When you’re ready to get rid of an old or junk car, choosing whether to donate your car or sell it for a profit is one of the most personal choices you’ll have to make in the car selling process.
Many people think they can’t get value out of a wrecked or damaged older model car, and that couldn’t be further from the truth. We know a thing or two about getting value from your car, and the good news is you have options when you’re looking to get rid of an old clunker or a damaged newer model car.
Positives of Donating Your Car
Donating your car doesn’t mean you’re not getting a return. You may be eligible for a tax deduction depending on the quality and fair market value of your car. According to TurboTax, you can deduct up to the amount for which the charity sells the vehicle., and there isn’t a better feeling than supporting a cause that means something to you.
Research Who You’ll Donate Your Car To
You may need to do some research on the charity that you’d like to donate to. Not only to make sure you’re choosing a reputable charity, but to ensure that your donation is benefiting something that is worthwhile to you. If you have a charity in mind, visit their website to see if they have a section specifically for car donations, or you can contact them to inquire about donations. If you don’t have a particular charity in mind, you can usually do a Google search for car donation sites, but this will involve a little more leg work to make sure that the charity is authentic.
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Since a lot of major charities do not have the man power to process all of the car donations they receive, many outsource the process to reputable businesses who work directly with the auction platform where the donation will eventually end up, such as Cars With Heart. On the Cars With Heart website, they list the charities that they work with to process donation vehicles.
Benefits of Selling Your Car for Cash
Another option is selling your used or damaged car directly to a company, like CashForCars.com, who will give you payment at pick-up of your car. Then the choice to donate all or some of the return is up to you. This is also a great option for people who want to contribute to an organization that doesn’t have a clear car donation process. The turnaround time may be faster than donation, since we pick up vehicles within 24 hours.
Make the Choice That’s Right for You
Many people have their own reasons for choosing to donate directly to a charity, and this may be the best option for your situation. So, when it comes time to sell your old clunker, find the offer and the avenue that’s best for you.