There are pros and cons to both car donation and selling. Donating is usually quick and doesn’t require much hands-on work from you since you don’t have to show your car to a buyer. Selling requires more time and effort, but you’ll get cash value for your car.
Car Donation Pros and Cons
There are a few pros to car donation. One of the most appealing aspects is that it’s a faster process. If you have an old car that you need to unload quickly, car donation doesn’t require you to spend time advertising, responding to potential buyers, or being available to show your car. Another pro is that it’s potentially a tax deduction. You can usually claim the fair market value of the car.
Some cons of car donation include not receiving any cash for your car, and your tax deduction may be limited based on certain criteria and the fair market value of your vehicle. On the other hand, if you find a quality charity, the intangible is feeling good about helping an important cause.
Car Selling Pros and Cons
The main pro for selling your car privately is that you get cash upfront for your vehicle. Even if your vehicle is old or doesn’t work, if someone decides to buy it, you’ll get cash for it. You also have more control over the process, including setting the sales price and handling paperwork.
On the other hand, finding a buyer for an old or non-running car can be time-consuming and difficult. If you don’t have a lot of time and you simply need to unload the car, trying to sell it might seem like a hassle. It can be stressful to deal with potential buyers, spend money on advertising, and wait for a sale.
Which Option Should You Choose?
If you want to support a good cause and get rid of your car quickly and easily, then car donation might be right for you. On the other hand, if you’d rather get money for your vehicle and control the process, then it might be better to sell your vehicle privately. The biggest drawback to car donation is that you won’t get cash for your car. This might not be a big deal if your car isn’t worth much.
On the other hand, the biggest drawback to selling is how much of a hassle it can be. It might take a while for the car to sell if it’s not worth much, for example. In a tight economy, you might experience a lot of haggling and be frustrated at others not seeing the value of your vehicle.
Can You Donate a Non-Running Car?
If you’re considering donating versus selling, this might be a game-changer. In most cases, you can donate a car that isn’t running. Some charities have specific uses for non-running cars. However, you might not get a tax deduction for a non-running car.
Ultimately, the choice will likely depend on your exact situation and the car you need to unload. If you’re determined to donate, there are plenty of charities out there that accept car donations.