Right now, we’re halfway through 2018. It’s roughly less than six months to December. The month of celebration and exchanging of gifts. If you’re thinking about a perfect Christmas gift, this post will help you on How to Buy a Car as a Holiday Gift.
Apart from Christmas, people also exchange gifts on other annual holidays. Valentine’s Day is a huge holiday for both married couples and dating couples. That’s why some car dealers offer special Valentine’s Day discounts because it’s not unusual for lovers to buy cars as holiday gifts.
Are you ready to learn how to gift a car?
7 tips on How to Buy a Car as a Holiday Gift
1. Research on your loved one’s car tastes
Did you know that the Lexus is a popular choice for car buyers planning to buy a motor vehicle as a surprise holiday gift? Lexus models appeal to millennials because they possess elegant glossy designs, high-quality leather interiors, and a wide array of superior technical features. In fact, even Tupac Shakur, the greatest hip-hop legend gave shout-outs to Lexus in three different songs. Jay-Z brags about cruising down New York’s 8th Street in an off-white Lexus in his chart-topping hit alongside Alicia Keys titled Empire State of Mind.
Make sure you understand what your friend, relative or spouse needs by using low-key research tactics. For instance, you can take a slow walk along a busy street and make a random observation about a car that’s just passed in your direction. Or, you can drop by with a car magazine and start a discussion. You’ll get to learn more details about their preferences in cars.
2. Find out if the model is easily available
If you’ve established what your loved one desires in a car, you need to find out if that car is readily available. Shopping for a car connoisseur can be an uphill struggle because he or she may want a limited edition model manufactured in the 70’s. First, it really takes a lot of time to find a 70’s car that’s in good condition. Perhaps the biggest challenge you’ll encounter is an astronomical buying price because limited edition cars age like fine wine. The value increases with age.
Visit car dealerships near you to find out whether the car you’re planning to purchase as a holiday gift is available all year round. This is an ideal gift because you can work out a savings plan and buy the car conveniently.
3. Find out their favorite color
People have favorite colors because it appeals to their unique personalities. Color also represents various identities. For instance, pink represents everything female. So, if you’re planning to surprise your daughter with a car, you won’t go wrong buying a pink car. Just make sure that it’s her favorite shade of pink. Boys, on the other hand, prefer dark blue and black colors.
One way of finding out your friend or relative’s preferred colors is by observing their dressing. You can tell a girl’s favorite color by checking the colors of her accessories such as necklaces, bracelets, and phone covers. If this doesn’t work, you can always ask directly.
4. Start saving up
After spending enough time learning about your loved one’s car tastes and favorite color, you need money. Don’t wait until November to get your finances in order because the high consumer demand makes dealerships run out of stock fast. Start saving right now because you can book the car before the hectic holiday season.
It’s ideal to save 25-30% of your monthly income in a fixed savings account. Apply for standing orders because it will help you accomplish your goal efficiently. When a wise person receives their net salary in the bank, they first deduct savings then spend what’s left.
5. Decide on your purchase option
Are you planning to pay cash for the new car or apply for an auto loan? Each option has its own advantages and limitations. A cash purchase gives the owner full ownership rights on the spot. If you’re planning to buy a car for someone who loves flashy car accessories, plan for a cash purchase.
Auto loans are ideal for car buyers who have several long-term debts but can afford to buy a car through monthly installments. Check your credit score to find out how much you’ll pay in interest charges. Save up for a good deposit because it greatly reduces the amount you pay each month in installments. If you have a poor credit score, you can still buy a car as a holiday gift and improve your credit score greatly by applying for a bad credit auto loan.
6. Find out the right procedure of transferring your car’s title
In some federal states, it’s illegal to buy a car in someone else’s name. If you live in such places, you’ll have to buy the car in your name then go to the DMV to find out how to transfer your car’s ownership. You’ll fill out some forms and probably pay some fees to facilitate car ownership transfer to your beneficiary.
Remember, you need to carry out your car’s title transfer before your beneficiary receives their pleasant surprise. Why? Because your beneficiary will encounter challenges trying to get an auto insurance cover when their names don’t appear in the car’s title. If unfortunately, your beneficiary gets into an accident, the police will charge them for driving a car without a title.
7. Buy the car at the end of a month
Car dealerships usually offer end month special discounts because most people receive their salary on either the third or fourth week of the month. If you take some time to compare end month car sale offers around you, you can even get a 30% discount. Imagine paying $14,000 for a car that usually goes for $20,000. The extra $6,000 can cover your auto insurance expenses for at least six months.
2. Now you know the pro tips for buying a car as a holiday gift
Buying a car as a holiday gift shouldn’t cause you sleepless nights because you understand that it depends on three factors. Individual tastes, the car’s availability, and ideal purchasing option. After buying the car, inform your car dealer that it’s a gift so that they can make the necessary delivery arrangements.