There are many things you can do when you decide to replace your old car with a new one. You can trade it in, sell it or even donate it to charity. All of these have different benefits, and choosing the be
st one depends on your needs and preferences.
Below is a discussion from Cars for Madd to help you know the basics of car donating:
Precautions
The car donation industry is growing because it’s a great way to fund charities. Unfortunately, there are charitable organizations that are fake. That’s why you need to make sure that whatever website you’re donating your car to is the real deal.
Protect Yourself
Having more information and knowledge will surely get you out of trouble and make your donation actually amount to something. Here are three things you must know or ask the charity before saying yes:
– Know what percentage of the proceeds would go to the advocacy
– Find out if they will resell the car or keep it for their own use
– If they are selling, ask who’s going to manage it and what percentage they charge
Don’t be shy when asking questions. It’s your vehicle anyway, and protecting probably your biggest donation this year is not embarrassing. Take time to evaluate the organization and what it stands for.
Tax Exemption
One benefit of donating your car is the tax exemption. Ask the organization for a copy of their tax-exempt status determination letter to make sure they are registered. It’s also advisable to take a picture of your car before giving it to the organization.
Giving away your car to a charity is a great way to give back to the community. But, it’s always best to do this in an informed manner. This will help you have peace of mind knowing that your offering will actually make a difference.