Obviously, you care about someone a great deal if you’re giving them a gift of a vehicle that can easily can costly on your part. Although your heart may be in the place, there are a few factors you should consider prior to giving a car in Green Valley, AZ.
Your friend or loved one is responsible for any taxes that are required because of gifting taxes. You may want to take a few moments to evaluate the person’s financial situation to make sure he or she is able to afford this.
Insurance is a requirement for all vehicles. If the person you’re giving the car to isn’t able to afford the premium, you’ll need to be generous enough to pay for the first premium. If not, you could find yourself giving a holiday present that’s not of much use to the person. Before you even buy the car, you should evaluate what the price of coverage will be and determine if it would be reasonable for the person you’re giving the vehicle to. Even if you pay the first premium, the person may not be able to pay premiums after that.
In Arizona, a car must have a title. If you’re going to give the gift as a surprise, you’ll need to put it in your name first and then transfer the title. It’s more cost efficient to surprise the person at the lot, so it can go immediately in that person’s name. You’ll only need to pay one time for the title rather than once for the title and once for the transfer.
If you’re considering purchasing a car as a gift this holiday season, contact the Insurance Center of Green Valley at 520-648-1150 today for a quote.