We consider a joint radar estimation and communication system using orthogonal frequency division multiplexing (OFDM) and orthogonal time frequency space (OTFS) modulations. The scenario is motivated by vehicular applications where a vehicle equipped with a mono-static radar wishes to communicate data to its target receiver, while estimating parameters of interest related to this receiver. By focusing on the case of a single target, we derive the maximum likelihood (ML) estimator and the Cramér-Rao lower bound on joint velocity and range estimation. Numerical examples demonstrate that both digital modulation formats can achieve as accurate range/velocity estimation as state-of-the-art radar waveforms such as frequency modulated continuous wave (FMCW) while sending digital information at their full achievable rate. We conclude that it is possible to obtain significant data transmission rate without compromising the radar estimation capabilities of the system.