Have you recently purchased a new vehicle? Are you wondering what you should do with the vehicle that you were driving before? Although many people choose to trade their old vehicle in at the dealership, it's not always worth the trouble to do so. Or perhaps you had planned to keep the first vehicle as a spare or for your child to drive but now your plans have changed. Whatever the reasons, you now have a vehicle that you need to get rid of as soon as possible. Although you might be considering selling the vehicle, here are some reasons why you should consider donating it instead:
Tax write-off: When you make a vehicle donation to charity, you can typically use the full current value of the vehicle as a write-off on your taxes. Selling your vehicle, on the other hand, often means that you'll only get paid a fraction of what the car is currently worth. As a result, donating your car may mean hundreds off your tax bill later instead of just a few hundred dollars in cash now. The credit could even result in you getting a refund on your taxes instead of having to pay the government even more money.
Free disposal: If your vehicle isn't working well enough for it to be drivable, you may be considering taking it to the junkyard to dispose of it. But the fees for disposing of a vehicle in this manner can be extremely costly. On the other hand, with vehicle donation, the charity in question will make arrangements to pick up the vehicle and take it elsewhere. If you're wondering what a charity would do with a vehicle that isn't running, they may fix it up and sell it, pull it apart for spare parts, or sell it for scrap. Regardless of what they do with it, the disposal cost isn't something you'll have to deal with.
Lack of title: There are a number of reasons why you may have access to a vehicle and not have a title. Maybe your title was inadvertently destroyed and replacing it is more than the vehicle is worth. Perhaps it is an abandoned vehicle and, although your state says that you can legally claim it, it's not worth the hassle of going through all the paperwork to do so for a worn-out vehicle. A charity may accept for scrap a vehicle donation of this kind, though you need to be up-front with them about the lack of title so that they can let you know whether or not this is something that they'll take.