Purchase of Car from Son

I am purchasing a 4 year old car off my son . The car is registered under my address in his name as well.

I have not purchased a new car for over 15 years and never in Victoria as previously lived in NSW.

He is selling it to me for just under the market value. Is he still required to get a Roadworthy Certificate if selling to me and car is still under warranty.

Can the selling from his side and the buying from my side all be done on the Vic Roads online website.

Can anyone explain what we need to do. Kind Regards

Comments

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  • +6

    To avoid stamp duty, can you just give him money and have him keep the car in his name?

    • +11

      Bonus, all the traffic infringements and parking tickets go to the son. Winning bigly.

      • It’s not hard to declare who was driving.

    • Just do this and save yourself money.

    • -3

      The other way to avoid stamp duty in most jurisdictions is to let the registration run out. But that usually results in other costs to get it re-registered.

      • +1

        You still have to pay stamp duty when you register it in a new name.

  • +4

    This is ozbargain not parentbargain. Your son should be gifting you the car ;-)

    • +3

      Best way is to marry your son so avoid taxes.

      • +14

        Not possible - OP is from Vic not Tassie

  • Yup, need RWC and to pay duty on fair market value. RWC isn’t done through vicroads, but the transfer form and fees are.

    • -3

      OP just needs to pay stamp duty on whatever price they declare
      Nobody is going to check.

      Cars are sold cheap for many reasons

      • can you declare $0 sale value ?

        • The stamp duty is calculated off the market value, so not sure you would ever get away with $0.

        • No, but 30% under market value no one will care.

  • Warranty has nothing to do with it. You or your son must obtain a RWC. You must pay the transfer fee and stamp duty to put the vehicle under your name.

    RWC on a 4yo car that is well maintained should be no more than $300.

    There are calculators on VicRoads website to work out the stamp duty and transfer fee.

    You can avoid most paperwork by both using your VicRoads accounts online.

    He is selling it to me for just under the market value

    Tell him to man up and look after his mum.

    • +5

      lol actually it is a lot under He a good boy Thank you for your help

    • +4

      Tell him to man up and look after his mum.

      Maybe he's a Westpac employee 🤔

      • no but I was

        • +2

          Is the car a Mercedes?

  • You can avoid the RWC and stamp duty by claiming a domestic partnership. Just need a stat dec.

    https://www.vicroads.vic.gov.au/buy-sell-transfer/other-tran…

    • Errr lol, have you done this?

  • wow the basics of life

  • Is there any financing on the car that needs to be considered?

    If transferring your name onto ownership papers, RWC applies. No exemptions because you are family.

    Tax structures exist to address these scenarios, but not very useful for one car's RWC.

    Why the sale/necessity to transfer names?

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