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Employer gift of a car

Angie1973Angie1973 Member Posts: 3
edited August 2022 in General
I have a very specific scenario I’m seeking advice for. My employer gives a gift of a new car for the 20th year anniversary. I don’t wish to appear ungrateful but I’m blind so have no use for a new car. I’m seeking advice on how to buy and then sell a car with the least amount of loss. It’s my responsibility to purchase the car and I’m responsible for the tax on it.
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  • kyfdxkyfdx Moderator Posts: 265,778
    Angie1973 said:

    I have a very specific scenario I’m seeking advice for. My employer gives a gift of a new car for the 20th year anniversary. I don’t wish to appear ungrateful but I’m blind so have no use for a new car. I’m seeking advice on how to buy and then sell a car with the least amount of loss. It’s my responsibility to purchase the car and I’m responsible for the tax on it.

    My first reaction is that given your physical situation, that you ask the company to cut you a check, instead. Seems perfectly reasonable in this case.

    But, if that isn't an option:
    You buy the car, and the company cuts you a check to pay for it? Or, do they pay the dealer directly?

    Either way, try to setup with the dealership that they purchase the car from you, immediately after sale. The downside: You'll get less from the dealership than the retail value of the vehicle (which you'll pay income tax on), and you'll also likely be out the sales tax on the original purchase, as well.

    Shop around for a dealer that will give you the best deal on both sides of the transaction. You'll need to find a sales manager. I wouldn't waste time with a salesperson.

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  • Angie1973Angie1973 Member Posts: 3
    Thanks so much for taking the time to reply. I did ask for money and was turned down. My employer writes the check to the dealership and there’s a photo op with the CEO and the new car.
  • kyfdxkyfdx Moderator Posts: 265,778
    Angie1973 said:

    Thanks so much for taking the time to reply. I did ask for money and was turned down. My employer writes the check to the dealership and there’s a photo op with the CEO and the new car.

    That's disappointing, I'm sure.

    Again, shop around, and find a dealer that will handle the full transaction (selling, then buying it from you). Be upfront about your issues, and that you are trying to realize the most amount possible.

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  • texasestexases Member Posts: 11,107
    edited August 2022
    Do as @kyfdx suggests, that way it's done quickly and simply, and you'll have the cash to pay the taxes due.
  • texasestexases Member Posts: 11,107

    Another thought-in todays crazy car market there are both opportunities (sometimes being able to sell a near new used car for more than the new car price in some cases) and complications (some makers have put in rules to prevent just that scenario, sometimes know as ‘flipping’ the car). Just be aware. Anyone that can go with you that knows a bit about buying and selling cars?

  • Angie1973Angie1973 Member Posts: 3
    Thanks again. I had hoped to gift the car to my father for all the extra years of chauffeuring he had to do and he loved cars. Unfortunately, he died last summer. My mom lives in the burbs and barely drives so new car would likely stress her out. Unfortunately, I don’t have anyone else in my life that knows about buying new cars. I’ve been reading articles for car buyers but they’re about selecting features and affordability and neither of those really apply here. I was considering luxury vehicles as might be able to get more for them. I was also wondering what would happen financially if I got vehicle worth more than my salary and donated it outright. I was also fantasizing about getting the most rediculous vehicle possible so the CEO would have to pose with my brand new wiener mobile : )
  • kyfdxkyfdx Moderator Posts: 265,778
    Angie1973 said:

    Thanks again. I had hoped to gift the car to my father for all the extra years of chauffeuring he had to do and he loved cars. Unfortunately, he died last summer. My mom lives in the burbs and barely drives so new car would likely stress her out. Unfortunately, I don’t have anyone else in my life that knows about buying new cars. I’ve been reading articles for car buyers but they’re about selecting features and affordability and neither of those really apply here. I was considering luxury vehicles as might be able to get more for them. I was also wondering what would happen financially if I got vehicle worth more than my salary and donated it outright. I was also fantasizing about getting the most rediculous vehicle possible so the CEO would have to pose with my brand new wiener mobile : )

    Is there a price limit on the vehicle? I like the idea of a wiener mobile.

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