If you’re thinking about buying a car in Mexico, you’ll want to be aware of the different taxes that apply. In this article, we’ll outline the most common taxes that Mexican car buyers face, and give you a calculator so that you can figure out how much each one will cost you.
What is the price of a car in Mexico?
The price of a car in Mexico can be quite expensive, depending on the make and model. The average price for a new car is about $20,000 pesos, but this can vary significantly depending on the location and condition of the vehicle. Prices for used cars are usually lower, and many people opt to buy a used car in Mexico rather than attempt to bring a foreign-made car into the country.
How much does it cost to get a car in Mexico?
Price ranges for new cars in Mexico can be quite steep, but there are a few ways to get around the cost. Here’s a look at the average price of new cars in Mexico City, as well as some other popular Mexican cities. Prices will vary depending on make and model, but generally expect to pay between 20,000 pesos and 50,000 pesos (US$1,500 and US$3,000) for a new car.
In general, prices for used cars are much more affordable than new cars in Mexico City. For example, you can expect to pay between 10,000 pesos and 30,000 pesos (US$600 and US$1,500) for a used car in Mexico City. Prices will vary depending on make and model, but generally expect to pay less than 50% of the new car price.
Is there a registration fee for a car in Mexico?
Yes, there is a registration fee for a car in Mexico. The fee varies depending on the make and model of the car, but generally it will cost around $60-$100 USD.
What is the insurance cost for a car in Mexico?
Insurance rates for a car in Mexico can vary depending on the make and model of the car, as well as the location of the car. The cost of insurance for a standard sedan may range from around $100 to $200 per month, while a luxury car may cost up to $500 per month.
What are the taxes on a car in Mexico?
The Manufacturer’s Suggested Retail Price (MSRP) for a new car in Mexico is $16,500. The taxes on a car in Mexico are calculated as follows: the federal income tax is 16 percent, the value added tax is 6 percent, and the gasoline excise tax is 0.50 pesos per liter.
How much is the down payment for a car in Mexico?
When purchasing a car in Mexico, the down payment is generally around 10-20% of the vehicle’s price. However, depending on the model and year of the car, the down payment may be lower or higher.
How long does it take to get approved for a car loan in Mexico?
It can take anywhere from a few days to several weeks, depending on the bank and your overall credit history. You’ll need to provide your current bank statements, social security card, driver’s license and proof of residency.