Brits selling their used cars risk losing up to 10-20% on their sale by making this avoidable and costly mistake.
And, with an ongoing cost of living crisis, the last thing motorists need is to miss out on thousands of pounds.
To make car owners aware of this mistake and help them avoid them, Pamela Murdock, vehicle expert at used car supermarket, Available Car, shared the warning below.
“When preparing to sell your car, there are several important steps to consider. One of the key factors is ensuring you have a complete set of servicing documents and a well-maintained service history. This reassures potential buyers that the car they’re buying is legitimate and has been carefully looked after during your ownership.
“In addition to the owner’s manual, service records, receipts for parts, MOT certificates, and warranty and insurance documents, the V5C logbook, also known as your car’s logbook is the most crucial document when selling your car.”
Pamela added, “Although you can sell your car without a V5C, it can make the process much more difficult and it can significantly reduce your car’s value by around 10-20%, though the exact impact depends on the car’s make, model, age, and market demand.
“Buyers generally see a missing V5C as a red flag, suggesting potential issues with the vehicle’s history, ownership, or legality, which can make it harder to sell and prompt buyers to negotiate for a lower price. Therefore, we strongly recommend ordering a replacement from the DVLA.
You can apply for a replacement V5C online or by phone if the details on the original are the same. If you need to change any details, you’ll need to apply by post. A replacement V5C costs £25 and should arrive in a few days.”
Whether you’re buying or selling a car, make sure you get both sets of keys. A spare key can be expensive to aquire and takes time to cut or rechip if in a fob, and there is just the vague possibility, but it’s not unknown, for a seller to use the spare held back to return and take back the car they have just sold, and then repeat this with subsequent buyers.
What is a V5C?
A V5C is a paper document issued by the Driver and Vehicle Licensing Agency (DVLA) to the registered keeper of a vehicle and contains specific details about your car.
It’s important to make sure your V5C has your correct address. The address on the logbook will be used for the following:
- Tax reminders and other correspondence from the DVLA
- Penalties for speeding or other offences from the police
- Parking tickets from councils or private parking firms
An incorrect address could mean notices regarding speeding offences and parking fines are sent to the wrong address. This could result in you paying higher penalties than necessary; if these go unpaid, you could end up in court.
You can be fined up to £1,000 if you don’t tell the DVLA when your address changes.
If you’re looking to buy a second hand car, one of the first things you should check is the vehicle documentation. It’s usually a bad idea to buy a car without a V5C. This is because the car could be:
- Written off
- Stolen
- Used as security for a “logbook loan”
- Subject to a finance agreement
The DVLA recommends that potential buyers request to see the V5C logbook when viewing a vehicle. Look for a “DVL” watermark on the document, and check that the serial number is not within the ranges BG8229501 to BG9999030 or BI2305501 to BI2800000, as these may indicate a stolen V5C. If you encounter a document with a serial number in these ranges, contact the police as soon as it’s safe.
