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Microsoft is a global technology company known for shaping the modern digital experience. From its iconic Windows operating system to the versatile Microsoft Office suite, the company has provided tools that support both personal productivity and enterprise innovation. Visit the official website at microsoft.com to explore its offerings.
Microsoft has also become a major player in cloud computing through Azure, and in business collaboration with Microsoft Teams. Its investments in artificial intelligence, gaming (via Xbox), and hardware (like Surface devices) reflect a broad vision for the future of tech.
With decades of experience and a continued focus on progress, Microsoft remains a leader in the global tech landscape.
This is a test article created for demonstration purposes in WordPress.
Microsoft is a global technology company known for shaping the modern digital experience. From its iconic Windows operating system to the versatile Microsoft Office suite, the company has provided tools that support both personal productivity and enterprise innovation. Visit the official website at microsoft.com to explore its offerings.
Microsoft has also become a major player in cloud computing through Azure, and in business collaboration with Microsoft Teams. Its investments in artificial intelligence, gaming (via Xbox), and hardware (like Surface devices) reflect a broad vision for the future of tech.
With decades of experience and a continued focus on progress, Microsoft remains a leader in the global tech landscape.
This is a test article created for demonstration purposes in WordPress.
Microsoft is a global technology company known for shaping the modern digital experience. From its iconic Windows operating system to the versatile Microsoft Office suite, the company has provided tools that support both personal productivity and enterprise innovation. Visit the official website at microsoft.com to explore its offerings.
Microsoft has also become a major player in cloud computing through Azure, and in business collaboration with Microsoft Teams. Its investments in artificial intelligence, gaming (via Xbox), and hardware (like Surface devices) reflect a broad vision for the future of tech.
With decades of experience and a continued focus on progress, Microsoft remains a leader in the global tech landscape.
This is a test article created for demonstration purposes in WordPress.
Microsoft is a global technology leader, constantly driving innovation and transforming the digital landscape. With cutting-edge mobile applications and cloud solutions, the company enables users to work, learn, and enjoy entertainment wherever they are.
Products such as Office 365 and the Azure platform have revolutionized the way both businesses and individuals operate. Microsoft’s mobile solutions provide seamless access to essential tools, ensuring productivity and connectivity on the go.
Security remains a top priority for Microsoft. Regular updates and advanced protection technologies guarantee that users’ data stays secure, whether they’re managing business tasks or accessing personal information.
Committed to making technology accessible for everyone, Microsoft continues to innovate and grow. To explore the latest developments and learn more about their diverse range of products, visit the official website at Microsoft.
Buying a car privately can be hugely rewarding both financially and personally, but be careful, it’s so easy to get it wrong, and when you do it could cost you dearly. So if you want to make a success of it and save potentially thousands, it’s vital you do it the right way – and not the way I bought my last car!
The car buying process is fraught with danger. The risk of getting scammed happens more often than you might think. It’s a sad fact that scams are everywhere these days and car buying is no exception. However, if you follow the advice and methodology that follows the risks can be greatly reduced, helping you bag a bargain that won’t break your heart – or your bank balance!
In this article I’ve researched and collated the most practical information I could find, combined it with my own knowledge and experience, to provide a step-by-step guide to profitable and hassle free car buying. These invaluable tips will help you avoid the many pitfalls that can lurk for the unwary buyer.
I’ve always had a passion and fascination for cars. Fortunately I’ve been disciplined and sensible enough to not waste loads of my money on them. I can get a lot of satisfaction admiring other people’s stylish motors and dreaming about them. So I believed I was quite clued up with the basics of car buying, but as you are about to learn, I was sadly more than a little misguided in my assumption. The ultimate cost for me was a lot of stress and worry. Don’t let it happen to you.
I want you to learn from my experience, and hope you will share this article with others who might be considering a vehicle change in the near future. A key mistake I made, as you will find out, was acting in haste, alongside not educating myself properly on the process. Having lived abroad for a few years, with my last second hand car purchase nearly ten years prior, I was a little out of touch to the modern day car buying rules. Today, most cars are bought on finance. It was not always like that. That means the danger of buying a car with outstanding finance is relatively high. Online checks must be made that were not either required or possible the last time I bought a car.
If you buy a car with outstanding finance, it can be repossessed because technically a loan or finance company still own all or part of it.
