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Getting a 'new' car

Discussion in 'Motors' started by Noel Gallagher, 12 Dec 2015.

  1. Noel Gallagher

    Mobster

    Joined: 12 Aug 2008

    Posts: 4,245

    Hi guys :D

    I have a few questions about getting a new (second hand) car. Basically my current car is on the blink and I've decided to upgrade rather than throw more cash at it.

    My questions are:

    Do I transfer tax or have to renew it for new car? What do I do about my current car until I sell it?

    Insurance, mine isn't up for renewal until May, so if I transfer to the new car, how does my no claims work for this full year? do I still have to renew in May or is it a fresh 12 months from transferring?

    Cheers :)
     
  2. Iamzod

    Mobster

    Joined: 7 Dec 2002

    Posts: 3,644

    Location: UK

    You have to tax the new car from scratch as it will have no tax on it, you can cancel your old tax but you don't get a refund for partial months remaining.

    If you are keeping the old car on the road then you have to pay for both.

    Insurance wise you simply call your insurer & swap the insurance to the new car, usually pay an admin fee & the price of the policy will change to reflect the new car, so you may get a refund minus the admin fee or have to pay an additional premium plus the fee.

    Again, you either need to take your old car off the road as it will become uninsured or get a short term policy for it, your existing insurer may be able to do something for you.

    Your no claims continues as normal as you are using the same policy unless you cancel & go to another insurer but you will then lose your progress through this year NCD wise.
     
  3. Sirrel Squirrel

    Sgarrista

    Joined: 5 Aug 2003

    Posts: 7,972

    Location: Essex

    Tax on the old car will end and you'll get a refund for whatever was left. You then tax the new car from scratch.

    As for insurance just phone your insurance company and advise them of the change, they'll probably charge an admin fee plus extra or less for the new car so you may get a refund. You'll keep your no claims.

    It'd be worth checking other insurers though and seeing if it works out cheaper to cancel the current policy and take out a new one with someone else but you won't get the no claims.
     
  4. chanjy

    Mobster

    Joined: 14 Dec 2003

    Posts: 4,896

  5. Noel Gallagher

    Mobster

    Joined: 12 Aug 2008

    Posts: 4,245

    Thanks for your replies guys.

    I pay monthly for my tax, so I guess I just cancel and lose out on one month? The car wont be used, I will be looking to sell it tbh, so do I have to declare it not on the road?

    I'll see what the fees are with my insurer, I think I would prefer to stay as I'm on my 2nd year of driving and only a few months away from my 2 years no claim :p

    I'm expecting the insurance to be more, as it's a better car and more powerful

    Sorry for the noob questions, it all looked confusing when reading online!
     
  6. Iamzod

    Mobster

    Joined: 7 Dec 2002

    Posts: 3,644

    Location: UK

  7. Hades

    Caporegime

    Joined: 19 Oct 2002

    Posts: 26,476

    Location: Surrey

    It's also worth getting quotes for the new car from your current insurer before buying it, just in case they are very uncompetitive on that model or won't insure it at all.
     
  8. Iamzod

    Mobster

    Joined: 7 Dec 2002

    Posts: 3,644

    Location: UK

    Ring your insurer to be safe as said above, when I worked at an insurer I got no end of calls from people under 25 or hadn't been driving long who'd just got a new car & we simply couldn't insure them on it or wanted a ridiculous premium.
     
  9. Noel Gallagher

    Mobster

    Joined: 12 Aug 2008

    Posts: 4,245

    I was gonna call them today after work to just get a quote. I'm 27 (late to the party!) so hopefully that shouldn't be an issue?

    I'm with Hastings Premier if that helps :)