Research on vehicular networking (V2X) security has produced a range of security mechanisms and protocols tailored for this domain, addressing both security and privacy. Typically, the security analysis of these proposals has largely been informal. However, formal analysis can be used to expose flaws and ultimately provide a higher level of assurance in the protocols. This paper focusses on the formal analysis of a particular element of security mechanisms for V2X found in many proposals: the revocation of malicious or misbehaving vehicles from the V2X system by invalidating their credentials. This revocation needs to be performed in an unlinkable way for vehicle privacy even in the context of vehicles regularly changing their pseudonyms. The REWIRE scheme by Forster et al. and its subschemes BASIC and RTOKEN aim to solve this challenge by means of cryptographic solutions and trusted hardware. Formal analysis using the TAMARIN prover identifies two flaws with some of the functional correctness and authentication properties in these schemes. We then propose Obscure Token (OTOKEN), an extension of REWIRE to enable revocation in a privacy preserving manner. Our approach addresses the functional and authentication properties by introducing an additional key-pair, which offers a stronger and verifiable guarantee of successful revocation of vehicles without resolving the long-term identity. Moreover OTOKEN is the first V2X revocation protocol to be co-designed with a formal model.