Cash for Junk Cars vs. Car Donation

Junk Car Buyers

Most people find themselves wondering: should I junk my car or should I donate it?

Instead of trying to pawn your car off on another person or sell it for little money, think about the options of charity car donation vs. selling your car to junk car buyers. Take at look at the pros and cons of each option.

The pros of car donation.

If you’ve decided not to learn how to repair your car, but think someone else could, you can consider donating it. When you donate your car to charity, you can help your community or another one in need. You can also take advantage of tax deductions. The charity needs to have a 501(c)(3) status or be a religious organization for you to make a tax-deductible donation. Talk to the charity to see the documentation or check the Internal Revenue Service’s EO Select Check to ensure the charity has a 501(c)(3) status. Charities often pick up vehicles for free.

You can also find ways to make use of other vehicles like boats and motorcycles.

The cons of car donation.

There are a few negatives to making a car donation, as wonderful as charitable contributions make you feel. When you donate a car, remember that you could be taken advantage of. There are car donation scams that take some of the money that is meant to help the charity.

Another point to consider about donation is that it means you’ll walk from your car without any cash in your hand. The financial incentive for donating the car comes during your tax deductions.

The pros of selling your car to a junk car buyer.

If car donation makes you weary, you can sell your junk car for cash. This may be the better option for you if you want cash on the spot. This cash can act as a down payment on a newer car that offers safer options and is more fuel-efficient.

Look into options for pick up – often times, you can have the vehicle picked up for no cost. All junkyards are different though, so double check with the junk car buyers you choose to find out the exact charges.

Cons of selling your car to a junk car buyer.

If you take cash on the spot for your car, you won’t be able to use the tax deduction option. Consider talking to a tax professional before you make a decision.

If you choose a junk car buyer that doesn’t offer transportation or towing, you’ll have to find a way to get your car there, possibly paying fees associated with having it towed yourself.

If you are ready to part ways with your old car, you have some options to consider. Learn about each option so you can figure out which is the best for you. Take your time before you select a charity to donate the car to, or the junk car buyers you’ll sell your car to. It’s important to gather as much information as possible before you make your decision.