First, a note about transport...
If you are going to be in Panama, whether you are here to live, work or visit (to check on your assets on a regular basis perhaps) there are many ways to get around. Taxis as plentiful and cheap. The bus system goes all over the country. The capital City itself is also somewhat walkable. Air travel is well connected, with domestic and international flight abound. After all, this is the hub of the Americas. We also can arrange airport pickup and drop off service for our clients as well as a daily or hourly car with a personal driver. Rental cars are abundant if you prefer to drive.

We do not recommend importing your vehicle unless it is something rare or you just simply can not part with it for personal reasons. Import is a different topic, but we can assist with all the facets of import if you request it. Just ask us, we are glad to help.

So, after considering all of the above, if you would still like to buy a vehicle in Panama, it is very easy to do. The selection is good and includes many cars imported from the USA as well as vehicles you do not even see in North America, those which are imported from Europe and Asia. The most popular brand is Toyota and will be the easiest to maintain and fix. In Panama you will see a lot of very high mileage toyota taxicabs still running strong. Luxury imports such as BMW, Benz, Porsche and the like are plentiful but expensive to repair. Sometimes the parts or not readily available and require ordering direct from the factory. The roads in the city are generally good but if you plan on venturing off into the country you will likely want a 4x4. Again, there are plenty of good choices available at reasonable and competitive prices. You can expect to pay about the same for a vehicle as you would pay in the USA.

There are the typical, used car dealers and of course new car dealers. The new cars usually are not very negotiable on price, although promotions will frequently be run. With a new vehicle you are likely to get a good warranty. Used purchases are often "as-is" but be sure to ask around. You can usually negotiate a small warranty. The best deals are in used vehicles and you can shop around and negotiate. Make sure you drive it, check it out and have a mechanic look at it.

Financing is available. Usually 30% downpayment is required and you can get a bank loan with monthly payments. Typical term is 2 or 3 years. Sometimes longer on more expensive vehicles.

When you are ready to make a decision all you need to do is make a purchase agreement and pay for it. The dealers always have one but if it is a private party be certain to write up a bill of sale. Sales tax is 5% and it is almost always included in the price from a dealer. Just be sure to ask. You can request the car to be titled in the name of your corporation. If it is a private party sale you will have to go to a few public offices to handle the papers. In this case, you are welcome to contact us and we will explain exactly where to go and how to do this - no charge to you. If you prefer to have someone else handle it we will do it for a nominal fee, usually about $50 or less.

Similar to many countries, the vehicle will have to be inspected and plates renewed every year. This is not expensive and if you know where to go it should not be very time consuming. Again, we offer the service of handling all of these renewals for clients who prefer not to do it on their own.

Insurance recently became mandatory in Panama and will cost about $200/year for liability policies with collision and theft coverage being extra depending on the make and model. Emergency and roadside assistance is usually included with all insurance plans. There are many highly rated insurance carriers available to choose from in Panama and you will have no problem obtaining coverage rapidly. If you want a few insurance contacts to provide you quotes just ask us, we are here to help.

For more information regarding vehicle purchases please contact us. We are here to assist you.