There comes a time when you feel that you need a new ride (i.e. an electric one). But then again, auto insurance can be monster. This and other reasons such as the lack of enough garage space can prompt you to get rid of it. Apart from trading your vehicle for another asset, you can either sell it or donate it to charity. With more focus on the latter two options, selling versus donating an old car can be a hard call. But really, what’s in it for you when you sell or donate your car? What do you stand to gain or lose out on? Here are some pointers on what you should know about selling vs donating an old car.
Selling Vs Donating an Old Car: Some Pointers
A. Selling Your Old Car
In today’s world where even experts are struggling to understand our economy, selling old stuff is consideration number one. But then again, what would make you sell and not donate your old car or vice versa? We can only decipher this by looking at the pros and cons of selling an old car.
Pros of Selling:
Selling is financially fun and easy!
1. You Gain Financially:
As a matter of fact, the point should have been you get paid for your old vehicle. You get a financial gain when you sell your old car to a willing buyer, individual or company. However, experts suggest that selling your car to an individual buyer can fetch you more than to dealerships or companies.
2. It’s Easier to Buy a New One:
As a matter of fact, not many people like to grow old with the car they bought in their 20’s or 30’s. But then again, newer and newer car models are hitting the market every tick of the clock. To stay abreast, most people sell their old cars before buying new ones. In addition to providing something extra for the next purchase, selling your old car will definitely leave you without one. This can easily motivate you to get a new one ASAP. Selling makes it easier to fund a new purchase too.
Cons of Selling:
As much as it’s sweet to sell your old car, you also have to deal with a number of issues. For instance:
1. Selling May Take Long:
Be advised well, and good, there’s barely a place where you’ll sell your car overnight. It takes some investment in time and effort in addition to money. Plus if you’re a bit conservative and patient, you can get someone with the best deal in town easily.
2. Safety Issues:
Selling your car to an individual or an inexperienced dealer can be a risky affair. You’ll have to be ready to deal with a couple of safety issues. For instance, giving out your car for a test drive is always a risk when dealing with a stranger. Additionally, scammers are always looking out for loopholes.
B. Donating an Old Car
Unbeknownst to many, old car donation also has its fair share of merits and demerits.
Pros of Donating:
1. You Get To Make A Change In The World:
Without the need to emphasize much, anything that you donate probably touches a life somewhere. Donating your vehicle to charity can help a good cause.
2. Easier to offload:
Waiting until you get a buyer to get your old car out of site can sometimes be intimidating. Maybe it is costing you too much for upkeep. Perhaps the car is just sitting in your garage without being used. In such times, the best way to get it outs of your site is to
3. Donating Is Simpler:
Compared to selling, donating takes you less time and money. You will rarely have prospective recipients that turn down your free items offers. You can even get the charity organization to fetch it right from your doorstep.
4. Tax Benefits:
In most US states, donations can get your annual tax reduced by a particular margin. Your recipient charity organization just needs to, use it, sell it, or give it away to a deserving beneficiary.
Cons of Donating:
Donating your old car also has its own fair share of drawbacks. These include the following.
• No financial value
• Paperwork is a must
• You can encounter scam charities
• Sometimes the tax benefits are too small
Selling vs donating a car can be a tricky decision to make, but not with the right guidelines. With the above tips, your more informed than before. Whether you choose to sell or donate you’re old car, don’t forget to do thorough research before choosing where to send your vehicle.
Selling Vs Donating an Old Car- Recommendations
1) Donate to: Charity Motors
Site URL: https://is.gd/y2kRN4
Mailing Address: Charity Motors, Grand River Ave, Detroit, MI 4820
Business Hours: 9 am to 5 pm Monday to Saturday
Contact Phone: 888-908-CARS (2277)
Contact Link: https://is.gd/0Hbnkc
2) Sell to: cashforcars.com
3) Donate to: Volunteers of America
Site URL: https://is.gd/lDVirU
Mailing Address: Volunteers of America, 1660 Duke Street, Alexandria, VA 22314
Business Hours: 9 am to 9 pm Monday to Friday
Contact Phone: (703) 341-5000
Contact Link: https://is.gd/cwYYKG