Ways of Donating Your Car for Good Reasons

Posted by WeBuyCarsToday on January 13th, 2017

Are you finally thinking of getting rid of your old car? Is it the filthy car that is sitting there in the garage and you always hesitated to sell it because you thought you won’t get anything out of it? Here we are to help you in the process of selling your car. There are lots of ways of getting rid of an old car. Before you choose any of these options, it is recommended to find out how much my car worth is. Do you know that you can donate an unwanted car too? Yes, the process is simple and your car can be donated for cash or for charity.  Before you go for any of these options, it is recommended to consider some important points to make a clear decision:

Donating the Car for Cash

The benefit of car donation in the tough economic times is that you will be receiving cash back or some other incentive. Donation lets you enjoy the end of year tax deduction. The amount that you can write off on the tax is dependent on the value of your car. The current regulations state that now owners cannot use fair market value of vehicles more than 0.
 
Donation and Equivalent Cash

There are certain donation programs which offer partial cash payments to the donors which is known as spiffs. These are gifts that charity organizations give in exchange of a donation. They are cash equivalent payments that come from the sale proceedings and they are only received for the donations that have a high value. This is known as the win-win situation because charity is receiving a higher contribution for their programs and as you are the generous donor, you will be given a great reward too. Example of such spiffs is popular resort destinations, membership to exclusive clubs, airline discounts and more. This is one famous money making scheme from which many people are taking advantage and you can be one of them. Some people may consider it to be the last option when it comes to getting rid of their vehicle but it is surely one way of getting rewards in exchange of a valuable item.

Donating for Charity
 
When a car is being donated for charity, you are simply donating the money. There are lots of car donation programs organized that are managed by charitable contribution. You will not be getting cash after this exchange but you will get some tax incentives for reaping through the charitable contribution. The institute chosen for the charity will get a valuable resource and you will be receiving self-satisfaction by helping others. This option is a bit complicated because you have to go through additional paper work which is required by IRS.

So, what are you waiting for, find out how much is my car worth and then choose any of the option above to get started with. You will be getting rid of your car in the most reasonable way without any trouble.

About The Author
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