P,
V-CAR is a register for insurance write-offs. In other words, the car has been put back on the road after a total loss claim. Most likely accident/repaired. May be category C or category D. Either way, it hits the resale value because no dealer will accept it as a trade in.
Find out as much as you can about the cause of the insurance loss before taking it any further and bear in mind that the car will need a thorough inspection to ensure that it is roadworthy.
Some V-CAR registered cars are not risky at all, for example, if the engine was the culprit. Plug in a good used engine and the car is back as it should be.
D.
