I am selling my car and have found a potential buyer. Copyright 2021 Leaf Group Ltd. / Leaf Group Media. But if you want to give that car to someone permanently as opposed to selling it, there are a few more steps involved.Luckily, the process is straightforward and far less complicated than you might think, and we have some answers to any questions you might have. Check the classified ads in local newspapers and local auto traders for similar vehicles. Transferring ownership of a car to a family member is no different than selling a car to a stranger---with the exception that you may be selling the car at a highly reduced price. Contact your insurance company to inform them that you have sold the car. How to sell a car - tips for quick sale and best price | AA Sure you can If it’s worth $1.00 no one will say anything. Most deeds formally recite a nominal consideration in the deed language, $1 or $10, but that is just a term of art. Selling/gifting property for $1. Perhaps the nature of your friendship permits your friend to pay you on an installment plan if this approach is better for his budget. Gifting a Car in NY | Transfer the Ownership of Your Vehicle in … Determine a fair selling price for the car. Transferring ownership of a car to a family member is no different than selling a car to a stranger---with the exception that you may be selling the car at a highly reduced price. If you're interested in selling your car in the state of Florida, there are a few things that you'll need to take care of before you can officially sell your car. They pay a small fee to us, which allows them to contact you. This estimate can help you determine an appropriate selling price based on the car's value. For more tips about buying and selling cars, visit DMV.ORG's Guide to Buying and Selling Cars. Ensure that all of the paperwork for the car is in order. Make sure to remove your license plates from the vehicle so that they can be turned in to the Department of Motor Vehicles or transferred to a new vehicle. Back in the mid-'70s, my father sold me a car for one dollar, even though it was worth several thousand dollars. If you plan on "selling" the car for $1, for example, your plan of helping out a relative may be somewhat foiled if he gets stuck paying sales tax on the value of the car. You also need to take care of the title to complete the transfer of ownership. Some states have a special form that needs to be filled out, while others require an affidavit on the title transfer that recognizes car transfers between family members. The asking price for used cars also depends on the region in which you live. The Blue Book can be found at local libraries, banks and major bookstores or you can visit the Kelley Blue Book website for free online (kbb.com). Gifting a car vs. selling it for $1, ️ Do you know how to gift a car? The car buyer will need to register the vehicle and have it properly insured prior to driving it. You can also find a sample Bill of Sale form on our site. After I transfer the vehicle ownership, the buyer will have to transfer the vehicle title to himself, and will also need to pay sales tax on the sale price. There is an adage that you should never sell a car to a friend. in journalism and political science. Its book value is $1700 but it's way more of a money pit than an an asset and accordingly he doesn't want any money for it. He is the guitar player for the nationally touring cajun/zydeco band Creole Stomp. To protect your friendship, be sure to choose a trustworthy mechanic. Absolutely, but this is probably a worse option than having them gift you the car. The buyer is responsible for sales tax on the actual sale value of the vehicle, and you aren't liable for penalties even if the buyer never pays. As the buyer is paying me in cash, he asked me to write down a really low amount as sale price, so that he will save a considerable amount of the sales tax. Get cash offers from dealers, schedule in-person appraisals, get Black Book value estimates and place ads today. This advice is motivated by the assumption that as soon as something goes wrong with the car, your friendship will be in jeopardy and your friend will blame you for selling him a "lemon". Although you might not experience this situation, there are some friends that you may not want to engage in this type of business arrangement. Does anyone know the cheapest way to legally give your car to a friend in los angeles?I'm moving and trying to help a buddy who has no wheels but I … What If the Recipient Sells the Property? If he turns around and sells the house for its $200,000 value, but you only paid $50,000 for … Consider what your friend can afford and consider your own needs. 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