Dad’s given me his car- advice please

Hi there,
My Dad’s decided to give up driving at the age of 84 due to poor health and has offered to give me his car due to me caring for him over the past year since my Mum died.
He has blood cancer, though not sure how long he’s got left.
My query is, would I be better off paying him a small fee for the car rather than him gifting it to me?
I’m just thinking when the inevitable happens will it be an issue if he just ‘gifts’ it to me?
Many thanks 


  • LunaLater
    LunaLater Forumite Posts: 107
    100 Posts Name Dropper
    I’m sorry to hear that he’s unwell.

    Is his estate worth more than the inheritance tax threshold? If not it makes no difference.
  • woodyt
    woodyt Forumite Posts: 102
    Part of the Furniture 10 Posts Combo Breaker
    Thanks for replying.
    His estate is probably worth about 300k.
  • Flugelhorn
    Flugelhorn Forumite Posts: 4,916
    Part of the Furniture 1,000 Posts Name Dropper
    In that case there won't be a problem - just accept the car (presume there are no siblings likely to get upset over the gift??)
  • LunaLater
    LunaLater Forumite Posts: 107
    100 Posts Name Dropper
    woodyt said:
    Thanks for replying.
    His estate is probably worth about 300k.
    Then yes, as above, there’s no issue at all with accepting it as a gift. No tax implications.
  • Sea_Shell
    Sea_Shell Forumite Posts: 8,867
    Eighth Anniversary 1,000 Posts Photogenic Name Dropper
    Just to cover all bases, ask him to also write a letter confirming that he is gifting the car to you, and that he is doing so of his own free will, rather than just his 'word' and you getting the paperwork swapped over.    ESPECIALLY, if you have siblings!!!!  

    You may feel this is OTT, but from some of the threads we see around these really isn't!.

    How's it going, AKA, Nutwatch? - 12 month spends to date = 3.34% of current retirement "pot" (as at end August 2023)
  • sheramber
    sheramber Forumite Posts: 17,475
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    Are there any siblings to inherit from his estate?
  • Stateofart
    Stateofart Forumite Posts: 142
    100 Posts Third Anniversary
    Just take the car and don't worry about it

  • silvercar
    silvercar Forumite, Ambassador Posts: 45,892
    Part of the Furniture 10,000 Posts Academoney Grad Name Dropper
    I would get a letter confirming it and do an online quick valuation eg WBAC. Should be no problem at all, but its often better to have clarity on these things.
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