VED stands for Vehicle Excise Duty, or road tax.
The government taxes all vehicles depending on the number of carbon emissions that they produce. The listing price of the vehicle is also taken into account when calculating rates of VED.
Vehicles built before 1 January of each calendar year become exempt from VED after 40 years.. This is not an exemption that is automatic and vehicle owners must ensure that they apply.
Vehicle Excise Duty
Where a van weighs less than 3,500kg, it is categorised as a van by definition under HMRC rules. Models such as Ford Transit vans and similar will therefore be classed as a van.
Some vehicles will fall outside of this classification, such as those with extra rows of seats, or double-cab pick-up trucks.
The V5 registration document that accompanies any vehicle can be used to check classifications. An N1 or N2 European classification will be taxed as a van. A M1 or M2 European classification indicates that the vehicle is dual-purpose and therefore taxed as a car.
Van road tax for the year 2023/4 is a flat rate of £320, which can be paid annually, 6-monthly, or in installments when paying via Direct Debit.
Some older vans are subject to a further discount, if they were Euro-4 or Euro-5 compliant between certain dates. In this instance, the VED will be significantly less.
Used Vans
If you are considering purchasing a van for either business or personal use, there are many benefits to buying used.
As well as lower rates of VED, significant savings can be made on the purchase price. New vehicles depreciate in value vastly during the first 12 months of their lives. Used vans cost significantly less as a result.
For examples of used vans for sale Oxford and the surrounding areas, visit Cotswold Van Centre.
When purchased from a quality dealer, used vans also come with the added benefit of having undergone rigorous inspections and testing. As a result, they come with a 1-year warranty and excellent deals on servicing packages.
