|
You’ve purchased a new car and now you must find a home for your old vehicle. You have several options to explore when it comes to getting rid of your old car: donating it to a charity, giving it to a friend or selling it. Many charities will graciously accept a donate car and use it to advance a variety of charitable causes. Alternatively, you can give it to a friend in need, or simply sell it. With so many options to consider how do you know which option is right for you and your old car? Evaluate Your Needs and Your Car Deciding what to do with your old car depends heavily on the cars condition and your own needs. Ask yourself the following questions to help guide your decision: * Do I greatly need the financial gain that would be earned by selling the car? If so, how much can I reasonably expect to earn from the sale? * Would a tax deduction be more beneficial than the direct income from a sale? * Would I prefer to help those in need instead of increasing my own earnings? * What is the overall condition of the car? Will it require considerable maintenance before it is drivable? * Do I know anyone personally that would benefit from my old car? Consider the Different Options Available There are three primary options to consider. Based on your answers to the above questions you will be able to better know which option is the best for you: 1. Donation – Donating your car to charity is a mutually beneficial way to find a new home for your old car. There are hundreds of charities to choose from when donating your car. Some will sell your car and use the proceeds to advance their causes, while others will use the car directly to advance their cause. This means car donation is ideal regardless of the condition of your car. Donating your car to a charity is a tax deductible method of getting rid of your old car. 2. Personal Gift – If you know someone in need of a car, consider simply giving them yours. While it will not be tax deductible, it is a great way to help a friend in need. However, if the car is not in great condition and your friend is not a mechanic, it may end up being more of a burden than a gift. 3. Sales – You can use your old car as a trade in when purchasing a new car, or sell it privately. There are several factors that will affect the value you will receive from your car, primarily the condition. This means that it may be better to donate it to charity than go through the hassle of selling it. You’ve been fortunate enough to own a new car, leaving you with an old vehicle. Deciding what to do with it warrants your consideration. A nonprofit organization will greatly benefit from a car donation, as will gifting it to a friend. Take your time to decide on a home for your new car. Derek McIntyre is a contributing writer and automotive specialist. Most people believe that selling their cars is the only way to find homes for old vehicles. However, Derek regularly suggests donating a car to charity as a tax deductible way to help those in need.
Related Articles -
Donate car, Donating a car,
| 
