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Sell or donate car- which is better...

 
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amother




Aqua


Post  Tue, May 15 2018, 8:17 am
We have na old car that needs some work. We can donate it and get a tax deduction of about $700 blue book value or sell it and possibly get about$300-$500 if I take it to CarMax- supposedly they buy anything. DH feels it is a waste of my time to schlepp out 25min. to CarMax and we just donate it. I would like the cash now. Not sure if the tax deduction will help us at all on taxes.
Thoughts???
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amother




Aquamarine


Post  Tue, May 15 2018, 8:55 am
I'd be delighted to have your car. Either as a donation or as a sale/purchase.
I cannot get around by public transportation (due to health issues), taxis cost a fortune.
If you want to discuss, feel free to email me at harmonyliving3@gmail.com
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naturalmom5









  


Post  Tue, May 15 2018, 9:05 am
amother wrote:
I'd be delighted to have your car. Either as a donation or as a sale/purchase.
I cannot get around by public transportation (due to health issues), taxis cost a fortune.
If you want to discuss, feel free to email me at harmonyliving3@gmail.com


I hope everything works out for you..
Don't want to burst your bubble, but over 20 years of life experience has taught me that if a car is only worth a few hundred dollars, the maintenance and repair bills will kill you ..

In all likelihood, you could end up paying more on mechanics than you currently spend on taxis... Something to think about...
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amother




Gray


Post  Tue, May 15 2018, 9:14 am
amother wrote:
We have na old car that needs some work. We can donate it and get a tax deduction of about $700 blue book value or sell it and possibly get about$300-$500 if I take it to CarMax- supposedly they buy anything. DH feels it is a waste of my time to schlepp out 25min. to CarMax and we just donate it. I would like the cash now. Not sure if the tax deduction will help us at all on taxes.
Thoughts???


Assuming you itemize deductions, which is less likely now due to tax reform, the value of your deduction is $700 X [your tax rate]. For simplicity sake, if your tax rate is 20%, you get a $140 benefit by donating. If you take the standard deduction, you get no tax benefit for donating it whatsoever.

By the way, we sold our car to some place (not CarMax- don't remember- found someplace online) and they came to us to pick it up. Well- that was because the car wasn't running anymore and they had to bring a tow truck. We got $300 for our nonrunning minivan. Afterwards, we realized we could have sold the seats separately for more than that..oh well.
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doctorima









  


Post  Tue, May 15 2018, 10:19 am
As Gray wrote, check with your accountant to see with the new tax law whether you will still be itemizing your deductions for 2018. If not, the value of the donation will be $0.
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amother




Gold


Post  Tue, May 15 2018, 11:53 am
Sell or donate it.
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kgh180









  


Post  Tue, May 15 2018, 1:22 pm
We had a problem when we donated our car. After we donated our car, we got a ticket from NYC Dept. of Sanitation for abandoning our car and we had to go to court with proof showing that we had donated the car
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amother




Aqua


Post  Tue, May 15 2018, 7:55 pm
Thanks for the great advice. We don't live in NY. Sounds like I am better off getting cash in hand. I was gonna put it on Craigslist but dh is worried about creepy stalker people.
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amother




Teal


Post  Tue, May 15 2018, 8:10 pm
amother wrote:
Thanks for the great advice. We don't live in NY. Sounds like I am better off getting cash in hand. I was gonna put it on Craigslist but dh is worried about creepy stalker people.


hes right dont go on ebay. sell the seats separately you will make more money that way
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amother




Aqua


Post  Tue, May 15 2018, 9:05 pm
amother wrote:
hes right dont go on ebay. sell the seats separately you will make more money that way

How do you sell just seats?!?!
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Orchid









  


Post  Tue, May 15 2018, 9:48 pm
amother wrote:
How do you sell just seats?!?!


Can only speak for my experience, which is for a minivan where some of the seats are removable.
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amother




Vermilion


Post  Wed, May 16 2018, 6:54 am
The reason why people donate thier car is not because it's more profitable, it's because it's more convenient. (free pickup etc.)
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