As I’m sure you’ve guessed, I bought a car with outstanding finance against it. If I had done the necessary online car check I would have known, but it only occurred to me after the event – by then too late. I’d heard a little about the dangers of buying a car with finance against it but not given it enough attention. Metaphorically I had my head in the sand, more focused by the need to urgently replace my car. Living in a remote region, relying on family members to drive me to viewings added to the pressure to rush the car buying process. Add in an opportunity to buy a bargain, good sense and discipline had gone. Only later did I realise my stupidity and naivety.
It is a criminal offence to sell a car with finance against it without prior approval from the financing company. The vendor seemed friendly and genuine enough to not give me any cause for concern, but I had become a car-buying victim. I had paid thousands for a vehicle that effectively the financing company was still the owner of. I faced the real possibility of losing everything I’d paid for it – a very sobering and horrifying prospect.
In a moment I will tell you more what happened and how I dealt with it.
For most people, buying a car is their second biggest lifestyle purchase after a house. For that reason alone it’s worth learning how to do it successfully.
Before beginning the car buying process the first priority is to decide on your budget. If you don’t have the funds already in place you need to either organise a savings plan or take out a car loan.
The savings route is obviously the better option for your financial wellbeing but requires discipline and means you will have to defer your purchase until later. The discipline of doing that provides a greater sense of excitement and pride when you finally do take ownership of your car.
Completing a budget planner will help with this and is part of my MMS Journey Planner that helps you to optimise your money and create a savings plan. The Money Advice Service have a great budget planner tool that I recommend.
The Budget Planner part of my MMS Journey Planner will help you to optimise your money and put together a savings plan.
In his book “Rich Dad Poor Dad”, author Robert Kiyosaki explains his definition of the difference between an asset and a liability, and an asset puts money in your pocket. A car is generally not considered an asset because it is not income generating- the only exception being if it is a fundamental part of running your business. The idea is to reduce your liabilities (a car being one of them) and increase your assets if you want to become financially free.
If you prioritise reaching your financial goals ahead of anything else, buying your dream car needs to wait until those goals are achieved first.
However, if you have a good reason to take out a loan, perhaps due to the urgency of the situation, it’s important to do your research first to make sure you obtain the most favourable interest rate possible.
Note that the budget for your car should be a separate fund to an Emergency Reserve Fund that I recommend as part of my MMS Journey Planner process.
Even if you can afford to buy new, buying a car second-hand makes a lot of financial sense. This is simply because the initial and largest amount of depreciation has been incurred by the first owner; part of that is due to the additional 20% VAT paid when buying a new vehicle. The VAT can only be claimed back if you are a business user. Therefore as a secondhand buyer you will enjoy cheaper motoring than would otherwise have been possible. This money you save now can be used for investing elsewhere to help achieve your other financial goals – and that’s the time when you can afford to be more liberal with your spending habits. And don’t think buying second hand means you have to sacrifice buying a decent car – there are plenty of well-priced desirable ones out there.
Firstly because there are bargains to be had buying privately that you don’t get buying from a dealer or garage. It fits the masterMONEYsimply ethos of optimising your cash, and means you can use those saved funds for investing elsewhere towards other financial goals. Another big advantage buying privately is the ability to meet the owner of the vehicle. You can determine whether they are the kind of person who might have maintained the car well and can feel confident buying from. You can ask them detailed questions about the car, such as how long they’ve owned it, where they bought it from and details on it’s mechanical history. A dealer will never be able to provide this level of history and detail about the car like the previous owner. Consider this also – you can learn a lot form the kerb appeal of where the car has been homed – has it been garaged or is it parked on a busy road? Ask to go inside their home to visit the toilet so you can get a sense of how they live. If it’s clean and tidy the chances are they have looked after the car the same way. How long has the current owner had the car? If they have owned it for a long time this is normally a good sign. Better still if it’s one owner from new. Are they a smoker and do they have pets that have travelled in the car? Pet odour and cigarettes smells are not pleasant and can be difficult to remove. Have a look at this RAC article that explains the 6 ways that knock value off your car. The same applies to what you should be looking out for when you buy one.
It’s worth noting that buying from a garage does give you more legal protection in the event of problems that may occur later, but you pay a high price for that. You can however negate a certain level of the risk from buying privately by having the car independently inspected by a motoring organisation such as the AA or RAC. If you are paying many thousands for a secondhand car it is certainly worth the relative small cost of having it professionally inspected for the peace of mind it will bring you. If you decide this make sure at the time you agree the deal that the buying price is dependent upon the result of a successful inspection. Be prepared that buying privately can be a time consuming exercise. You should consider whether you have the time available to effectively follow through the process. If you don’t, then it might not be worth the effort or risk.
