If you have a car you no longer drive, you may be wondering what to do with it. Many car owners try selling their cars themselves — but this frequently leads to haggled prices, advertising hassles, and often no offers at all. Others opt to sell their old vehicles to dealerships or junkyards, where they may get some compensation, but typically only a fraction of the car’s actual cost. Others may let their cars sit on their property, occupying space and slowly sucking up money through continued insurance costs and registration fees. While each of these options may have merits, they all clearly have drawbacks. If you are looking for a different way to get rid of your old car, see a financial benefit, and do something good for your community in the process, consider donating your vehicle to a nonprofit that specializes in re-allocating vehicles to those in need. Here at Goodwill Cars to Work, we take donated vehicles, refurbish and repair those that are eligible for repurposing, and make them available to purchase through highly-affordable, refundable interest payment plans for families in need across Kentucky. We also proudly offer tax write-offs for all donated vehicles. For the benefit of both the community and your wallet, write off your car with our professionals — you’ll thank us later! Read on to learn more, and contact our Louisville, KY nonprofit at (866)-654-2277 to start the donation process today!
The Financial Benefits of Donating Your Vehicle
Donations often have more benefits than you realize. Give your goods away at no cost, and feel good about the good deed you performed…plus the extra space in your space in your home. However, what many people don’t know is that most major donations qualify for tax benefits — meaning you can write off your donation for a reduction on your taxes come April. At Cars to Work, we can offer potentially significant tax deductions for your donated vehicle if your donated vehicle meets criteria to be purchased by a qualifying individual or family. Should you choose to donate, your individual tax deduction will be determined by whether your vehicle can be used directly in the program, but regardless of these factors, you will still receive a sizeable tax deduction by donating to Cars to Work.
If the car you are thinking about donating is still in reasonable working condition, you could potentially receive a tax deduction of up to the full market value of the car. Cars in “reasonable working condition” are those that can be repaired for under $1,000 and typically have 150,000 miles or fewer on their odometers. If you are considering donating a vehicle that is not in reasonable working condition, however, never fear: you will still a get a significant tax refund that you wouldn’t receive if you didn’t donate it. Visit our How It Works page to learn more about the ins and outs of vehicle donation here at Cars to Work.
Benefitting Your Community
A tax write-off isn’t the only reason to donate your vehicle. By donating your car or truck to our nonprofit organization Cars to Work, you’ll be helping us assist an individual or family in your community. Eligible donated vehicles are presented for purchase for qualifying participants through highly-affordable, refundable interest payment plans for families in need across Kentucky. With vehicles all their own, low-income individuals and families can commute to jobs, shop for groceries and provide necessary transportation for their children. Click here to learn more about the need for donated vehicles here in Kentucky, and contact our nonprofit at (866)-654-2277 to learn more about how you can start your vehicle donation today!