Sell Junk Car VS Donate
If you don’t know whether to sell your junk car or donate it, this article will offer relevant information regarding what you should do, depending on the car that you possess.
First and foremost, you have to figure out if the car is inoperable or if it is still running. You should consider donating it if it still works or if it needs a little bit of repairs to get it to run properly. If the car you possess is beyond repair, your best bet would be to scrap it. In order to do so, you will have to browse the local newspaper classifieds or online websites for auto and wanted ads. You will certainly find ads like “we purchase junk cars, etc.” It would be best to find one that will come and tow it from your house and give you over the phone a rough estimate about how much money you are going to get.
In most cases they are able to tell you how much your junk car is worth if you tell them the year, make and model of the vehicle. Most of these companies have a software program that tells them how much money a certain car is worth, depending on the pounds of metal. Don’t expect to get more than a few hundred dollars. If they do offer you money, we recommend that you meet with them and accept their offer right away. If they refuse to give you any money but they are willing to come to your house and tow the junk car for free, it would be advisable to hold on their phone number and get in touch with 2-3 other similar companies who might offer you some money.
It would be best if you find out how much money is your car actually worth if it is still running in order to figure out how much you’ll save by donating it. To find this out, make sure that you visit KBB.com (Kelly’s Blue Book) and fill in all the required information in order to find out the real value of your used car. If the car is worth less than $500, you will be able to deduct the Blue Book value from KBB off of your taxes after you donate the vehicle. If the car is worth more than $500, you have the option of donating it to a church or a charity organization. If they plan on selling or auctioning the vehicle, you are allowed to request a copy of the sales contract once it is sold and you will be able to deduct the amount that the car was sold for. There is an exception to this rule, when the charity uses the donated vehicle as part of the business and in this case you will be permitted to deduct at the vehicle’s market value.
In the end, it is up to you to decide if the car that sits in your garage should be sold to a junkyard or donated. Analyze both possibilities and make a final decision after contacting a tax consultant who will point you to the right direction.
Post tags: Tags: automotive articles, sell junk car vs donate