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During the holiday season, gifting a car to a loved one is considered a very generous gift. Giving a car can bring independence, peace of mind, and relieve financial stress for your recipient. For some, it can simply be an upgrade of their current car, and for others, it can be life changing. As you consider giving the gift of the road to your loved one, there are a few logistics to factor into your plan.
It is important to factor in the paperwork involved in purchasing a car. The title will be in your name in the initial purchase. Once you surprise them, you will want to transfer the title to your loved one’s name. This will require you both to make a trip to the DMV. In the state of New Jersey, the title transfer will have you write "GIFTED" in the price section, and state law ensures that you do not pay sales tax on a gift transfer.
There are additional costs that come with car ownership. Is fuel, maintenance, and insurance something that you will include in the gift? Is it something that your recipient can easily incorporate into their budget? For gas and maintenance, maybe consider a gift card to a popular gas station or mechanic. For insurance, it is important to know that New Jersey requires all registered vehicles to have Liability, Personal Injury Protection, and Uninsured Motorist Coverage.
You can easily work with a local Newark area E.S.T.I.R. Inc. agent to find the right coverage for your loved one. Even if you are not covering the insurance costs, delivering a car with an affordable and comprehensive insurance quote is one way to make the gift of giving this holiday season, even more memorable.