My brother has a 10 year old car and it is starting to give him trouble. It has high mileage and there isn't much point in putting a lot of money into repairs. I have a 10 year old car which is running well and has low mileage. I am thinking of upgrading to something newer and I was going to trade my car in as part of the purchase. I'm not going to get much by way of a trade in so I was considering swapping cars with my brother. He would take ownership of the car that is running well and I would trade in the car that is giving trouble. I'll obviously get less of a trade in advantage by trading in his car but I'm fine with that.
Is it just a case of us both sending off the respective logbooks to re-register the cars in each others names and sorting out the insurance? I presume there are no tax issues at play here as both cars are of a similarly low value.
Is it just a case of us both sending off the respective logbooks to re-register the cars in each others names and sorting out the insurance? I presume there are no tax issues at play here as both cars are of a similarly low value.