The first point to remember – only buy a car that fits your budget. Stick to it and don’t get carried away by the romance of a dream car! Decent cars can be bought for little money and there is no shame in delaying your dream car until a later date when you have had time to save up for it! An important part of buying your car is making sure you buy the right car in the first place ie. It’s both desirable to you and practical in the long term. That way it should last you many years – and in the process, save you large sums in the long run because your overall depreciation costs are reduced over time. For simplicity, I’ve split the car buying process into five steps:
What follows next will I hope become a useful guide to buying your next car, whatever method you decide upon. Of course, these tips might be great but if you make the mistake I did and flout them the chances are high you will end up regretting it. I know how easy it can be to do that! Print them off and take the tips with you if it helps.
Your budget will ideally be based on what you have either saved up for or funds readily available. Alternatively if this is not possible, it should be based on what you have agreed to borrow from a reputable finance company on favourable terms. You will therefore know what funds you have available to begin choosing an appropriate car. When choosing your car, balance your priorities between second hand prices, functionality, needs, safety, reliability and overall running costs including depreciation and other costs. You need to weigh these against your budget. The following sources will help to identify a shortlist of suitable cars:
Asking friends, family and work colleagues for recommendations may also prove helpful. To assist you further, here are some online guides that will help.
For the consideration of safety when buying your car, the Money Advice Service provides useful information on which of the latest cars are deemed the safest to drive, click here.
They also give information on how to reduce your depreciation costs here.
Use the following links from both the Money Advice Service and Autoexpress to determine the best cars based on reliability and owner satisfaction.
Don’t forget to consider the costs of taxing and insuring a car before you make the final selection and begin your search. This government website can be used to calculate the amount of tax you need to pay. Online websites like Autotrader allow you to search using filters such as Annual Tax and Insurance Groups. These filters can be enormously helpful.
Use the filters on Autotrader shown above to get to know the market for your selected shortlist of cars. Search each car on your list individually and compare the prices that are returned from your search based on model specifications. Widen the search criteria if you need more data. All this should arm you with enough information to whittle your preferred list down to just a few.
You’ve got your shortlist of cars. Now it’s time to search for those suitable to view. There are many different ways to do this. This article by Autoexpress, under ‘Finding Your Car’, examines some useful sources to find your privately owned car for sale. It provides a helpful list of what to look for in a classified car advert – I’ve made a template of it below to use as a reference tool and checklist when scanning car ads.
Mark any missing items from the list above for any adverts that interest you. Use it to guide you on what questions to ask when you call the vendor.
First, before you view anything, there are some important investigative jobs to do. It’s critical you do this – thorough checks before you buy will pay huge dividends later. It will also save you the time and cost of wasted journeys. Call the vendor shown in the advert and a good tip is to say “I’m calling about the car you’ve got for sale”. If they are a dealer posing as a private seller, they will need to ask you which car you are calling about. That should set alarm bells ringing as to why they are not an honest trader. It can be useful to find out how long the seller has been marketing the car. If they have been trying for a long time it raises questions about the desirability of the car, or perhaps the vendor is selling at too high a price. This is a good opportunity for me to advise you to be wary of any vehicle that has not been used for long periods, standing idle. It’s not good for an engine, causing parts to rust and deteriorate. Ask why they are selling, who used the car and when it was last driven. In addition to any questions you need answering from your advert checklist, you need to find out the following information that is unlikely to be advertised:
This information is required for the DVLA and MOT checks that will be necessary next. If the seller refuses to give you these extra details over the phone they might have something to hide.
After the phone call you must do some online checks to verify the vehicles DVLA records and MOT history. Use the DVLA’s free online vehicle information checker to make sure what the seller tells you matches the DVLA’s records. It’s important to make sure the car’s history and credentials stack up correctly. The DVLA checker will confirm the tax rate the vendor has told you using the 11 digit V5C reference number. If any details don’t match, contact the vendor again and ask them to kindly clarify them – it might be a simple mistake. But if you’re suspicious that the seller gave you fake details don’t proceed with the car, move on to the next one of interest.
