# Opinions needed for potential business



## Matt1972 (Jun 28, 2011)

Hello everybody and thanks for your time.I live in the UK and have spent quite a bit of time in Cyprus and always enjoyed it.I own a business buying and sellling cheap cars(primarily under 3k)in South Wales and recently have been made aware of the opportunity to export this type of car to Cyprus.Having done a bit of research on the net,primarily educating myself on costs of transport,duty and registering,I reckon I can supply decent second hand vehicles to Cyprus at considerably cheaper prices than people are paying at the moment.To put it bluntly,I am stunned by the price of cars on Cyprus.To give you an idea:A 1998 Honda CRV will sell in Cyprus for $5000 euro.I recently sold a very tidy example in the UK for £900.Even after all the expenses(and the duty is high due to the engine size),I can supply this to Cyprus done and dusted and with a decent profit for considerably less than $5000.
I appreciate the red tape is a bit arduous and the economy is tight,but I intend to do this on a small scale with a view to making a bit of extra cash and hopefully blag the odd extra trip to Cyprus!!
Simply put,I am looking for opinions from yourselves on whether there is a need for a service supplying cars at prices which are cheaper than normal or is there a reason I will find it difficult??
All comments gratefully received.
Matthew


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## jamesmum2010 (Jun 28, 2011)

can't really advise on whether there is a need or not but just to suggest that should you go ahead I would recommend only importing cars with air conditioning.


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## kimonas (Jul 19, 2008)

jamesmum2010 said:


> can't really advise on whether there is a need or not but just to suggest that should you go ahead I would recommend only importing cars with air conditioning.


The high prices are also the result (to an extent) of cultural expectations. I'm reminded of the whisky company that tried to sell a brand in Japan for far less than the 50$ that seemed to be the inflated norm - it failed comprehensively as no body wanted to pay less and were suspicious of the newcomer in the market. There may be a limited market for cheap cars for expats, but just as the typical Cypriot will not consider a resale house, and would prefer to build their own, so most would want to take out a hefty loan to pay for a new family car, or would only consider buying a nearly new in a private sale from a cousin's coumbaros' sister (& etc.) It might also be worthwhile eyeing up the competition as they will certainly take an interest in your business (and it will not be friendly). There are a large number of second hand car dealerships here already servicing the growing trend for every adult (and nearly adult) member of their family to own at least one car each (most of which are international auction stock from Japanese brokers) and sold on at inflated prices.


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## Matt1972 (Jun 28, 2011)

kimonas said:


> The high prices are also the result (to an extent) of cultural expectations. I'm reminded of the whisky company that tried to sell a brand in Japan for far less than the 50$ that seemed to be the inflated norm - it failed comprehensively as no body wanted to pay less and were suspicious of the newcomer in the market. There may be a limited market for cheap cars for expats, but just as the typical Cypriot will not consider a resale house, and would prefer to build their own, so most would want to take out a hefty loan to pay for a new family car, or would only consider buying a nearly new in a private sale from a cousin's coumbaros' sister (& etc.) It might also be worthwhile eyeing up the competition as they will certainly take an interest in your business (and it will not be friendly). There are a large number of second hand car dealerships here already servicing the growing trend for every adult (and nearly adult) member of their family to own at least one car each (most of which are international auction stock from Japanese brokers) and sold on at inflated prices.



I appreciate your point about pricing items too low.To be honest,I am talking about maybe 100 cars a year which I don't think would shake up the Cypriot market too badly.Your point at the end about second hand car dealerships-Are you saying that second hand car dealers' families all own cars which they then sell on or have I read it wrong??


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## Veronica (Apr 5, 2008)

Matt1972 said:


> I appreciate your point about pricing items too low.To be honest,I am talking about maybe 100 cars a year which I don't think would shake up the Cypriot market too badly.Your point at the end about second hand car dealerships-Are you saying that second hand car dealers' families all own cars which they then sell on or have I read it wrong??


I think you read that wrong. 
What Kimonas meant is that the dealers buy cars at Japanese auctions and sell them here at inflated prices. Quite a lot of second hand cars here come from Japan.

Please be careful that this thread does not become an advertising thread.


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## kimonas (Jul 19, 2008)

There are many used car dealers who service the obsession that everyone in the average family has to have a car - the son who has just graduated from high school will get a used car, daughter returning from University etc - only the super rich buy brandnew for all their kids which serves the second hand car market - cars also seem to hold their value here better and may be sold on several times...


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## Matt1972 (Jun 28, 2011)

Veronica said:


> I think you read that wrong.
> What Kimonas meant is that the dealers buy cars at Japanese auctions and sell them here at inflated prices. Quite a lot of second hand cars here come from Japan.
> 
> Please be careful that this thread does not become an advertising thread.


I am sorry if it seems I was touting for business because that wasn't my intention.I genuinely wanted to get some feedback about the feelings of cypriot residents about the second hand car market.


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## zin (Oct 28, 2010)

Just something to add to this. There's a cash for old cars scheme run by the government for I think cars older than 12 years old. The government I believe are trying to get rid of old cars from the roads and in my opinion the Cypriot market for cars older than 7-8 years old is very small, quite simply a car from 2003/2004 culturally is considered old. The people you see driving very old cars tend to be kids straight out of school (for army runs etc..) - you wouldn't sell a car for 900 quid as the government would give you more to scrap it and buy something else.

Since last Thursday there is also a live auction online for cars so you can get cheap deals. Car auctions to be held live online - Cyprus Mail - how do those start prices seem to you?


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## Toxan (Dec 29, 2010)

You see lot's of second hand cars for sale by private owners and online at the moment, so there seems to be not enough buyers around at the moment. Seems like the Bank of Cyprus seems to be the biggest Mercedes car dealer in second hand cars in Cyprus at the moment, due to the repossessions.


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## Veronica (Apr 5, 2008)

The auctions at Nicosia are bulging with reposessed cars selling for very low prices.
Anyone who enjoys auctions can pick up a real bargain.


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## berni109 (May 28, 2010)

Hi,
Just an opinion.
assume you don't have a Cypriot fronting this proposed operation for you in Cyprus.
If you don't speak the lingo like a native you will get the bums rush from every government department/official you come into contact with because you would be depriving one of theirs from making some money.
This is Europe but not as you know it!

On the cultural thing - almost everyone of them wants something new and shiny so while lots of people in the uk are happy to go with what they can afford its not the same in Cy.

Best of luck
Bern


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