Buying a car to sell in a few years.
Discussion
Hello
I have looked up Google/etc but none the wiser.
I'm hoping on buying a classic car in the buying a newish 911 1995/on, ideally.
I'm looking for a nice example and my question is as follows:
How do I avoid adding my name to the car registration document
in order to preserve that car's one owner status when i
come to sell in let's say in a 12 to 24-month period?
Do I need to become a registered car dealer and if
so what are the costs, ie I set up for buying the one car
then selling it on as a one owner car?
I hope I've been clear, if not please ask me to rephrase.
Thank you.
I have looked up Google/etc but none the wiser.
I'm hoping on buying a classic car in the buying a newish 911 1995/on, ideally.
I'm looking for a nice example and my question is as follows:
How do I avoid adding my name to the car registration document
in order to preserve that car's one owner status when i
come to sell in let's say in a 12 to 24-month period?
Do I need to become a registered car dealer and if
so what are the costs, ie I set up for buying the one car
then selling it on as a one owner car?
I hope I've been clear, if not please ask me to rephrase.
Thank you.
I guess it depends on whether you intend to tax it and use it on the road.
If you do you'll need to register it.
If you're buying it purely as an investment and it'll sit unused, and off the public highway, then I'd understand you not wanting to register it in your name.
If it's just one car then no need to go the "dealer" route.
Just add any gains to your tax return.
Calling on my memory, I'm sure someone told me you're allowed to do 6 cars per year before HMRC will class you as a car dealer???
Maybe someone more in the know can clarify that one.
If you do you'll need to register it.
If you're buying it purely as an investment and it'll sit unused, and off the public highway, then I'd understand you not wanting to register it in your name.
If it's just one car then no need to go the "dealer" route.
Just add any gains to your tax return.
Calling on my memory, I'm sure someone told me you're allowed to do 6 cars per year before HMRC will class you as a car dealer???
Maybe someone more in the know can clarify that one.
fromkentgent said:
Hello
I have looked up Google/etc but none the wiser.
I'm hoping on buying a classic car in the buying a newish 911 1995/on, ideally.
I'm looking for a nice example and my question is as follows:
How do I avoid adding my name to the car registration document
in order to preserve that car's one owner status when i
come to sell in let's say in a 12 to 24-month period?
Do I need to become a registered car dealer and if
so what are the costs, ie I set up for buying the one car
then selling it on as a one owner car?
I hope I've been clear, if not please ask me to rephrase.
Thank you.
Register it properly.I have looked up Google/etc but none the wiser.
I'm hoping on buying a classic car in the buying a newish 911 1995/on, ideally.
I'm looking for a nice example and my question is as follows:
How do I avoid adding my name to the car registration document
in order to preserve that car's one owner status when i
come to sell in let's say in a 12 to 24-month period?
Do I need to become a registered car dealer and if
so what are the costs, ie I set up for buying the one car
then selling it on as a one owner car?
I hope I've been clear, if not please ask me to rephrase.
Thank you.
Some might not want to buy a very expensive car from someone who's name isn't on the V5.
Trevor555 said:
I guess it depends on whether you intend to tax it and use it on the road.
If you do you'll need to register it.
If you're buying it purely as an investment and it'll sit unused, and off the public highway, then I'd understand you not wanting to register it in your name.
If it's just one car then no need to go the "dealer" route.
Just add any gains to your tax return.
Calling on my memory, I'm sure someone told me you're allowed to do 6 cars per year before HMRC will class you as a car dealer???
Maybe someone more in the know can clarify that one.
Thanks, I do not intend to drive her on a public road.If you do you'll need to register it.
If you're buying it purely as an investment and it'll sit unused, and off the public highway, then I'd understand you not wanting to register it in your name.
If it's just one car then no need to go the "dealer" route.
Just add any gains to your tax return.
Calling on my memory, I'm sure someone told me you're allowed to do 6 cars per year before HMRC will class you as a car dealer???
Maybe someone more in the know can clarify that one.
I am aware that you can drive a car to a MOT station without a mot but needs tax and insurance or trailered.
About the tax, I read in a broadsheet some years ago that there was no CGT on one car, but will further investigate that.
Thank you.
Pericoloso said:
Register it properly.
Some might not want to buy a very expensive car from someone who's name isn't on the V5.
thanks but my understanding is that it's the invoice that proves who the car belongs to. My plan is to keep the receipt safe and have evidence of of the exact amount leaving our bank account to the named people on that date, ie provenance I think it' called and keep safe all receipts/evidence of costs associated with it eg insurance just in case someone was attracted to her but not wanted to pay.Some might not want to buy a very expensive car from someone who's name isn't on the V5.
fromkentgent said:
I am aware that you can drive a car to a MOT station without a mot but needs tax and insurance or trailered.
You need insurance to drive on the road but I think you can drive to a pre booked MOT without VED, as long as you don't take the pee and drive halfway across the country for one.Monkeylegend said:
You need insurance to drive on the road but I think you can drive to a pre booked MOT without VED, as long as you don't take the pee and drive halfway across the country for one.
