The current state of the economy is sure to entice someone to sell his old car rather than donate it. However, there are reasons one might not know about which might convince him to donate a car to NY charities instead. An excerpt from James Jo’s Finance Columns article dated December 25, 2013 provides some explanation:
“There are numerous charities all over the country supporting causes ranging from cancer to better education for at-risk kids, and you can support them by giving them your old car. These charities hold auctions to sell of these cars and use the money to do their work. Not only will you be supporting a cause that you believe in, but also getting rid of your car in a convenient manner. You can also write off this car donation as charity work and get deductions on your tax, which are usually comparable to, or higher than, what a second hand car dealer would have paid you for your used car.”
BargainEngineering.com writer Jim Wang noted several scenarios which provide enough reason for anyone to donate a car in NY to a reputable charity. Here are some of them.
Selling is a pain in the neck. There’s a long road before making a buck this way. First, a seller needs to advertise somewhere– either online or by hanging up a “For Sale” sign on the car and leaving it on the road. It can take time before the car is sold, which can depend heavily on the car’s physical attributes. Sellers will also have to deal with troublesome low-ballers looking to make an unreasonably cheap deal, among other concerns.
You get a tax deduction, and sometimes, cash. As a recognized charitable work, car donations are tax deductibles. Most charities either use the vehicle for their operations or even sell it at auctions, where donors can write off the vehicle’s final selling price from their annual taxes once officially verified. Aside from the tax break, donors can get spiffs (partial cash payments) from recipients, which equals to a minimum of $500 or the vehicle’s market value.
It’s fast, and it’s a good thing. Aside from the time saved and trouble avoided, helping the needy is a universal act of generosity and kindness. Anyone who does it is always bound to feel good afterwards.
If you’ve already decided to donate a car in NY immediately, call up reputable organizations like Miles Ahead Donations and see them take it from there. Sure, you might have not made some extra cash, but you can delight in the fact that you’re doing a commendable humanitarian act.
(Source: Donate Your Car to Charity to Support a Worthy Cause and Get Tax Benefits, Finance Columns, December 25, 2013)