Overhaulin'

Should I sell my old car or donate it to a non-profit? Which makes more financial sense?

Look at this from the self-interest prespective not from being charitable. I am in need of money right now for personal reasons, so I am not asking this based on moral guideline. I want to know what makes more financial sense to me. If I give the car to non-profit, how do they value the car? How much tax credit do I get? I want to make the most money with the car, and please tell me the best way to get the most money.

Public Comments

1. In my experience they usually value the car at about the same price as what you would get if you traded it in or sold it (whatever the current market value is). The only major difference is that you have cash on hand right away or you can take that amount as a tax-deduction or write-off. My advice would be to figure out which one would help you more in your situation.
2. As I recall, donating something to get tax deductions only benefits you if you itemize your deductions, rather than take a standard deduction. So, if you prefer not to bother with itemizing, it probably won't help; or, if you plan to itemize, you want to be sure you'll have enough deductible items documented that the total would be more than the standard deduction value, or you've done all that documenting work for nothing.
3. Selling the car will give you cash in your hand right now. Donating it will mean less tax paid on your next return, "IF" you itemize deductions, which you can't even do unless you donate above a certain amount. I would opt for selling unless the car is in such bad shape that you would have a lot of difficulty selling it.
4. give it to non profit go to Kelly blue book, Edmond's,get a print out of the most expence one of the same model print it file it. take that off you taxes as a gift