Does Transferring a Car Between Family Members Affect Its Depreciation?
1 Answers
Transferring a car between family members affects its depreciation. Introduction: Used car transfer, as the name suggests, is the process of changing the name of the vehicle's owner. It is an essential procedure in the buying and selling of used cars that cannot be omitted. Failure to transfer the vehicle will cause inconvenience to both the buyer and the seller. Important Notes: When buying a used car, apart from checking the condition of the vehicle, the most crucial step in the transaction process is completing the transfer procedures. To save costs by skipping the transfer process might work out fine if luck is on your side and no issues arise. However, if luck is not on your side and an accident occurs, you could be caught by the police, face fines, and most importantly, the insurance company will not cover any damages. No matter how significant the loss, you will have to bear it yourself—this is truly a case of being penny-wise and pound-foolish.