Lude Generation

Hey guys

I am looking at a car tonight but i want to pick it up as trade. IE keep the full V5 and the fill in the slip for a trade sell and the seller can send that off.

So I have 2 questions..

1. If after I play with it / fix I decide to keep - Do I just fill in the V5 as the next owner and sent it off?
2. If I sell to another trader how does that work? I give him the full V5 but it will still be in my trade name?

Cheers

Thought it was all done online now.

Sorry for the slow reply, I've only just got home.

The main question I'd ask myself is probably 'are you a trader?'

The reason being is that if you aren't then it's probably causing yourself more hassle than it is worth by taking it on the trade slip. For example you can't tax and drive it whilst you have it on the trade slip, you would have to tax it on the green slip and register it in your own name anyway which kind of defeats the point of using the trade slip in the first place.

But in answer to your questions:

1) yes, if you have it on the trade slip then you keep the log book that is in the name of the previous owner, and if you want to use the car you would just sign it and complete it using your details as the new keeper. If you sell the car to someone else you would do the same but they complete and sign the new keeper section.

2) If you sell it to a trader you just pass on the log book and keep a receipt - presumably if you are a trader you would raise an invoice too as evidence that the transaction has taken place so there would be no issue of proving the vehicle had changed hands should the need to do so arise.

n.b. I'm sure you are aware but thought I'd mention that having it on the trade slip doesn't mean you can drive it without tax/mot. It's just a way of preventing dealers having to wait for new log books to arrive when you would normally aim to turn used cars around as quickly as possible, and preventing the 'former keeper' figure from rising (moot point on old cars like ours really though I would say, unless it's a 1 owner car perhaps). It of course also notifies the DVLA that the car is no longer with the previous private keeper too. I've heard speculation that HMRC may keep tabs too but nothing more than that.

rob quilter wrote:Thought it was all done online now.

I don't think the trade side has yet, still a case of posting the physical slip and driving home on your trade plates if the car has MOT. Might have changed though as I haven't bought a car on the slip since that Honda Horizon I got a few months back

I'm not aware that any change of keeper or vehicle details is done online at all? It's only tax and mot that's online? All v5 stuff is still paper based.

wurlycorner wrote:I'm not aware that any change of keeper or vehicle details is done online at all? It's only tax and mot that's online? All v5 stuff is still paper based.

Quite right, but you have to tax/SORN it straight away now so part of completing the V5C as a private buyer is realistically going to involve going online or picking up the phone. You can't drive it away legally without doing so, whereas if you take it on the trade slip you don't have to make any kind of notification online/over the phone, the DVLA will just refund the remaining full months of tax to the registered keeper on receipt of the trade slip. As a result it's pretty much impossible to trade inside of the law without a set of trade plates now.