If you're in the market for a new car, you have some options about what to do with your old one. If someone in the family can use it, you can pass it along. If it's reasonably new, and in good shape, you can use it as a trade-in on your new vehicle. Or, you can try to sell it yourself and go through the hassle waiting for strangers who may or may not show up when they said they would, and then try to talk you into a selling price far lower than you can accept.
If your old car, however, is not worth much as a trade-in, and there's no family member who wants to take it on in its unwarrantied state, you can still get a reasonable return on it by, of all things, giving it away. How?
How A Charitable Car Donation Will Benefit You
You can use your car for a charitable car donation. There are thousands of charities nationwide which will gladly take an old car off your hands, and wither use it in performing their good deeds, or sell it and use the proceeds to fund their good deeds. Other than relieving you of having to pay to keep the car registered and insured while it sits idle in your driveway, how exactly does turning it into a charitable car donation benefit your finances?
You will be able to take a tax deduction either in the amount of the fair market value, as determined by the Kelly's Blue Book, if the group to which you make your charitable car donation uses it in performing their tasks. If, however, they sell it and use the proceeds, you can claim full sales price of your charitable car donation as a deduction. If it sells for less than its Blue Book value, you can claim that.
Aside from your potential tax write-off, your charitable car donation will help the charity you have chosen to aid people less fortunate, so you can enjoy knowing that it is making a big difference in somebody's life. You, in the meantime, will not have to worry about maintaining the car so it does not become an eyesore, or using some possibly precious garage space to store it.
Other Reasons For Making A Charitable Car Donation
Many people choose to make a charitable car donation as part of their wills, and many people who have inherited a car as part of a loved one's estate will choose to make a charitable car donation rather than be faced with memories each time they drive a car. There are lots of reasons, other than your simple need to relieve yourself of an old car, why you might choose to make a charitable car donation.
Regardless of your reason for doing so, your charitable car donation will put a good vehicle to work for someone who really needs it, and reward you with a lower tax bill or higher tax refund. Everybody, in other words, wins!
You can also find more info on Car Donation Tn and Making A Car Donation. 1 is a comprehensive resource to know about Car Donation.
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