A relative did this with an MX-5 a few years ago. They went via a company who managed the whole process, so they didn't have to deal with all the legal issues themselves. They seem to have been very happy with it.
£400 / year just to keep a car on the road seems steep! But if it includes insurance cover, then it's not really very different to the UK market which has similar requirements (annual tax, annual inspection, minimum insurance level). In the UK, you generally pay these yourself regardless of the age of the car (except for the annual inspection which kicks in after three years, but only costs £40). Interesting how the psychology of suddenly being faced with the 'new' annual cost (which of course you've effectively prepaid for the first few years as part of the purchase price of the car) nudges people into getting rid of their cars instead of keeping them running.
£400 / year just to keep a car on the road seems steep! But if it includes insurance cover, then it's not really very different to the UK market which has similar requirements (annual tax, annual inspection, minimum insurance level). In the UK, you generally pay these yourself regardless of the age of the car (except for the annual inspection which kicks in after three years, but only costs £40). Interesting how the psychology of suddenly being faced with the 'new' annual cost (which of course you've effectively prepaid for the first few years as part of the purchase price of the car) nudges people into getting rid of their cars instead of keeping them running.