Fleet News

Plex puts price on missing V5 papers

CARS without a valid V5 document could fetch 15% less at sale time compared to one with the correct documentation, according to used car experts Plex.

From February 1, applicants for a new tax disc will have to produce a V5 or a V11 renewal notice when applying for a road fund licence. Leading figures throughout the disposals and fleet management industry have warned that company cars must have the correct documents to ensure they can be sold when disposal time arrives.

John Coates, editorial director of Plex, said: 'Inevitably, dealers will be reluctant to buy anything that lacks the necessary documentation because they will be unable to move it on. Penalties for motors without this documentation could be as much as 15% in the trade, so great cars will be necessary.'

Mike Bennett, commercial vehicle editor of Plex Publishing, said: 'There is no doubt that the new regulations regarding the V5 will have an effect on the used commercial vehicle market.

'Dealers who rely on fast stock turnaround should avoid taking in vehicles without a V5, at least in the introductory period, as the usual time taken to obtain a V5 will be grossly exceeded due to the heavy volume of expected applications to the DVLA in that period.

'It doesn't matter how much less vehicles cost without a V5. It you can't sell it, then it isn't cheap.'

Leave a comment for your chance to win £20 of John Lewis vouchers.

Every issue of Fleet News the editor picks his favourite comment from the past two weeks – get involved for your chance to appear in print and win!

Login to comment


No comments have been made yet.

Compare costs of your company cars

Looking to acquire new vehicles? Check how much they'll cost to run with our Car Running Cost calculator.

What is your BIK car tax liability?

The Fleet News car tax calculator lets you work out tax costs for both employer and employee