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Adding value to a vehicle - allowed?
Justdoit18
Posts: 16 Forumite
Hello,
My husband is 6 months into BR. He's decided to buy a van and we know we need to keep the value under £1000. But, does anyone know what the rules would be around adding value? For example, would he be allowed to buy a van for £1000, and renovate it?
TIA
My husband is 6 months into BR. He's decided to buy a van and we know we need to keep the value under £1000. But, does anyone know what the rules would be around adding value? For example, would he be allowed to buy a van for £1000, and renovate it?
TIA
0
Comments
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Renovate? What does he plan to do, put in a new fitted kitchen and wooden floors?
I feel pretty strongly that the value of a clapped out £1,000 van isn't going to go up. This is a good thing as if it did become worth more then the OR could potentially require it to be sold and them to take the proceeds and give you £1k to buy another clapped out van.
That being said, if he can justify the need for a van to the OR, and his costs aren't increasing much then I don't really see a problem. He may even be able to increase the utility value of the van by boarding it out or doing some work to it if he has maintenance skills, although this probably won't affect it's resale value.Save £12k in 2025 #33 £2531.77/£5000 (If this carries on I might have to up my target!)
April take lunch to work goal - 3 of 120 -
Hahaha! Yes, exactly that! He's pretty handy and well 'renovated' vans can be quite pricey. Thank you!0
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As long as the van is exempted by the OR then you can do what you like with it. They won’t be monitoring it’s value.0
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Depends on the van and what he is doing with it. If he is buying vw camper vans and doing them up and selling them for profit then I would guess they would be very interested.
They aren't going to be valuing it everyday and forcing to sell a van that might now fetch 1200 with the right buyer.0 -
If you do up the exempted vehicle and keep it and drive it then fine. If you do up the vehicle and sell it for a significant sum (custom VW camper etc) then you should tell the OR.0
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KeepOnKnitting wrote: »Renovate? What does he plan to do, put in a new fitted kitchen and wooden floors?
which might make it into a campervan...
Keep it off road/SORN till your discharged and the works done...
no-one will be any the wiser0
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