Despite most charities receive cash contributions, the number of car donors has been steadily increasing through the years. Most car donors opt to donate their old cars instead of selling them since the resale value of their cars are way lower than they expect. Also, it can be hard to find buyers. Donating your car does not only give you a feeling of altruism and self-accomplishment (for being able to help others); it also earns you great tax deductions.
Giving your car to charity may generate more value than selling it at a really low price and is far more practical than just not using it. Through the years, people have been increasing awareness of the benefits that they can get from giving to charitable institutions. Donating used cars may solve the problem of getting rid of old cars.
It is common to have your old car appraised for less than its expected market value. Even if it gets a high resale price, chances are that only a useful might consider the possibility of buying it. Donating your car to charity proves to be a better option since it generates more value, especially since it is tax deductible.
When you donate your car, the charity you have chosen is liable for the tax vouchers needed. It also saves you the hassles of having the car appraised, looking for buyers, or paying for car repair charges that often come with older cars. Also the cost of maintaining a used car may be far greater than just having it stored in your garage or a very parking lot. Cars that have seen the light of day, so to speak, usually entail more repair costs than you intend to spend on them. To save you the trouble of constantly paying these costs, it is better to consider donating the car instead.
There also have been cases when stolen cars retrieved by the owners are donated simply because the cars no longer "feel the same." Donating to charity makes the donors feel more fulfilled since they feel that they have improved the lives of people who are in need. Being able to help and ever make a difference in their lives may be reason enough for others to donate their cars.
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