The Benefits Of Giving A Car To Charity

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The Benefits Of Giving A Car To Charity

October 18th, 2009

If you have been on the fence about what to do with your old car, consider donating it to charity. There are many benefits associated with donating a car. Here are a few reasons why it may just be a better option than selling or junking:

Donating a car can be a rewarding experience for all parties

When you give your used car to a charity, the donated vehicle is either used to aid that charity, or sold at auction. This means that the proceeds go towards a worthy cause. By donating a car, you have found a way to get rid of that old clunker while helping a charity involved in a cause of your choosing. There are many different types of charities which accept a car donation, so many causes can often be helped.

Save time and money

For those who decide to sell their used car, there can be a lot of work involved. For starters, the seller must find a way to advertise the sale of the car, or do something else to locate a potential buyer. This can be both time consuming, and expensive should they follow the advertising route. When donating a car to charity, often times charities will arrange the pick up and towing of the vehicle, meaning that the car is taken care of hassle-free, from the donor. This process can be extremely easy compared to selling where one may not always experience a smooth selling process from questionable buyers.

There are other cost savings to be mentioned. By getting rid of that old car through donation, you can save money by no longer having to pay for maintenance, insurance, gas, and other costly fixed prices associated with owning an older model car.

Get the fair market value for your car

When you donate a car to charity, the car will almost always be donated for the fair market value. This will not always be the case as selling your car can often involve a bartering process. With car donation, the car is either sold at auction, or used by the charity. Either way the donor will receive a tax receipt to the tune of at least fair market value of the car, minus any donation expenses.

Get a tax deduction

When a car is donated to charity, the donor will receive some form of written receipt for the transaction. This receipt can be used for tax deduction purposes, in the form of an itemized claim on your tax return. The deduction is made in the amount of the donation receipt. Be sure to attain a written record of donation for this purpose, within one month of the actual donation date. Also, be sure to note that for cars with a fair market value above a certain amount, an assessment must be conducted to verify the value of the donated vehicle. Depending on this value, the donor will also likely have to file a separate document along with their return.

These are just some of the various reasons why a person would choose to donate their car rather than sell it or decide to scrap it. For more benefits, information on fair market value, car assessments and general information regarding car donation, learn more about giving a car to charity.

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