Brad do you know this car?

[TelisSE440]

Did the conversion, it's 49,587.98 $. Ok, that's too expensive. 

[blown motor]

Please let me know where I can buy US dollars at the raw exchange rate. The raw exchange rate on December 15 is 1.3707. Any bank or foreign exchange company will be charging another 2.5-4% for converting the money for you. I was at the bank on Friday and a customer ahead of me was charged over 40% to buy US dollars. That would be close to the price I had suggested.
 And the way our dollar has been dropping the last two weeks the outlook for our dollar is not improving any time soon.

You are correct about buying US $ with Canadian money. But the american buying this car is buying Cdn $. The numer in US $ is about 20,000 less than Cdn $.

[BS27R1B]

You are correct about buying US $ with Canadian money. But the american buying this car is buying Cdn $. The numer in US $ is about 20,000 less than Cdn $.

OK last time I will post on this matter.

Do you think an American bank will exchange the money without a charge?
And the Canadian accepting the American funds will lose 2.5-4% when he exchanges the money.
However if he was smart he would spend the money in the USA and forget about the exchange.
It does not really matter as the price of this car is beyond the market.

I buy and sell US dollars regularly for my hobby and at my full time job and Foreign Exchange is never at the raw rate. And let's not even get started on the fees charged to handle the various methods of payment, including handling this amount of cash.

[anlauto]

....or how VISA and other credit card companies tack on their $0.02 worth

Rick....
When selling my car....Do you think it's in my best interest to tell a potential American customer that I want X amount in CDN funds and let him figure out how much cheaper it will be to make him feel he's getting a great deal ?
For example...I tell him $95K CDN and he calls his bank to find out that's only going to cost him $73K or so USD ....

Or do I ask for $73K USD and possibly gamble on the exchange rate myself ?

Thoughts ? Anyone ?

[rUNCHARGER]

American buyers (no offence) get confused if you list it in CDN$. When I have sold cars to the US I find it's just easier to make the deal in US$ and take it in the shorts at the bank, just setup a US$ account if that works for you but usually the bank will want to get two conversion charges to change it into CDN$ and then back to US$. Not saying banks are crooked but they have a pretty good foothold in politics and it's a pretty good match up.

Sheldon

[brads70]

 
Alan I'm sure you have one , but it makes good sense to have a US funds bank account. I did when I was building my car, it was free to open. You with all the parts you buy and the chance of selling in US dollars is very likely in your case. Just keep an eye on exchange rates if something goes crazy be ready to act. Although I don't see the Canadian dollar going up any time soon. It's gone steadily down since numb nuts was elected.   

[HP_Cuda]

Alan

In the near term you will be better off dealing in USD denominated prices. Getting a USD bank account makes sense as Brad pointed out.

I guess it comes down to how many cars do you sell into the US and how many parts do you source from the US? 

B

[anlauto]

I do have a US dollar account everybody, thanks !

What I'm asking is if a US buyer looks into the conversion on his end, he would certainly think he's getting one heck of a deal....

Like I said....seeing a car advertised as $95K CDN and finding out that's only $73K USD..

But like Sheldon says......I don't think too many of you guys actually realize what's going on when it comes to currency exchange...no offence

[brads70]

I'd list it in USD in brackets like this ( currently 95k Canadian = 73K USD)

[HP_Cuda]

 

[rUNCHARGER]

Ha, ha! I just realized the last time I sold a car of any interest in US$ was to BS27R1B and that was about 11 or 12 years ago! I guess I'm not much of a flipper.  I think I might move one pretty quick though as I need an 08 or newer Viper before spring.

Sheldon

[BS27R1B]

And it was a great car Sheldon. That Charger probably has made more trips across North America than any other.

To answer Alan question I agree with others that you are better off to keep it simple and advertise and discuss prices in US dollars. First, the majority of serious buyers are in the US these days so advertise the car in their currency.
Second, the world operates based on US dollars, gold, oil, and most anything else is priced internationally in dollars US. For my day job I buy from Europe, China and the USA. Everything I buy is in US dollars. Keep it simple for everyone anyone who is serious about buying a collector car has an idea what the conversion rate is to their local currency confusing them with a Canadian dollar price will not really mean anything except if you are dealing with a Canadian. Very few foreign buyers will have an idea what their conversion rate is to the Canadian dollar.

[plumcrazy704406]

I have found the "exchange rate" and " actual cash" rate seem to be unknown to most.
I have tried to keep things in USD, but have found the question comes out, how much is that Canadian. 

[anlauto]

Thanks for the advice Rick....I have an interested party now from Canada, so we are talking CDN funds....but it would be nice to get some American cash

[HP_Cuda]

I'll think I'll keep my  dollars for now...

 

We will call this financial warfare.