Do People Really Give Cars As Gifts?
The Budweiser Clydesdales and Coca-Cola’s Santa may have seemingly co-opted Christmas for marketing gain, but when car companies do it, it can still feel stilted. It’s hard to believe that some people are bequeathing five- or six-figure vehicles to one another for the holidays — with giant bows nonetheless. But according to Consumer Research, some people, in fact, do.
It may surprise you, but an estimated 14,994 new cars are expected to be given as gifts this season.
The number looks big, but out of a projected 980,000 new vehicles expected to be sold in December, these pricey presents make up only about 1.5% of all car sales. The number of people giving cars as gifts has gone down during the recent economic downturn. CNW Marketing Research says the peak of car gift giving happened in 2005, when 138,269 new and used cars were given.
The folks dishing out the dough for a gift like this are typically 30 to 60 years old and earn more than $100,000 a year, according to USA Today.
Gifters sometimes even use the big bow to give away their vehicles, too. Consumer Research says the bows are typically purchased by dealerships, but consumers can get the big magnet ribbon for $25 to $40.
It’s important to note that if you plan on gifting a vehicle, you should research your state’s tax code first. You could end up giving your recipient a burden rather than a reward.
Never Mind the TV Commercials, Do People Really Give Cars as Gifts? (Consumer Research)