Just about everyone goes through the process of realizing that their old car is now pretty much junk; the big question is once the realization hits that a car, truck, or RV is not worth it for you to fix what do you do with it next?
Some people may choose to pass on their old vehicle to a friend, family member, or co-worker while others will choose to get rid of their junk vehicle by selling it for cheap on Craigslist.
One of the last options that many people consider is to donate their junk vehicle to charity but, is this a smart choice?
In this article we will answer the question on whether or not you should donate your junk car to charity and provide you with some things that you should consider before deciding if this is the right choice for you to make or not.
Benefits of Donating a Junk Car to Charity
Before donating your junk car to charity it’s important for you to understand what the benefits are that come from making this decision
- Helping others less fortunate – When you donate your junk car to charity if you will essentially be helping someone else who is unable to afford to purchase a new or used vehicle for themselves because most vehicles that are donated to charity are often sold to someone less fortunate for an extremely low price or donated out right once the vehicle Is fixed and is confirmed to be in working condition.
- Tax Write Off – Another Benefit which comes from donating a vehicle to charity is that you will be able to enjoy a nice tax write-off. Depending upon the make and model of your vehicle though, your tax write-off may only be worth more than others or as low as a few hundred dollars.
- Saves Time and Money – One of the most obvious benefits which come from donating a junk car to charity is that it saves you the time, money and hassle of having to find a legitimate way to dispose of your vehicle. By donating it to charity you will not have to haggle with buyers, squabble over prices, or call around to wrecking yards in the area wondering who will offer you the best price for your vehicle.
Do This Before Donating a Vehicle to Charity
One of the most common mistakes that many people make when it comes to donating a vehicle to charity is that they fail to research the charity online to confirm if it is indeed a legitimate charitable organization or not.
To avoid getting scammed by a company or individual claiming to be a charity, you should look them up on the Better Business Bureau website and do a Google search under their business name to confirm if they are indeed a real business just so you can avoid getting scammed.
Never deal with a charity over the phone or give out your personal information to them without feeling totally confident that you are in fact dealing with a legitimate charity who wants to help others less fortunate by fixing and reusing or reselling your junk vehicle once you donate it to them.
In 2017, it’s easier than ever before for a person or company to say that they work with a charity so besides verifying their business online you should also verify if they are indeed a business that’s located in the United States since many organizations or companies claiming to be charities have also been found to be operating out of foreign countries.
When donating your vehicle, you should also never think that you have to pay any money up front for the charity to pick up your vehicle because in those cases a charity that asks for money is most likely being run by scammers.
Do This After Donating Your Vehicle to Charity
Once you donate your vehicle to charity, the next thing that you need to do is write down the following information:
- The make / model of your vehicle.
- The date you donated your vehicle.
- Name of the charitable organization that you donated your vehicle to.
- The value of your vehicle, even if it’s only worth $100, you should still write down how much it’s worth.
- Write down a formal statement of goods which includes every detail about your vehicle and what you received in return.
A Word of Warning About The IRS
Since The early 2000s, the Internal Revenue Service (IRS) has been wary of people donating their vehicles to charitable organizations, especially if those vehicles have been proven to be higher dollar value Vehicles because, some individuals like to donate their vehicles to charity towards the end of the year for the purpose of getting tax write-offs.
If your intention is to donate your vehicle to charity and it’s only worth $500 to a few thousand dollars, then you should have nothing to worry about. Just make sure when you file taxes next year that you fill out form 1040 so you can properly itemize all of your deductions. This form can easily be found on the IRS website.
Still Not Sure About Donating Your Vehicle to Charity? Contact Us
Are You still not sure about donating your vehicle to charity? If so, contact Cash for Cars 24 today by calling us at (888) 913-5816 or connect with us online. CLICK HERE!
We specialize in recycling a wide range of vehicles in will always offer you the best price for your car, truck, RV or motorcycle regardless of the condition.
Our experienced technician will save you the time, money and hassle of having to dispose of your vehicle yourself. All you have to do is contact us today by calling the number above or connecting with us through our website to start the process of getting rid of your older vehicle.
