If you have an old car you no longer need, you have two good options: sell it for cash or donate it to a charity. Each choice has its pros and cons, so how do you decide which is right for you? Read on to learn more about the key factors to consider when determining the answer to the question, “Should I sell or donate my old car?”
Financial Considerations
Selling your used car will typically net you the most money. You can sell it privately to get the best price or trade it in at a dealership for convenience and funds toward your next purchase. However, donating your vehicle means you qualify for a tax deduction of the fair market value of the car. For higher-value vehicles, the tax savings could outweigh the money from selling them. Calculate how much you could earn from selling your car compared to the possible tax deduction from donating to determine the best financial option for your situation. The fair market value is based on how much similar vehicles are worth; you can often find this information on websites like KBB, Edmunds, and more.
Help a Worthy Cause
By donating your car to a charitable organization, you are supporting their cause. Many reputable charities accept used vehicle donations, including organizations that help disadvantaged groups, educate children, support medical research, and more. Choose a charity that aligns with your values. Knowing you are helping them continue their important work can provide a sense of purpose and satisfaction.
Avoid the Hassle
Selling a car on your own requires advertising it, showing it to prospective buyers, negotiating the best deal, and handling the necessary paperwork. Donating the vehicle saves you from this time-consuming process. The charity will often handle collecting information from you, pick up your vehicle free of charge, and take care of the title transfer. All you need to do is drop off the keys or schedule a pickup.
Recycle and Reuse
Donating your vehicle means it will continue to be used after you no longer need it. Charities that accept car donations typically “recycle” them in some way. They may repair and then sell the vehicle to generate funds for their cause, strip it for parts, or use it directly for services like driving students or delivering meals. Your old car can get a new life while supporting a good cause.
Should I Sell or Donate My Old Car? Consider the Newgate School
To learn more about how you can donate your used vehicle to support education and job training programs, contact The Newgate School, a non-profit dedicated to helping at-risk individuals learn auto mechanic skills. We’ll handle all of the paperwork and title transfers and make sure that your car is put to good use. By donating your car, you can play an important role in bettering lives and strengthening your community.