Many Americans are holding on to their vehicles longer, working hard to keep everything running smoothly with good upkeep and maintenance. In fact, 82 percent of Americans intend to keep their vehicle longer than originally planned due to the economy, a 2009 survey indicates.
But situations are always changing, and if you’ve been waiting to get a new car for some time, you’re probably ready to start shopping immediately. Have you thought about what you want to do with your old car?
Here are some of the options for what you can do with the vehicle:
* Trade it in: When you start negotiations with the car dealer, they’ll probably ask you if you have a trade in. The dealer will take the value of your trade in and pit it against the value of the vehicle you plan to purchase to give you a reduced price. One negative is you might not get any value out of your trade in if you still owe money on the vehicle.
* Sell it yourself: You could make more money if you sell your car yourself, because you can negotiate the deal you want. Negatives include the fact that you have to advertise the car and schedule appointments with potential buyers who want to come and look at it. Plus you have to let them test drive the vehicle as well.
* Donate your car: Donating your car removes the hassle of negotiation from getting rid of it. You can donate a car to support a charity of your choice through Donateacar.com. The charity actually receives money from the sale of your car, and you don’t have to involve yourself in the sale at all. When your car or truck is picked up by a licensed, bonded and insured towing agency, you will receive a thank-you receipt from the charity you chose. You can then list the fair market value of your vehicle (not to exceed $500) on your tax statement for that year for a nice deduction. If by chance, your vehicle sells for more than $500, you will receive a new receipt in the mail after the sale from Donateacar.com.
More than 500 charities like United Way, USO and Boy Scouts of America benefit from car donations and you can find the list at www.donateacar.com/charities.php.
* Pass it on to another family member: This works similar to a car donation, but benefits another individual. Some tips to remember are: its probably a good idea to get the title transferred to the new owner; if you owe any money on the car you will have to pay that back or work with the new owner to get that paid off and you will not receive any tax benefits for this donation.
