When your partner leaves behind an unused car, it can feel like a heavy burden during a period of grief. But what you might not know is that you could be eligible for a car tax rebate, and many are unaware of just how much their vehicle is worth.
Recent research has shed light on the fact that many people who have lost a husband, wife or partner have a dormant car taking up space in their driveways. If you find yourself in this situation, it’s essential to know that you’re not alone.
However, there is untapped financial potential in these vehicles. Ignorance could mean that many bereaved individuals are losing money when they eventually decide to part ways with their cars.
In the UK, 52 percent of people assume that cars will inevitably depreciate over time, however, with the pandemic and global supply chain disruptions, new cars weren’t as readily available between 2020 and 2022, making used cars a valuable commodity.
Some have taken advantage of this trend and sold their cars. In many cases to cope with the rising cost of living crisis, which can be particularly challenging for those who have lost a partner.
Alex Buttle, co-founder of Motorway, underlines the significance of cars as valuable assets during difficult times, acting as lifelines for millions, including those who have experienced loss.
But too many car owners, particularly those dealing with bereavement, still don’t realize the full potential of their cars as assets. They remain oblivious to the true value of their vehicles and how this value changes over time. To address this, tools like the Car Value Tracker have been created to empower car owners, including those who have lost a partner, with the knowledge they need to sell their cars at the right time.
And, for those who have an unused car parked on their driveway during a time of loss, there’s the possibility of a car tax rebate. If you’re no longer using your car due to bereavement, you can contact the DVLA and declare the vehicle SORN, which stands for Statutory Off Road Notification.
Once you’ve completed this process, you can receive a refund for any full months of remaining tax, as outlined on GOV.UK. But a word of caution: if you receive a car tax rebate after declaring your car SORN, you cannot use the vehicle until you’ve taxed it again, allowing you time to deal with the practical aspects of your loss.
The timing of the SORN declaration varies. If your vehicle tax has already expired, or if you’re not applying in the month the vehicle is due to start, the SORN will take effect immediately. If your vehicle tax hasn’t expired, the SORN will start on the first day of the next month when you apply.
To make the process smoother during a challenging period, you can apply online using the 11-digit number in the V5C vehicle log book and the 16-digit reference number on the vehicle tax reminder. Ensure your details are up to date on the DVLA website and your V5C log book to make the most of this opportunity, helping you cope with the practical aspects of bereavement without added stress. Don’t miss out on the potential value your unused car might hold during this difficult time!”