How To Gift A Car This Holiday Season?
December 12, 2020
Are you looking for an idea to gift a car this holiday season? If yes, then congratulations as you already have won the award of the best gift that you can give to your loved ones. As you arrange for the vehicles ship you will have the assurance that the happiness of the receiver will have no bounds at all. The reason could be any behind you having an idea of gifting a car.
If you have an old car and if you want to get rid of it then rather than gifting and spending money on the ownership transfer, you can easily sell it online at several sites. While if you want to give it to someone who is financially weak then you can consider gifting options else gifting a new car is a great option. If you are ready with your budget and get ready to surprise your loved ones.
Maybe on someone’s birthday, passing on the driving license, completion of graduation, on retirement or you want to gift it to your best friend as he/she is struggling financially, regardless of the reason why you want to gift a car, if you worried about how you will gift the car to surprise to your loved ones then this is just the right guide for you.
Choose The Right Car
You should choose the right make, model, and color of the car according to the receiver’s preferences. You can give a personal touch by choosing the right color that will always go noticed.
2. Think A Little About The Financial Condition Of The Giftee
Remember that you should gift the car only to the person who can pay for the insurance, maintenance, gas, and repairs as well. You should only give the car to the one who can afford the car ownership expenses.
3. Pay Off The Car Loan
You can’t transfer the title of the car if you don’t own a car outright. So, you should have to first pay car loans.
4. Do You Have To Pay Taxes On A Gift Card?
Yes, there are certain taxes that you have to pay like the fee of transferring the ownership and registry fee which all the taxes vary from one state to another. For a car to be a gift, you have to pay almost all the taxes that a normal person has to pay while buying a car. You can also apply for tax exemption in some cases.
5. Inheritance tax
There is no inheritance tax that you have to pay for gifting the car to one of your family members. Though to understand it fully, you should know the complete list of rules of inheritance tax.
5. Now it is time to transfer the title of the vehicle
Once you have paid all the bills off the car and you are legally the owner of it then it is time to transfer the title of it to the person you are gifting to it. Local DMV is the easiest way to transfer the car. Make sure you do all the necessary paperwork by following all the legal requirements and pay the fee for it. The transferring rules change from one state to another state and you have to follow the policies and the rules according to your state.
6. Buy the insurance for the new owner
Once all the tasks had been completed and the giftee has received the gift rather than being a responsible gift giver, you should check whether the one has followed the simple process of buying the car insurance or not. Your insurance agent might require your car at the inspection station before insuring it. Check all the state’s requirements at the department of motor vehicle’s website of your area.
7. Check the additional gift requirements with the state registry of motor vehicles
You can easily gift the car to your family member in almost all the states as there is no sales tax that you have to pay when you transfer the title to one of your family members. But to gift it to someone else, you need to fulfill the other requirements as well. You should check all the rules and regulations of your state and the receiver’s state as well. Sometimes you have to give proof of the family relationship. Only missing paperwork can make you wait for months and can create a lot of problems as well. Be sure you follow all the rules and regulations before transferring the title.
8. Ship your car
Finally, you have transferred the ownership and now it is time to surprise your loved ones by making the car reach the door of their home. Hire the car towing services and let the car reach the right place and capture the moment when the giftee sees that giant gift placed at the front of their door.
Follow the above-given procedure and surprise your loved one in the best possible way with this giant surprise. A credible car transport company will offer you reliable solutions for shipping the car during the pandemic. Make sure you choose the best service provider.