Sell car Cyprus one needs to consider the calculation of depreciation and import duty.
In the calculation of depreciation for used cars the period of immobilization in bonded warehousing is not taken into account. In special cases of a protracted period of storage or if other circumstances justify reduction of the value of a car, then the case must be referred to the Director of the Customs Department with a relevant report for a decision as to how much and to what degree the value of the car may be reduced.

When sell car Cyprus depreciation for normal use cannot exceed 80%. In cases of abnormal wear and tear or damage which justify greater depreciation, the case must be referred to the Director of the Customs Department with the relevant report for a decision.

Where a car has sustained damaged (e.g. involved in an accident) beyond the wear and tear of normal use before you sell car Cyprus, such damage will be assessed on the basis of the reduction in value which the car has incurred and where the lowest of the following amounts must be taken into account:
(a) the C.I.F. value of the parts which need replacing
(b) the cost of repair (including labour) multiplied by the taxable value, and divided
by the customs value plus taxes.
The C.I.F. of the parts which need replacing can be got from Customs records or from the catalogues of agents/importers. For ease of calculation a sum of 40% can be reckoned on the retail selling price of the parts when you before you sell car Cyprus, as shown in the valuation report of an independent assessor. A check must be made however that the prices in such valuation reports are correct and not deliberately inflated.

The officer responsible for valuing cars before you sell car Cyprus will calculate the depreciation for normal use and the discount where justified a discount of up to €50 for minor damage. A discount for damage over €50 but not more than €200 must be approved by Customs. If the discount for damage exceeds €200 but not €500, the facts of the case with photographs of the damaged car and a valuation report (preferably by an independent assessor e.g. assessor for insurance purposes) must be presented to the Senior Customs Officer for approval when you before you sell car Cyprus. If the discount exceeds €500, the case with all the relevant documents (photographs, valuation report etc) will be sent to the Director with the recommendation report of the Senior Customs Officer for approval. In all cases where one sell car Cyprus and recommends discounts for damage for approval, the relevant cars must not be repaired before the payment of taxes to the Customs Cashier.

The new duty system or consumption tax as it is now known in Europe, is also cc related. Some people are of the belief that customs can’t charge tax on car in the EU, this is not true as many EU members charge a similar tax i.e. Ireland has a Vehicle Registration Tax which is 70% on new cars and 30% on used cars. The new system favours small cars and is a good change for most people looking to sell car Cyprus. There is only one tax which is cc related and goes up the bigger the engine as follow >1450cc = €0.51 per cc, 1451>1650cc = €0.86, 1651>2050cc = €2.71, 2051>2250 = €2.86, 2251>2650 = €5.51, 2651> €8.01.There is a reduction of 20% for cars under 36 months and an increase of 20% for cars over 60 months. To use the same example The new Yaris 1.0 that cost duty free €7000 would carry consumption tax or €510 les 20% for being under 36 months making the duty paid price €7408. However under this new system large engine cars are unbelievably expensive a 3.0 car now carries €24000 consumption tax this has priced them out of the market. The increase in cost of the new larger engine cars has had an effect on the used cars as no one is buying them new so used ones are harder to find and more expensive to buy.
Due to the change in tax the market has changed and it has never been easier to sell car Cyprus which is newer and with a small engine, but this has not had time to work through to the older market yet.