Do you dream of wrapping a new set of keys and stuffing them in a stocking? Perhaps you would love to park a new car in the driveway topped with one of the giant red bows you see in the commercials. If you want to become a part of the 17 percent of people who have ever gifted a car to someone else, the holiday season just may be the time to do it. After all, savvy shoppers know how important it is to shop for the best price – especially when it comes to big-ticket items like cars. Continue reading to learn how to score a great deal on a vehicle and our tips for gifting it to your loved one.
Get Ready to Bargain
Buying a new vehicle in December may put you at an advantage over other times during the year. December is the time of year when many dealerships are offering sales on previous year model close-outs to make room for the newest models. It is also the time when sales managers are vying to reach goals and score big year-end bonuses. Also, waiting until the end of the month – perhaps a couple of days after Christmas – might give you an extra edge up. The end of the month is always a good time to haggle for a bargain since many dealerships are working hard to earn manufacturer incentives.
Don’t Forget the Paperwork
There are papers that need to be signed when you purchase a new vehicle. If the car is for a minor child or a spouse, but you to retain ownership, there is no harm in registering it under your own name. However, a vehicle that will be registered to someone else or will be financed in the name of two individuals will require their signature on the paperwork. That might mean you have to come back to the dealership to officially ‘close’ the deal after the surprise. However, some dealers will let you take the vehicle for the big reveal and return to sign the paperwork.
Also, consider that the car will need to be insured before you can drive it off the lot. Affordable car insurance is an easy find if you use an independent agent to shop for coverage. If you have not yet closed the deal but are taking the car home for Christmas, talk with your agent about whether your existing policy will cover you while you are driving the dealership’s car.
Old Car Needs a New Home, So Consider Donating It
If the recipient of your gift has an existing vehicle that will need a new home, why not donate it to a worthy organization? There are many charities that willingly accept vehicles as donations. Some will use the vehicles for charitable purposes, whereas others may sell the cars to raise funds. If you choose to donate an old vehicle, think ahead for tax time. With just days left in the tax year, the donation of a vehicle could offer a significant tax break if you give it to an IRS-approved charity.