Buying a car for resale in Korea?

Buying a car for resale in Korea?

So I'-m likely PCSing to Osan AB in a couple months and some friends have said they'-ve known people who get authorized to bring a POV and end up bringing in an American sports car, sell it in Seoul, and make a decent bit of cash off of it. Has anyone done this? Is it worth it? I'-m in the market for a new car anyways and was thinking about picking up a newer Mustang or something, driving it while I was there, and then selling it before I leave.Also, does anyone know a popular private auto sales website is over there? I checked craigslist Seoul but I'-m pretty sure a city of 12 million should have more than a couple vehicles posted per day.

Archange

Okay...NWIP gave you some decent information, but left some out and partially incorrect. The correct stuff is about authorization to bring a car, permission from your bank, and insurance. Incorrect is cost of gas, since you would be able to buy gas at any AAFES gas station in Korea. As to the dent thing, it really isn't that bad (if you can drive in Washington DC or LA, you will be okay). Additionally, if you are driving a really expensive car, Korean drivers will give you a wide berth since they don't want their grandchildren paying for any accidents.Now, if all of that still allows you to bring a car, it needs to be a car that a Korean citizen would want and the car has to first be registered in Korea for an entire year before you can sell it. Additionally, the only way for USFK members can legally sell Duty Free goods or vehicles is through the Foreign Goods Transaction Office, run by the Korea Disabled Veterans Organization.duty free office because the SOFA allowed you to bring the car over duty and tax free to Korea. You cannot just sell it on the street to anyone ...even another American. This office has to record the sale.Back to the part of about a particular car, it is best to have a car that is popular with Koreans that is hard to get, like a Corvette, Cadillac Escalade, or Mustang GT...preferably a new or newer model. you take some 2008 or older car and you will be stuck with it shipping it back to the US or taking a loss on the sale. That being said, what some folks do is go to the duty free office and find out what is popular, buy it through AAFES (yes AAFES sells cars overseas) and then sells it to a Korean after the mandatory registration period. This would mean you would have to stay in Korea for at least 2 years to do this. Due to emission control and vehicle specification requirements, selling any vehicle to a Korean National that was purchased from any Country outside of Korea is very expensive and can take months to complete.If everything lines up for you, this can be very profitable. I personally know of someone who got a Viper through AAFES, stayed an extra year and sold it for $200,000...not kidding. I even know of a guy who actually had a Korean front him the money for a car that he wanted for the guy to buy through AAFES, kept it for a year and then gave the guy about $20,000 to transfer the car back to him. All of this is because, for a Korean to legally buy many foreign cars (non-Korean), after the taxes, the cost can be astronomical. In many cases, buying from someone in the military can save them over 50% in costs. So everyone wins...the military person and the Korean person.One other thing...the duty free goods office gets 5% kick back from the sale price of the vehicle when it is transferred this way. In rare case, they may even tell you of a particular buyer and what kind of car they are looking for. Just remember, it is not the US and due to your SOFA status, you cannot sell a vehicle like you do in the US. There is a lot of prep and rules you must follow. Investigate thoroughly before you think about doing it.http://humphreys.korea.army.mil/Motor-Ve…http://www.usfk.mil/usfk/(S(wehkam1gyr1o…http://www.fgtousfk.com/welcome/welcome0…Source(s):Was stationed at Osan for 8 years...sold a Toyota truck while there. know many folks who sold vehicles while there.

NWIP

First need to get authorization to ship a vehicle there, it can depend on your Rank and how long you will be there, less than a year forget it, way too much in cost. Then you need to find out what the country's specifications are for bringing in a US Car. Then you need to speak to your insurance agent to find out how much it will be for insurance in Korea on a US Car. Then there is the bank that you are financing it through and their permission to take it out of the country. Then there is the time it will take to get from the mainland to Korea (up to 2 months depending on where you are shipping it from, possibly longer). Then there is the cost of gas of driving that vehicle over there because it is not cheap. Then there is how much the car is worth after you have a few dents there, a few dents here, because of the way people drive in Korea. You are an American in a foreign country and you better believe they are going to blame anything and everything on you.

letfreedomring

Some people might bring there POVs but you might want to check into there laws and regulations and how much the SOFA agreement protects you.When I went to Korea, I was with the understanding if you hit some one and killed them you would get life in prison there. It did not matter who's fault it was, if you hit some one you go to jail.It was years ago back in the 80s and those laws were for Koreans, but knowing what I do, it would make me check out a few things before driving my own private car around Korea.Also if you have never been, you might want to see how they drive, alot could have changed but when I was there it was crazy.

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