Buying A Used Car? Now what?
Discussion
Not sure on what the costs are and what's involved with buying a used car. Over here I need to pay a transfer (stamp duty) on a percentage of the purchase price to transfer it into my name. My knowledge of the UK system is limited. Other than full comprehensive Insurance can anyone add to the info below?
You have different terms for things over there like:
MOT - Roadworthy (Pink slip or Blue Slip)
Road Tax - Registration
Is that right?
Find a car for £10,000
Do a HPI Check
Pay the £10,000 (Does it need to have a new MOT when you sell it or does it just use the current MOT if there is say 6 month left of the road tax paid?)
Get a new MOT before the current Road Tax runs out.
Pass the MOT and then pay the road tax.
Is that all or am I missing something? No transfer expenses?
Cheers.
You have different terms for things over there like:
MOT - Roadworthy (Pink slip or Blue Slip)
Road Tax - Registration
Is that right?
Find a car for £10,000
Do a HPI Check
Pay the £10,000 (Does it need to have a new MOT when you sell it or does it just use the current MOT if there is say 6 month left of the road tax paid?)
Get a new MOT before the current Road Tax runs out.
Pass the MOT and then pay the road tax.
Is that all or am I missing something? No transfer expenses?
Cheers.
MOT - 12 monthly test if the car is over 3 years old. Transferrable to new owner, no new test required when selling / buying.
Road Tax - belongs on the car, and will be transferred to the new owner when selling the vehicle. Available for 6 or 12 months. Valid MOT (if applicable) and insurance needed to buy tax.
No fees necessary when buying / selling a car and transferring ownership.
Hope that helps!
Road Tax - belongs on the car, and will be transferred to the new owner when selling the vehicle. Available for 6 or 12 months. Valid MOT (if applicable) and insurance needed to buy tax.
No fees necessary when buying / selling a car and transferring ownership.
Hope that helps!
Edited by SlimRick on Sunday 17th October 10:24
Find a car. Buy the car. Seller signs registration document ("V5") to confirm he's sold it. He sends that off to the Licensing Authority. You send off the rest of the same document with your details on it. Eventually, you get a new V5 back again.
MOT covers 12 months. Sellers will sometimes put a new MOT on a car when it's sold, but that isn't a requirement. You can re-MOT a car whenever you like before the 12 months is up.
Road Tax ("VED", "Vehicle Excise Duty") covers 6 months or 12, depending upon what you can afford. (2x 6 is more expensive than 1x 12). Traders often cash in unexpired VED on cars in stock, so when you buy a car, you have to stump up for VED too. Private sellers usually won't do this. So you can get anything from 1 to 12 months VED with the car.
Registration number stays with the car, not the owner. So unless you want a vanity plate, there's no trasfer fee to pay.
You can drive a car with no MOT but only to a pre-booked MOT test, or home again if it fails.
TO buy VED, you need an MOT, and an insurance document (insurance can be third party only, third part, fire and theft, or all-risks comprehensive).
So if a car has no MOT and no tax, you should really ask the seller to MOT it before sale. It'll cost him £40-odd, and if he refuses, he's got something to hide. If you want him to tax (VED) it too, that'll be at your expense, generally.
HTH
MOT covers 12 months. Sellers will sometimes put a new MOT on a car when it's sold, but that isn't a requirement. You can re-MOT a car whenever you like before the 12 months is up.
Road Tax ("VED", "Vehicle Excise Duty") covers 6 months or 12, depending upon what you can afford. (2x 6 is more expensive than 1x 12). Traders often cash in unexpired VED on cars in stock, so when you buy a car, you have to stump up for VED too. Private sellers usually won't do this. So you can get anything from 1 to 12 months VED with the car.
Registration number stays with the car, not the owner. So unless you want a vanity plate, there's no trasfer fee to pay.
You can drive a car with no MOT but only to a pre-booked MOT test, or home again if it fails.
TO buy VED, you need an MOT, and an insurance document (insurance can be third party only, third part, fire and theft, or all-risks comprehensive).
So if a car has no MOT and no tax, you should really ask the seller to MOT it before sale. It'll cost him £40-odd, and if he refuses, he's got something to hide. If you want him to tax (VED) it too, that'll be at your expense, generally.
HTH
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