Whether you’re celebrating a holiday, a birthday, or a major life milestone, a car is a memorable gift. Stamford-area drivers know there’s just one place to find a wide selection of top-quality used cars—Harbor View Auto Sales. This used car dealership is committed to providing reliable vehicles at affordable wholesale prices. The team is interested in more than just selling you a car; they also offer auto repairs to make sure your loved one’s gift always looks its best and runs smoothly.
Buying from a used car dealership can be a simple, stress-free process. Giving the car as a gift can be more complicated. Fortunately, Harbor View Auto Sales can guide you through the ins and outs of gifting a car in Connecticut.
3 Easy Steps To Gifting Someone A Car
1. Have A Financing Strategy
Although this conversation can take the surprise out of your gift, it is important for you and your intended recipient to be on the same page when it comes to the financial details of car ownership. Harbor View Auto Sales encourages customers to pay cash when possible so you own the car outright. If you do need a loan, the used car dealership offers guaranteed financing and a simple online credit application.
2. Review The Tax Implications Of Your Gift
When giving a car as a gift, the recipient does not have to pay the sales and use tax. However, as the giver of the gift, you may be responsible for paying the Connecticut gift tax. Currently, gifts up to $14,000 in value are exempt from this tax.
3. Transfer The Ownership Paperwork
When you buy the car you plan to give as a gift, the title you receive from the used car dealership will be in your name. In order to finalize the gift-giving process, you will need to transfer the title to your intended recipient. Connecticut law limits car gifting to immediate family members such as a parent, a child, a sibling, or a spouse/domestic partner. In addition to the title and registration documents, you will need to bring a completed Motor Vehicle and Vessel Gift Declaration form to the DMV when you transfer ownership of the gift to your recipient.
The next time you’re looking for a top-quality car for a great price, make Stamford’s best used car dealership your first stop. Visit Harbor View Auto Sales online to browse the current inventory, and call (203) 588-2307 to begin the buying process.