So, you’re ready to part with your beloved vehicle. However, before you automatically ask your dealer about an option to trade-in or start seeking a seller, consider donating your car to charity. But, why should you donate your car rather than cashing in on a sale? Here are 6 reasons to consider:
1. Help A Charity
There are many charities that can make use of a donated car. Whether you donate your car to Goodwill or your local community college where it can be used to train new mechanics, your car will be put to good use. Sometimes rather than using the vehicle, charities sell the car at auction or find a seller and use the funds instead. Either way, the charity benefits greatly from your donation. Just make sure you find a charity that’s properly registered.
2. Enjoy Tax Benefits
You can typically count your donation as tax deductible. In many cases, you can deduct the fair market value of your vehicle at the time of the sale. You’ll have to keep track of your records when making your claim, and the charity often supplies a certificate or letter indicating the price at which the vehicle was sold. You can double check what the IRS policies on donating vehicles are on their website. Depending on the value of your vehicle, it could be a hefty deduction on your taxes.
3. No Hassles Selling
Selling your car can really be a hassle. If you do it on your own, you have to field potential buyers, put up ads and filter through all of those interested in buying it. Then, you have to haggle over the price and go through title transfers and more. While you’ll still have to take care of titles, there’s really no way to get rid of a car without doing that. By avoiding dealing with the sale, you’ll save some time and do a good deed as well.
4. Get Rid of Your Junker
Even if you have a car that’s been sitting on your property for years, has rust damage and won’t ever run again, some charities will still pick it up and sell it for scrap. Vehicles for Veterans is one organization that will take nearly any type of car in any condition and make use of it. So, rather than going to the trouble of having your junker towed for scrap, allow it to be put to good use for charity.
5. Free Pick-Up
Many charities make your life easier by picking up the vehicle you’re planning on donating. Worried about that junker? Charities may be able to pick it up as well and remove it from your property.
6. Feel Good
There’s nothing that compares with the feeling of giving to others. Serving others with a donation is one way you can support the community and others who are less fortunate. Although you may not get much out of it economically, you’ll get the satisfaction of knowing you’ve been charitable.
Donating your car can earn you a tax deduction and help your community at the same time. Why not donate your old car instead of selling it? There’s nothing that compares with the fulfillment of supporting a cause you believe in.