For cars more than three years old they must have an annual MOT (Ministry of Transport) certificate to make sure they meet road safety and environmental standards. Without this, they can’t be insured or driven legally on the road. The longer the period before the next MOT is due, the better. You can check its MOT history by logging into the free MOT Checker using the vehicle’s registration number. Looking at the MOT shows the reasons for any failures or advisory items identified, as well as the recorded mileage at each test. It will help you to verify the mileage provided by the vendor and any suspicious mileage differences between MOT’s. You should check that MOT tests have been done regularly throughout the car’s history. All this information helps you build a profile of the car. It pinpoints whether the car has been looked after and not ‘clocked’ so is well worth the effort. Gone are the days when the car’s odometer could be wound back with a judiciously applied drill. Today, criminals can access the car’s electronic brain and reset the mileage in seconds. Ask the vendor about any unusual gaps between MOT’s – don’t continue with the deal if you’re suspicious of the MOT history. A car might not have needed an MOT if it was unused for a period of time and was registered as SORN (statutory off road notification) – this could however be a different cause for concern as I’ve mentioned. Knowing the 11 digit reference number from the V5C document will enable you to view the MOT test locations. This can be helpful to build a picture of the car’s whereabouts. Make sure the certificates show the same chassis number and vehicle registration as the car itself. As a final piece of online research, you could also do a Google search of the vendor’s telephone number. It may bring up some revealing and surprising results.
If the car passes the online checks it should give you confidence to view it. Before you do, it’s worth taking screen grabs and saving copies of the advert. The purpose of doing this is to provide corroborating evidence in the event anything goes wrong. When I discovered there was outstanding finance on my car it proved invaluable later to have the adverts saved on my laptop –alongside other data such as text messages, phone calls and a receipt, the financing company could see that I was a legitimate person caught up in a crime as an innocent purchaser. The advert screen captures became important pieces of material to build my case.
Once you have completed all the online checks, you are now ready to view the car. It’s advisable to take with you at least one other person – ideally someone knowledgeable about cars. The more eyes to inspect the car the better. Before you arrive you might want to agree between you who checks what, and how to plan the exercise efficiently. If possible try to arrange to view the car in the dry. A wet car with raindrops on the paintwork can conceal a variety of scratches and dents. Always inspect the car in good daylight when it is possible to see everything clearly.
When you view the car this is also your chance to assess the vendor’s trustworthiness. Always view the vehicle being sold at the home of the vendor, as shown on the V5C/logbook – not from a car park, motorway service area, lay-by or any other location. Any suggestion by the vendor to view the car at a different location should cause alarm. Check the details of whom you are buying from carefully. Confirm who they are with proof of identity – a driving licence or passport is ideal. Genuine people don’t mind purchasers carefully checking. Don’t be tempted to attend anywhere else or speak to anyone other than the person listed on the V5C/logbook, however plausible the explanation might be. It is essential to be continually aware of the many kinds of cons that fraudsters will try. For example, it has been known for a vendor to even wait on the pavement outside an address, to make you think they live there.
Be extra cautious and learn from my foolish errors. I knew it was sensible to view the car at the address shown on the V5 form but somehow got convinced to go to a location a few streets away because the vendor gave a very plausible explanation whilst en-route to his address. He said he had to quickly visit his girlfriend’s place to collect his daughter to take her to a dance class. It was more convenient to therefore view the car at his girlfriend’s. His demeanor suggested nothing suspicious. He was friendly, a young family man, it all appeared ok. The address the car was registered at was apparently his parents; it was only a couple of streets away so it didn’t seem a problem. On arriving, slight suspicion was aroused when we saw the car was parked in an area belonging to a block of flats, and the vendor was accompanied with a young male friend. The car was in general good order, well priced, nothing much appeared to cause concern except for being rushed along because he had to depart with his daughter. Shortly after the test drive and agreeing a discounted purchase price, he politely made his departure, leaving his young friend to take the cash. I only realised later how daft I’d been to neglect so many of the normal due diligence procedures, simply because I was desperate to buy a car. We had already driven over 30 miles for this viewing and I didn’t want to inconvenience my family further with other car viewings. The other factor affecting my judgement was the bargain price being offered. Good sense and logic had left me for that moment. None of this would really have mattered if it were not for the fact of taking one action. An essential point I had little knowledge of but a fundamental one when it comes to buying a second hand car privately- an online car history check. It only occurred to us during a half way meal stop en-route home. We were discussing the sale, and began questioning how the vendor, a young lad in his 20’s, had originally been able to buy a car that was only two years old. It was a light bulb moment – maybe he had taken a loan and maybe there was still finance against it. Suddenly the memory of hearing stories of cars with outstanding finance came flooding in to my conscience. I had little to no knowledge of what an online history check was, but that was all about to change. In the eyes of the law ignorance is no