Vehicle ownership terms, explained plainly.

MOT

An annual test that most vehicles over three years old need to pass in the UK, checking roadworthiness, emissions and safety.

SORN

Statutory Off Road Notification. A declaration that a vehicle is off the road and not being driven, which means it doesn't need tax or, in most cases, insurance while it's declared.

VED (vehicle tax)

Vehicle Excise Duty, more commonly known as road tax or vehicle tax. It's a legal requirement to keep this current for any vehicle used or kept on a public road.

V5C

The vehicle's registration certificate, sometimes called the logbook. It shows who's registered as the keeper of the vehicle.

Appreciation ROI

How much a vehicle's value has changed since you bought it, shown as a percentage. A positive figure means the vehicle is worth more than you paid for it.

All-in ROI

A broader return figure that accounts for both the change in the vehicle's value and everything you've spent owning it, servicing, faults, insurance and tax.

Plate retention

The process of keeping a number plate registered to you rather than to the vehicle it's currently on, so you can move it to a different vehicle later or keep it off the road.

Written off

A vehicle that an insurer has assessed as too damaged, or too costly to repair, relative to its value.