Canadian Z06 pricing released
- Thread starter C SEVEN GS Bob
- Start date
GM is taking at least a $10k hit on every corvette they sell in Canada and we can't understand why they are cutting allocations.
Really guys. How many 2019 ZR1's made it to Canada expect even less C8 Z06 given supply chain and exchange rates.
Abase C8 ZO6 Coupe @ $106k plus 30 % should make it $138k CDN
Really guys. How many 2019 ZR1's made it to Canada expect even less C8 Z06 given supply chain and exchange rates.
Abase C8 ZO6 Coupe @ $106k plus 30 % should make it $138k CDN
PS everyone don't forget that your friend JT is adding a 10% luxury tax starting Sept 1.
So for most Z06's that's going to at least another $15k in tax
So for most Z06's that's going to at least another $15k in tax
DenisC8
Power User
It’s actually 20% on every dollar after $100,000, but let’s keep the politics out of this forumPS everyone don't forget that your friend JT is adding a 10% luxury tax starting Sept 1.
So for most Z06's that's going to at least another $15k in tax
Sorry It's not just 20 % on the amount over 100k.
It's a flat 10% for the first 100k and a trade in does not reduce it.
So you need to find that 99k car ! Z06 won't make it.
On March 11, 2022, the federal Department of Finance released draft legislative proposals known as the Draft Select Luxury Items Act (the “Proposed Act”) to implement the Luxury Tax (the “LT”) on vehicles, aircraft and vessels as announced in the April 2021 federal Budget. The LT would apply on certain transactions involving cars and aircraft priced or valued at $100,000 or more, and boats priced at $250,000 or more. The tax would be calculated as the lesser of (1) 20 percent of the value above the applicable price or value threshold, or (2) 10 percent of the full price or value of the vehicle, aircraft or vessel.
Consider it our part to pay back the CERB and save the environment at the same time.
So at least 10k
It's a flat 10% for the first 100k and a trade in does not reduce it.
So you need to find that 99k car ! Z06 won't make it.
On March 11, 2022, the federal Department of Finance released draft legislative proposals known as the Draft Select Luxury Items Act (the “Proposed Act”) to implement the Luxury Tax (the “LT”) on vehicles, aircraft and vessels as announced in the April 2021 federal Budget. The LT would apply on certain transactions involving cars and aircraft priced or valued at $100,000 or more, and boats priced at $250,000 or more. The tax would be calculated as the lesser of (1) 20 percent of the value above the applicable price or value threshold, or (2) 10 percent of the full price or value of the vehicle, aircraft or vessel.
Consider it our part to pay back the CERB and save the environment at the same time.
So at least 10k
Dropped in to a dealer today just to shoot the poop. He figures Canadian dealers won't see the Z06 until late summer 2023 at the earliest and more likely 2024. Whether he knows what he's talking about, that's anyone's guess. He also informed that a BC dealer has taken a deposit on their first allocation of the Z06 for $100,000 over MSRP, no matter when or what MSRP will be. If that is the case, someone has deep pockets and really wants that car. That even blows my old projection of $75k over MSRP out of the water.... If you have a dealer that sticks with list price, hang on to them as they are getting fewer and fewer as time goes on.
Dealers are not going to sell at MSRP so that you or I can take it and flip it for an extra $50-100k
They want that coin in their pockets
And yes we will be lucky to see any in Canada for 2023
The first ones going to dealer and their best buddies. It's a jungle out there
Can't believe that this emoji is available but it seemed appropriate for the topic
They want that coin in their pockets
And yes we will be lucky to see any in Canada for 2023The first ones going to dealer and their best buddies. It's a jungle out there
Can't believe that this emoji is available but it seemed appropriate for the topic
Guessing that $100k over list gets you on a dealers best buddy list pretty fast.
DenisC8
Power User
Read what you posted: The tax would be calculated as the lesser of (1) 20 percent of the value above the applicable price or value threshold, or (2) 10 percent of the full price or value of the vehicle.
That means for cars from $100,000 to $199.999 will pay 20% for every dollar after $100,000 and for cars from $200,000 or more will pay 10% for every dollar of the cost of the vehicle.
DenisC8
Power User
Listen, I don’t know how things are in BC, but in Ontario, I paid MSRP for my C8, I know 30 guys that come to my Corvette Cruises that paid MSRP. I also don’t know a single dealer in ON that charges over MSRP. My dealer promised me a Z06 at MSRP and I have no reason to doubt him.Dealers are not going to sell at MSRP so that you or I can take it and flip it for an extra $50-100k
They want that coin in their pockets
The first ones going to dealer and their best buddies. It's a jungle out there
Can't believe that this emoji is available but it seemed appropriate for the topic
Nope, consult a tax accountant as the wording is confusing. I would hope that you are right but I don't believe so.
Maybe we have a tax expert on the forum. Cheers
DenisC8
Power User
I hope you do get it at MSRP and that you are first on the list. Ontario gets a much bigger allocation than BC, but on the westcoast they will go at a premium. Cheers
Listen, I don’t know how things are in BC, but in Ontario, I paid MSRP for my C8, I know 30 guys that come to my Corvette Cruises that paid MSRP. I also don’t know a single dealer in ON that charges over MSRP. My dealer promised me a Z06 at MSRP and I have no reason to doubt him.Dealers are not going to sell at MSRP so that you or I can take it and flip it for an extra $50-100k
They want that coin in their pockets
The first ones going to dealer and their best buddies. It's a jungle out there
Can't believe that this emoji is available but it seemed appropriate for the topic
I agree with you Denis on the tax and I don’t know one person in Ontario that paid over MSRP on a new C8
DenisC8
Power User
Denis is correct…it’s been verified by numerous accountants on just about every car forum out there. A $150,000 car gets 20% luxury tax on the $50,000 above $100,000. That’s $10,000. Then the $10,000 is added to the $150,000 for a total of $160,000. 13% HST is calculated on the $160,000 for a total of $180,800.
If you can even get a GT2 you will be paying $400,00+. A GT3 basic, no options goes for about $200,000. Add a few options and the taxes and you're looking at $250,00 easy. Wait time for a GT3 about 2 years, depending on the dealer. Pfaff is a large Porsche dealer and they told me I'd be lucky if I would get a 2023 if I put down a deposit now. The Z06 is still a bargain even at $150,000 but the wait time ...
Ok agreed, but in the end any Z06 ( $150k ) gets an additional $10k of tax, unless you by the base model than $ 7k
And a trade does not reduce the value of the luxury tax. Better than10% on the total value but still a kick in the teeth !
I wonder if I understand this new LT. If I buy a car for $99,999.00, I pay no LT. If I buy a car for $100k, I have to pay 10 grand in LT. If I buy a car for $101,000.00, I have to pay $200.00 in LT since the LT is calculated on the lesser of the threshold value (100k). Do I have this right?