defence. I was starting to feel very stupid indeed, and very concerned. My story is an example of how easy it can be to not follow your own rules when you feel under pressure to act quickly. Arriving home our suspicions were confirmed. Completion of the HPI check revealed finance was outstanding on the car. I sensed the worst and knew I was in for a stressful period ahead. It let to an extremely anxious few weeks. I had to provide as much evidence available to me to the financing company, alongside many follow up phone calls. It could have been worse, at least the vendor was receptive to my phone call to him. He gave assurances he would sort it out. After nearly two months of anxiety finally I got the confirmation I wanted. The financing company were satisfied I had proven my legal title over the car. They had removed their interest on the vehicle. Phew – I was lucky – it doesn’t always end up like that. I could have easily had the car taken from me by the finance company, and lost everything – not a pleasant thought. I can’t tell you the relief I felt when I received this confirmation from the financing company. A lesson most definitely learnt. This experience and my research that followed made me realise this kind of situation should never happen. Clearly there needs to be a change in the way second hand cars with finance are bought and sold. It is crazy for any buyer to be able to get caught up in this kind of fraud, whether conducted purposely or by ignorance by the vendor. A proposed solution, for example, could be for the V5C document to be held by the financing company until the debt is fully repaid. This way the “owner” of the car would not be able to sell it. In the meantime, until such change is enacted, it is a case of “buyer beware”. Self-education is paramount. Follow the guidelines in this article and it will help you. What my story should highlight is that being conned, scammed, duped, or however you like to describe it can happen all too easily, even if you consider yourself astute to the kind of malpractices that fraudsters commit. It’s always good if you can learn from other’s mistakes and to do what is necessary to protect yourself from becoming the next potential victim.
Before you do anything else ask to view the car’s paperwork. The car should come with various documents holding vital information on its maintenance history and previous owners. If the seller can’t show you all of the documents below, walk away. Make sure you check the documents are all genuine. The V5C registration certificate (logbook) tells you the basics about the car’s history such as who it is currently registered to and how many owners it has had. It is important to be aware that the V5C registration certificate only shows the registered keeper of the vehicle. It does not necessarily mean as you might initially think that the vendor is the legal owner to sell it. If the vendor has finance against the vehicle, the legal owner is still the finance or leasing company- unfortunately there is normally nothing on the V5C document to make you aware of that. As I’ve already stated I think this is something the DVLA need to review. An online history check will confirm whether the vendor has proper title over the car and/or finance exists over it. More about this later.
A car’s identity has nothing to do with its registration number, which is something that could change several times during its life and is ridiculously easy to alter. Criminals can for example easily fit a set of false number plates to a stolen car; it’s an easy way to snare the unwary. What you need to look for is the car’s VIN, or Vehicle Identification Number. This is a unique seventeen-digit number that individually identifies your car and distinguishes it from every other car in the world. As a result, it’s an important number to check whenever you’re buying a secondhand car. It can be found on the top of the dashboard and seen through the windscreen. It is also stamped into the car’s body, often on the sill and under the bonnet, and under the carpet on the driver’s side. You’ll need to check they all match and are the same as the one recorded on the car’s V5 registration document. If they all match you shouldn’t have a problem, but to be completely safe, you’ll need to run an online car history check.
Ask to see the car’s service history booklet to make sure the mileage recorded in it tallies with what you’re seeing on the dashboard. If the mileage varies, for any reason, you should be looking for some cast-iron reassurances before agreeing to buy it. You want to see lots of stamps in the book and the relevant invoices filed neatly away in a folder. Obsessive owners make great people to buy from!
A cloned car is when a car has adopted another car’s identity and is the automotive equivalent of identity fraud. At its most simple, it involves fitting the registration number from one car to another. Although owners are legally obliged to present a car’s V5 registration document and proof of their identity before they can buy new number plates, there are ways criminals manage to circumvent this. Analysing the number plate can therefore be a useful pointer to spotting a cloned one. If the number plates don’t have the supplying dealer’s name at the bottom of them you need to find out why. Often there is a legitimate reason for a new number plate, but you need to be absolutely sure it’s a valid one. Take a look at the heads of the screws holding the number plate onto the car (assuming it hasn’t been stuck on). Are they scratched or chewed up? If so, why have they been removed? More sophisticated techniques involve the replacement or forging of V5s and cloning VIN (vehicle identification number) plates. It is estimated there might be in excess of 10,000 cloned cars on the United Kingdom’s roads. Very scary! How can you avoid it? To help protect against buying a cloned car, carry out an online car data history check. Make sure all of its details are correct, including colour, engine size and date of first registration. Also look for signs for any tampering with the number plates, V5 registration document, service history and VIN. If you’re at all doubtful, walk away, and if you think the seller is bogus it is best to contact the police to prevent a less vigilant buyer than you being scammed.
