3 Reasons You Should Donate Your Old Car to CharityJune 21, 2015
When you donate a car to charity, you may be providing the necessary link to help someone climb out of poverty.
Moreover, both you and the person getting the car will benefit. It’s a win-win situation, and here’s why:
- Car donation is simple. Donating a car to charity can be a whole lot easier than selling it independently — and you will never be bothered by someone complaining about a repair later. Many car donation charities will accept cars as they are, even if it needs to be towed to the facility. With car donation, your repair nightmares can end.
- Car donation can be cost-effective. Touch up paint, dent repairs, and full engine maintenance are expensive. And the time, effort, and cost needed to repair your car may not be worth the price you can get for it. Car charities can make all repairs before getting your car in the hands of someone who badly needs it.
- You can get a tax break. The tax deduction afforded by donating your car to charity can provide significant economic relief. While the amount saved on tax deductions used to be equivalent to the value of the car, it is now determined by multiple factors. The main things the IRS considers, when deciding a tax deduction is the value of the car, is the tax standing of the charity the car was donated to, and the purpose the car served for that charity. Vehicles for Change can help you determine which method is best for you.
When donating a car to charity, it is important to know the ropes of donation. The IRS provides a free publication about car donation, and Vehicles for Change can help you from start to finish.