Rated 4.9/5 out of 1000+ Reviews
Common Myths About Donating Your Junk Car
So, your car has served you for a long time and you feel like it’s time to get another one. You’ve seen the commercials and heard the jingle and now you’re faced with the dilemma of whether to junk or donate it. Most people know how to sell a junk car but not about giving it to charity. So here are some common myths about donating your junk car so you can make the best decision for yourself.
You Can Only Donate Running Cars
The reason many people donate their vehicles to charity is that they have major mechanical issues that are not worth fixing. Charities that get such vehicles are able to sell them at salvage, auctions, or junk yards themselves and benefit from the proceeds.
You Can Donate to Any Charity
The truth is not all charities are registered and official. Before donating your car, do your due diligence to ensure that the charity is registered as a non-profit organization. If it is listed as something else, it may not be a true charity and your good intentions won’t be met.
You Receive a Tax Deduction You Cannot Use
Charitable tax deductions such as those from car donations are calculated based upon your income bracket. You can choose to file for standard deductions or itemize your deductions. Filing for standard deductions typically means that you don’t get as much tax benefit from making a car donation. If you choose to itemize it, the donation could benefit you by lowering the amount of your taxable income. The fact of the matter is, the amount you can ACTUALLY benefit from a tax deduction really depends on your individual taxes. And you may not know what that full amount is until you file your taxes.
To Donate or Sell?
The answer boils down to how much effort you are willing to put into it. Donating your junk car has numerous benefits for both you and the less fortunate. However, if you are looking for a straight forward way to earn some cash, the best option is to sell your junk car, provided that the tow bill doesn’t reduce your profit margins.
To help you decide quickly, we can offer you a no-cost, hassle-free offer. With a few clicks, you can learn how much you can make selling your junk car, and we don’t charge any towing fee. Afterwards, you can still decide to donate that money to a charity of your choice. It’s as easy as that!