Buying car 1key cat D no v5 trader
Discussion
Any help guys.
Seen a 15k car from a car dealer garage, cat D.
Garage said that the insurance keep 1 key and the garage has not applied for the v5, as it would out another owner on it., but will supply a full invoice.
Is it a stay away?, as I have seen the previous damage and good price.
Not to sure how you sort the tax out etc from leaving the garage etc either, if it not a stay away vehicle.
Thanks for any help guys
Seen a 15k car from a car dealer garage, cat D.
Garage said that the insurance keep 1 key and the garage has not applied for the v5, as it would out another owner on it., but will supply a full invoice.
Is it a stay away?, as I have seen the previous damage and good price.
Not to sure how you sort the tax out etc from leaving the garage etc either, if it not a stay away vehicle.
Thanks for any help guys
What is the make / model / mileage of the car - and how long are you planning on keeping it? Rather key to suggesting "stay away" or not.
V5 isn't proof of ownership, so not a massive concern it's missing. I am not sure what the insurance company would have done with one key and the V5 though, it should be possible to retrieve from them if they've passed the title to someone else.
V5 isn't proof of ownership, so not a massive concern it's missing. I am not sure what the insurance company would have done with one key and the V5 though, it should be possible to retrieve from them if they've passed the title to someone else.
I thought when a car was classed as an insurance write off the v5 was destroyed, you then had to have the vic test at which point you could then order a v5. So lack of v5 from a salvage yard would not be an issue. As for 2 keys, not every car has two keys. You can have them coded out and replacements cost around £200.
Toaster Pilot said:
VIC doesn't exist any more.
It never did for CatD.There's one rather important detail we're missing, OP?
So this £15k CatD, missing-key, missing-V5C car... How much would it be worth if it was "straight", not a write-off, with all the paperwork and keys?
If it's a significant enough discount, it's worth it. If it's not, it's not. It'll always be worth less than one without the Cat tag, but you can sort the key/paperwork problem easily.
How old is it, and how long are you planning on keeping it? Where is it on the depreciation curve...? If it's still in the steep part, and <say> 30% cheaper now, then that's a substantial wedge. 30% cheaper in five years will be much less. If it's something exotic that's fairly bottom-end and going to start going up, then it comes down to if this is your only way in.
Edited by TooMany2cvs on Monday 6th February 09:38
If you buy from an auction then you don't always get the V5, the person buying has to apply for it, the one key is a non issue as it could be lost by the original owner.
I'd be more concerned about making sure the car was well repaired & that it was significantly cheaper than a non cat car, then I'd place a deposit whilst applying for the log book in your name but at the traders address that way he calls you in 14 days when the log book turns up then all you have to do is do a change of address once you've collected the car.
All the above only applies if it's around 5k or more cheaper.
I'd be more concerned about making sure the car was well repaired & that it was significantly cheaper than a non cat car, then I'd place a deposit whilst applying for the log book in your name but at the traders address that way he calls you in 14 days when the log book turns up then all you have to do is do a change of address once you've collected the car.
All the above only applies if it's around 5k or more cheaper.
I wouldn't necessarily avoid it if it's cheap enough and the dealer looks like it's going to be around for a while, but my only real issue would be not knowing how well it's been repaired. I've had a few cat d cars from Copart, and been involved in the repair, at least that way you know it's been done right.
As said, knowing what the car is exactly and comparing it to a full market value non-repaired car would make it easier to advise more accurately. Insurance companies will generally insure a cat d car for 60% of full market value as a guide.
I paid £10,200 inc. fees and delivery for a cat d 2010 Boxster Gen2 3.4S PDK with 12k miles and FPSH from Copart a couple of years ago and sold it to a mate at cost when it was repaired for 17k. It was largely only panel damage and minor suspension components. He got it at least 8k under the book value of a non repaired car at the time, and I would have sold it for significantly more to someone who wasn't a mate. There's absolutely nothing to give away that the car's been repaired and he's delighted with it, so they aren't all horror stories.
As said, knowing what the car is exactly and comparing it to a full market value non-repaired car would make it easier to advise more accurately. Insurance companies will generally insure a cat d car for 60% of full market value as a guide.
I paid £10,200 inc. fees and delivery for a cat d 2010 Boxster Gen2 3.4S PDK with 12k miles and FPSH from Copart a couple of years ago and sold it to a mate at cost when it was repaired for 17k. It was largely only panel damage and minor suspension components. He got it at least 8k under the book value of a non repaired car at the time, and I would have sold it for significantly more to someone who wasn't a mate. There's absolutely nothing to give away that the car's been repaired and he's delighted with it, so they aren't all horror stories.
Toaster Pilot said:
Key thing is b
ks - V5s can go missing in the crash - insurer - salvage - dodgy repairer - dealer chain though I suppose
As above:ks - V5s can go missing in the crash - insurer - salvage - dodgy repairer - dealer chain though I suppose - key thing is wrong. Usual scenario is, recovery truck takes the vehicle away with whatever key is with it at the time, insurance company don't (always) ask for the second key. If you buy it and the previous owner is on the (eventual) V5, drop them a line and ask if they have it.
- V5 is usually returned to the insurance company when a vehicle is declared a write-off, if they pay out (likely to stay with the owner if they buy the salvage back). You just fill in a form (V62??) and apply for a replacement at £25
CAPP0 said:
- key thing is wrong. Usual scenario is, recovery truck takes the vehicle away with whatever key is with it at the time, insurance company don't (always) ask for the second key. If you buy it and the previous owner is on the (eventual) V5, drop them a line and ask if they have it.
I wrote off a 2 year old MiTo QV (blessing in disguise). Couple of months later I got a letter from the new owner asking if I still had the spare key. He thought he'd got a bargain - including a brand new gearbox ...until I told him that was it's third in 12k and the host of other problems I'd had with it. Think he decided to move it on quite quickly and was no longer worried about the key.
Gassing Station | Car Buying | Top of Page | What's New | My Stuff