Vehicular Ad Hoc Networks (VANETs) are powerful platforms for vehicular data services and applications. The increasing number of vehicles has made the vehicular network diverse, dynamic, and large-scale, making it difficult to meet the 5G network’s demanding requirements. Decentralized systems are interesting and provide attractive services because they are publicly available (transparency), have an append-only ledger (robust integrity protection), remove single points of failure, and enable distributed key management and communication in a peer-to-peer network. Researchers dedicated substantial efforts to advancing vehicle communications, however conventional cryptographic mechanisms are insufficient which enabled us to look at decentralized technologies. Therefore, we revisit decentralized approaches with VANETs. Endpoint devices hold a wallet which may incorporate threshold key management methods like MPC wallets, HD Wallets, or multi-party threshold ECDSA/EdDSA/BLS. We also discuss trust management approaches and demonstrate how decentralization can improve integrity, security, privacy, and resilience to single points of failure. We also conduct a comprehensive review, comparing them with current requirements, and the latest authentication and secure communication architectures, which require the involvement of trusted but non-transparent authorities in certificate issuance/revocation. We highlight the limitations of these schemes from PKI deployment and recommend future research, particularly in the realm of quantum cryptography.