The biggest risk you run is that a car will not belong to you after you have handed over the money for it. This is almost invariably the case if the car turns out to be stolen, even if you have bought in all innocence. It is usually the case if the vehicle has been used as security for a loan or hire agreement which has not been repaid in full.
There is a defence of "innocent purchaser" available in law, but you may have to go to court to prove it, when all the circumstances of the purchase will be taken into account. If you should have been suspicious you may not be deemed to be innocent. An 4Car HPI Check will alert you to any oustanding finance.
Your other main risks concern the quality and safety of the car. When you provide the registration number and VIN, the 4Car HPI Check can usually tell you if the car has been 'written off' or its true identity changed to disguise a problem car - a ringer, a clone, or a cut 'n' shut (see Jargon Buster).
Apart from the registration document, your most important paperwork to check is the service history and past MOT certificates, if the vehicle is old enough. Be suspicious where unexplained gaps arise.
A bit of extra detective work can pay dividends. You can use the V5 to try to contact the previous keepers of the vehicle to ask them the mileage when they had it.
While UK issued V5s only show the last two names and addresses, it's worth remembering that you may well be able to get the original keeper's name and address from the service book. If you can, give them a call, especially when trying to verify mileage - in most cases the highest mileage is done by the original owner.
If you have a problem with the car after the purchase, you may be able to sue for your losses - if you can find the seller.
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