Transferring Vehicle Ownership Guide
11 January 2024 | 
Buying a new car is up there with the best feelings a driver can have. The paperwork associated with it, however, can be somewhat of a headache, especially if you’re buying your first car and you don’t know exactly what you might need. Well, consider this your comprehensive guide to buying and selling a vehicle, including everything you may need and the key things to look out for.
At GoShorty, we understand that car insurance and other paperwork-laden aspects of car ownership can be tiring, so we’re here to sprinkle some simplicity into the car ownership handover process. Buckle up as we break down the nitty-gritty, ensuring a seamless, fully authorised by the DVLA change of ownership.
Steps for Privately Buying a Car
You’re going to want to test drive the vehicle before you buy (we would highly recommend this) and so be sure to check out our complete guide to test driving – spoiler alert, yes you will need to take out some temporary car insurance for a legal test drive. Otherwise, fines can mount up to £300 and come with a side serving of six penalty points. You can even be taken to court if you’re caught driving without insurance. Luckily for all you test drivers out there, we have a cost-effective solution through our temporary car insurance offering, which allows you to whizz up and down the road testing out your new wheels with stress-free comprehensive cover.
The first thing you’ll need to do is of course, find a car to buy, or find a buyer to sell your car to! Once you’ve done that, we’d like to think the hard part is over. Next all you need to do is purchase the vehicle and transfer ownership and you’ll be on your merry way home with your new wheels.
How to Transfer Car Ownership
Step 1: The Prelude – Completing the Sale
The dance begins with completing the sale. Agree on the terms, sign a bill of sale, and let the fun commence. Get a receipt for the purchase of the vehicle, this is useful for any potential issues down the line (fingers crossed this isn’t needed) along with any and all warranties etc.
Step 2: Gathering Necessary Paperwork
Gather the essential documents for this ownership tango. The DVLA, our trusty Driver and Vehicle Licensing Agency, holds the key to updating records. The V5C, or logbook, spills the car’s beans, akin to a car’s official diary, and plays a crucial role in this stage, capturing essential details.
When you change ownership of a car the V5 document is the most important document you’re going to need. The V5 acts as a registration certificate that contains all the important information about your car. Plus, it also states who the registered owner of the vehicle is. This process can now be completed online for ease.
Once you submit this, you’re officially the registered DVLA new keeper of this car, and will receive immediate email confirmation stating this.
Step 3: Financial Footwork – Transfer Fees and Taxes
Expect a bit of financial footwork with transfer fees and taxes. Pay the piper, and the ownership dance floor is yours. You will need to ensure the car is taxed and insured before driving it anywhere.
Step 4: Farewell Plates – Removing License Plates
Bid adieu to old plates (if necessary). The seller may choose to keep their private number plate and so you will either have to source the old one or replace it.
Getting your new car home
Fun fact, if you sell your car and you have paid the year’s tax for the vehicle you will then be given an automatic refund for the remaining months within the year. As the ownership baton changes hands, update the insurance policy accordingly. For the buyer, this means securing cover for the new ride. Sellers, it’s time to wave goodbye to the old car on the policy.
Once you pay for the vehicle, transfer car ownership and swap V5 documents, you’re all okay to hand over the keys. Those buying the car are now responsible for paying for tax and insurance – this is where GoShorty steps in. Whether you want to shop around before you commit to a long-term insurance provider or use temporary car insurance to get home, we have you covered. Browse our drive away insurance and get yourself covered as you galavant proudly home in your brand new addition to the family.
Check out our comprehensive guide to getting your new vehicle home for the full run-down.
Congratulations! You’ve mastered the intricacies of the car ownership handover. With GoShorty by your side, the journey doesn’t have to be a bumpy one, there is always a fix should you stick to this guide.
As the curtain falls on this exhilarating journey through the twists and turns of buying a new car with GoShorty, we hope you’re armed with the knowledge and confidence to turn your car-buying experience into a seamless adventure. Remember, we’re not just about providing temporary insurance, we’re your trusted co-pilots, navigating the intricacies of ownership transitions. So, buckle up, enjoy the thrill of the ride, and rest easy knowing that GoShorty is here to make every moment of your car-buying odyssey as exhilarating and stress-free as possible.
Here’s to the open road and the exciting chapters that lie ahead!
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