Share Posted November 12, 2019 Hi Ian, working at British Car Auctions i get to see a lot of Massers passing through and they really do depreciate like lemmings off cliffs. We had a one owner, five year old quattroporte in with less than 30k miles on for £28k that car cost £78k when new. Thats £10 grand a year in depreciation! Nearly £200 per week! Having said that we also had a three month old Ferrari in last month with 125 miles on the clock. That was a £200k+ car which went for £149k . bonkers! hoges. Quote Link to post Share on other sites
tr graham Posted November 12, 2019 Report Share Posted November 12, 2019 paul A bit less than a range rover then graham Quote Link to post Share on other sites
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