Thanks - i thought you needed VED & insurance, but will fully check if it comes to that - and rest assured no taking the mick by me, lol as I'm a 101% law-abiding kind of gent that has made and will make if required citizens arrests. Thanks again.I am not too familiar with this forum but i have clicked the advise me of new posts box, so please help as I want to preserve the one owner status of the car.
Thanks
Trevor555 said:
If you're buying it purely as an investment and it'll sit unused, and off the public highway, then I'd understand you not wanting to register it in your name.
If it's just one car then no need to go the "dealer" route.
How is that going to work? Seller will send the slip off to say who they've sold it to. If it's just one car then no need to go the "dealer" route.
If it's a dealer they won't want DVLA to think it's still in their hands, so they'll register it.
Sheepshanks said:
Trevor555 said:
If you're buying it purely as an investment and it'll sit unused, and off the public highway, then I'd understand you not wanting to register it in your name.
If it's just one car then no need to go the "dealer" route.
How is that going to work? Seller will send the slip off to say who they've sold it to. If it's just one car then no need to go the "dealer" route.
If it's a dealer they won't want DVLA to think it's still in their hands, so they'll register it.
He'll have to tell them he's a dealer and send the yellow section off instead.
DVLA will then have it logged as "in the trade"
Trevor555 said:
Sheepshanks said:
Trevor555 said:
If you're buying it purely as an investment and it'll sit unused, and off the public highway, then I'd understand you not wanting to register it in your name.
If it's just one car then no need to go the "dealer" route.
How is that going to work? Seller will send the slip off to say who they've sold it to. If it's just one car then no need to go the "dealer" route.
If it's a dealer they won't want DVLA to think it's still in their hands, so they'll register it.
He'll have to tell them he's a dealer and send the yellow section off instead.
DVLA will then have it logged as "in the trade"
Unless he sells it as Spares or Repairs.
Keep us informed op, this has legendary potential.
I'm nor expert but I'd say if you own a car you're going to want to register it. Unless you're paying for expensive fully insured storage with a maintenance aspect you're probably going to want to at least insurance against fire and theft and at least do some basic maintenance.
Desirable cars don't really lose money because they've been driven and used, to a degree, in fact quite the opposite, anyone buying a 993 porsche or earlier is probably going to be interested in your "enthusiasm" as a focus on their decision making. If you plan to just stick it to auction in a year or two... Keep us informed, sound expensive to me.
I'm nor expert but I'd say if you own a car you're going to want to register it. Unless you're paying for expensive fully insured storage with a maintenance aspect you're probably going to want to at least insurance against fire and theft and at least do some basic maintenance.
Desirable cars don't really lose money because they've been driven and used, to a degree, in fact quite the opposite, anyone buying a 993 porsche or earlier is probably going to be interested in your "enthusiasm" as a focus on their decision making. If you plan to just stick it to auction in a year or two... Keep us informed, sound expensive to me.
In regards to CGT, if you’re purchasing even a single vehicle with the sole intention of selling it at a profit it ‘should’ be declared.
Would the hammer come down for selling one and making £100? Unlikely! But what if you’d made £20k?
If you’ve registered 6+ cars in a year, DVLA have been known to send a letter to question if they’re for personal use and might refer to HMRC.
With regards to registering it as trade when you’re not, not advisable! You also won’t get a trade policy to cover you for a single vehicle.
Would the hammer come down for selling one and making £100? Unlikely! But what if you’d made £20k?
If you’ve registered 6+ cars in a year, DVLA have been known to send a letter to question if they’re for personal use and might refer to HMRC.
With regards to registering it as trade when you’re not, not advisable! You also won’t get a trade policy to cover you for a single vehicle.
fromkentgent said:
Hello
I have looked up Google/etc but none the wiser.
I'm hoping on buying a classic car in the buying a newish 911 1995/on, ideally.
I'm looking for a nice example and my question is as follows:
How do I avoid adding my name to the car registration document
in order to preserve that car's one owner status when i
come to sell in let's say in a 12 to 24-month period?
Do I need to become a registered car dealer and if
so what are the costs, ie I set up for buying the one car
then selling it on as a one owner car?
I hope I've been clear, if not please ask me to rephrase.
Thank you.
Hassle > profit I have looked up Google/etc but none the wiser.
I'm hoping on buying a classic car in the buying a newish 911 1995/on, ideally.
I'm looking for a nice example and my question is as follows:
How do I avoid adding my name to the car registration document
in order to preserve that car's one owner status when i
come to sell in let's say in a 12 to 24-month period?
Do I need to become a registered car dealer and if
so what are the costs, ie I set up for buying the one car
then selling it on as a one owner car?
I hope I've been clear, if not please ask me to rephrase.
Thank you.
And that profit is likely to be minimal if anything at all IMO, particularly over such a short time period plus with the B word happening.
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