If you have an old car sitting around taking up space, you’ve probably considered taking action. Whether you’re just cleaning up the garage or finally deciding to take action, there are plenty of options to rid yourself of that old eyesore.
Of course, not all of these methods are created equally.
Let’s look at some of the most common ways people like to get rid of their old cars, so you can decide which option is best for you. From car donations to private sales, there are a ton of great choices.
Cash For Cars
One of the first things people consider when deciding to get rid of an unused car is to sell it. This is often only worth the effort if the car is in decent condition and is worth your time. Selling a car is a lot more work than it used to be.
In the past, you could park your old car at the end of your driveway with a “for sale” sign in the window. People would come to you, and you could sell the car on your terms. That is no longer the case.
Today, private sales can be quite a bit more complicated. For starters, you’ll want to post the car online. This runs you back a few dollars and requires a couple of good pictures. You’ll spend countless hours responding to message from people trying to get a good deal along with non-serious buyers who just waste your time, not to mention setting up viewings, test drives, etc. by the time you negotiate with someone a fair price, you’ve probably wasted so much time that the whole ordeal really wasn’t worth the effort.
Sell For Parts
If you have an older model or rundown vehicle, you might be able to get a few dollars by scraping the car for parts. If you’re mechanically inclined, you could remove various parts that might catch a few dollars. Of course, you’ll have to go through the sale process of each and every part, which won’t be much fun.
Another option along these lines is just to have a junkyard come to take your old car. They will usually cut you a check on the spot and will take your car as is. You won’t get much money for the vehicle, but you can typically get rid of it within a few days.
Car Donations Reduce Tax Burdens
A final popular option is to donate your old car to a worthy nonprofit organization. These NPOs can either put your working car to good use, like delivering meals to the elderly or restore and sell your car. When cars are sold, the proceeds go back into helping the organization complete its mission.
Beyond the great feeling of doing good in your community, car donations also come with a tax credit. You can deduct either the fair market value of the vehicle or the final sale price of the car after it’s sold. Your tax professional or the NPO you choose should be able to help direct you on the best way to claim any car donations you made come tax season.
The Choice is Yours
No one can tell you that one method of getting rid of an old car is better than another. You have to consider your situation and goal for the vehicle, along with what’s important to you overall. Selling it or scrapping it for parts is a great way to put a few dollars in your pocket if you don’t mind the work. Exploring car donations to charity, however, can not only reduce your tax burden but can help a local charity keep its lights on. The choice is yours.
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