Do you have an older car and trying to decide what to do with it before getting your new ride? While options including trading it in or selling it, another excellent alternative is to donate your car to charity. Not only is a donation helpful for others, but donating your car can be highly beneficial for you, too. Here are five benefits of donating your vehicle that you may not have considered.
Help Those in Need
One of the best reasons to donate your car is because it will help those in need. Unfortunately, not everyone can afford a new Chrysler, Dodge, Jeep, or Ram for sale. However, a vehicle is an invaluable tool for families or those who don’t have easy access to or funds for public transportation. Whether the charity uses the car to transport goods or gives it to a low-income family, your donation will make a big difference in someone’s life.
Tax Deduction
The tax write-off is one of the most popular reasons for donating a car. When you donate your vehicle to a registered charity, you can claim the car’s value as a tax deduction. A donation is a great way to reduce your taxable income and save money come tax time. Make sure to get a receipt from the charity for your records. The total amount you receive will depend on how much a charity sells your car for, but in any case, it’ll be a nice bonus.
Saving Time From Selling or Trading
If you’ve ever tried to sell a car, you know there are a handful of steps within the process. You have to take photos, post ads, screen potential buyers, and haggle over prices. To skip all of that, donation might be the best option when you are looking to offload a vehicle. Once you’ve donated your vehicle, the charity will handle everything else.
It’s Easy and Convenient
Donating your car is relatively easy and can be done online in just a few minutes. Once you’ve made the donation, the charity will take care of everything else, including picking up the car and arranging transportation. Then, once the charity sells your vehicle, they’ll let you know how much they sold it for. Their selling price is what you’ll deduct from your taxes.
It’s Better for the Environment
Did you know the average passenger vehicle emits 4.6 metric tons of carbon dioxide each year? One way to help combat CO2 emissions is to donate your car. Instead of selling cars, many charities will use donated vehicles for parts or put them up for auction. If your chosen charity sells or auctions parts, they’re helping keep the car out of landfills.
Final Thoughts: Donating Your Car
Donating your car can significantly reduce your taxable income, help you get back the time it takes to sell a car, and allow you to help those in need. Donation is simple to take care of online, and the charity does most of the work. Just get started now by looking into local car donations!