Cut ’n’ shut cars are created to hide the identity of damaged cars that shouldn’t be on the road. Look for signs of poor panel gaps and badly aligned panels, different shades of paint and cars being sold for much less than they should. Many cut ’n’ shut cars are insurance write-offs that should not be on the road. Take a look at this website from Honest John to educate yourself to some popular scams to avoid.
Tyres are also a great indicator as to how a car has been looked after. If all four match and have good tread left on them the chances are the owner hasn’t skimped on its general maintenance.
Check the oil on the dipstick. Is it up to the ‘full’ level and clean? Ditto the coolant, windscreen washer, brake and power steering fluid. Careful owners will keep these topped up, while careless owners, from whom you don’t want to buy a car, won’t. The same holds true of the paintwork and interior. You want it to look cared for and loved. If it isn’t, how likely is it that the owner has looked after the hidden bits? Summary of key checks:
It’s vital to take your time to look around when inspecting any car, and never feel pressured to buy the first one that looks suitable.
Taking the car for a test drive is essential before making any offer. Detailed advice on taking a test drive has been published by the AA here. This AA page also covers inspecting documentation and viewing the car. There are two options if during the inspection and test drive you discover any problems. You can use them to negotiate a reduced purchase price, or you can simply walk away from the sale. Take your time to make the right decision. If you have any doubts at all move on to the next car.
If the inspection and test drive has gone as planned, if you are still happy to proceed it’s time to haggle and agree a price. Don’t be afraid to negotiate hard, this is where you can save a fortune. Keep it light-hearted and friendly – start low and let the seller work the price up. Stay calm and only pay up to what you have budgeted for. The benefit of having your finance in place reinforces your strong position to negotiate on the price. Remember you can always walk away if you feel uncomfortable or pressured to make the deal.
Once a price has been agreed and before any money is exchanged it’s imperative you conduct an online history check. My story earlier and the other advice included in this article should already have convinced you of the necessity of this. The online check will give you an almost certain guarantee that the car you are about to buy has never been stolen, written off, or has outstanding finance recorded against it. It will cost up to £20 but is well worth the investment. You will have peace of mind that the car is legitimate. You can get your online history check by using this link here. Refer to this government webpage for categorising any write-offs that might get flagged on your online history check.
The price has been agreed and the car has passed the online history check. You now have the confidence to complete the final part – to conduct the transaction. If you plan to pay with cash here are some important considerations:
Alternatively you could pay by electronic means. Here is a list of some important points to consider:
Never be tempted to transfer the money into an escrow account, where a third-party holds the money as a deposit to reserve the car for you. Most of these are scams. The majority of scams can be easily spotted and avoided using the techniques I’ve discussed. Use them and you’ll be clued up ahead of 95% of car buyers.
Now the transaction is complete you must immediately record the transfer of the registered keeper by completing the relevant parts of the V5C document. Never buy a car without the log book. Make sure you get the original (not a photocopy) of:
The vendor completes and sends the V5C to the DVLA.This is done by completing the new keeper details (section 6) and signing section 8. They must give you the ‘new keeper supplement’ from the original V5C, but you’ll receive a new one in your name in two to four weeks. As the buyer, you keep the V5C2 ‘new keeper’ section of the V5 registration document. Use this DVLA webpage to guide you.
The final part is to make sure you get a receipt for the transaction. It is better to take two that both you and the vendor sign and date. You can then keep one copy each. Why not prepare a template receipt before you leave home. Print two copies and take them with you on the viewing. The receipt should include:
This completes your private car buying process, but don’t forget there is one final thing – you need to tax it! The DVLA (Driver and Vehicle Licensing Agency) and police now use an electronic register to check people have paid their car tax. When you buy a vehicle, the car tax will no longer be transferred with the vehicle, so you must tax it before you can use it.
Here is a summary of the key tips to follow for your safety when viewing a car:
If you are interested in more personal finance education and coaching, including how to optimise your personal finances and complete a “financial healthcheck” I invite you to sign up to my free newsletters on the masterMONEYsimply homepage. Click here for more information and sign up to your free initial coaching consultation.