Buying Dollars

[Rich One]

I have no experience in buying dollars, only selling them.

Now I'm planning to buy a car for 2 years then sell it for pesos and converting those pesos back into dollars.

Whats the likely chances that I'll be able to use the proceeds to buy dollars without too much hassle and whats the likely spread between the rates for selling dollars and then buying dollars?

My experience bought a used Gol VW in 2010 for US$ 9000, dollar rate was $4 pesos, the car went up in pesos a lot, but at the blue rate of 10 pesos is worth US4500 . You figure out

 

[jeff1234]

Yop. But make sure your tourist visa doesn't get expired otherwise you might get into trouble if you have an accident (with the insurance company)

If the car is registered and insured in someone else's name, and I drive it even though my tourist visa is expired, am I insured?

 

[Rich One]

Visa or no visa if you are not a legally designated driver, at a Notary Public, you are not Insured. Assuming you have a valid divers license and are not at fault like intoxicated or in violation of the Traffic regulations

 

[ElQueso]

You have to actually get written and legalized permission from the owner of the care to drive it if he or she is not in the car with you. Could complicate things if you are stopped at a checkpoint without the owner and no official permission. Not sure about the expired visa and insurance.

 

[sleazemerchant]

This is completely inaccurate information. Even on its darkest day back in May the "blue" USD "sell" rate has never approached 10,5 let alone the 11 figure you are claiming. As a figure of reference, last friday I took 200.000 pesos and bought $20.000 USD at an even 10 from a well established cueva in Barrio Norte.

I've never actually tried to buy dollars from arbolitos, but I know some relatives of my wife that have come to me because I don't give a spread when buying pesos (not interested in trying to make money at friend's/family expense), because they couldn't find better than 11.5-1. They live out in the provinces, where they often get screwed on exchanges re-converting their dollars to pesos when needed, so I don't know.

I have some acquaintances who run a business and buy large sums of dollars each month, and they get around 11-1. That was at the beginning of October, last I heard, I don't know what they'll get in the coming month or what they got this month. Of course, they are at a disadvantage because they are trying to change a lot of pesos, but they also have better contacts than the relatives in the provinces.

Things may be better on Florida because they need pesos to convert all the dollars and reals and euros they're buying, but I'd still be surprised if they sold for less than 10.5-1 on Florida. I'd really even be a bit surprised if they sold less than 11-1.

But, take my opinions on this with a grain of salt since I don't buy dollars on the blue market.