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HeathKernandez
Our Ron is an awesome Ron
Member since 4/07 9091 total posts
Name:
baby fish mouth
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Car Help - donate or sell
Some of you may know that my 2005 Nissan Sentra needs a new transmission. I have another car I am using and am looking to donate or sell this car.
Does anyone have experience with Kars4Kids or 411cancer (to donate cars)
or does ANYONE know a mechanic to tell me what I should do with this car? Would anyone buy a 2005 car that needs a new transmission?
is it best to just take the tax deduction?
I'm lost and dumb
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Posted 11/18/10 3:12 PM  |
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DGoldfarb0776
LIF Adolescent
Member since 4/08 767 total posts
Name:
Danielle
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Re: Car Help - donate or sell
I would find out how much it cost first for the transmission- if the car otherwise is in good shape, then it might be worth fixing.
We had a 2004 Sentra that had the same issues but was in great shape (only one accident and the milage was really low- at the time it was about 50,000 miles) so it was worth fixing for us.
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| Posted 11/18/10 3:22 PM |
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smdl
I love Gary too..on a plate!
Member since 5/06 32461 total posts
Name:
me
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Re: Car Help - donate or sell
You can no longer take a tax deductions on what the KBB tells you what your car is worth. It no longer works that way.
My understanding is that they (charity) have an auction. Whatever the car is sold at is the value you can use for tax deduction purposes. They will send you the paperwork after the car is either sold or bought.
Too many people gave their donated car an overvalued value on their tax deduction so the IRS changed the rules on this.
I would sell the car and get it done with.
Message edited 11/18/2010 3:32:38 PM.
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| Posted 11/18/10 3:31 PM |
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HeatherRose
Life is Good :)
Member since 11/07 6605 total posts
Name:
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Re: Car Help - donate or sell
you may be able to sell it to a junk yard, since they could make a lot of $$ off of just the parts alone
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| Posted 11/18/10 3:55 PM |
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Pumpkin1
LIF Adult
Member since 12/05 3715 total posts
Name:
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Re: Car Help - donate or sell
I need to do this too. Any opinions on the best charity for car donations?
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| Posted 11/18/10 4:57 PM |
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colesmom
Brady's mom too!
Member since 5/05 1989 total posts
Name:
Lea
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Re: Car Help - donate or sell
FM me if you'd like. My DH is in the wholesale auto industry - he says you could still get over $1000 for it as is.
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| Posted 11/18/10 7:20 PM |
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Re: Car Help - donate or sell
I would sell it and donate some money to St. Jude's. The tax deduction isn't worth it anymore.
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| Posted 11/18/10 7:57 PM |
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MrsPJB2007
MBA at your service!
Member since 7/06 12020 total posts
Name:
MJ
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Re: Car Help - donate or sell
Sell it if you can.
Tax deduction may not be worth it -- especially if you don't itemize. ONLY if you itemize your deductions will you possibly be able to use it.
If you and DH do a standard deduction, then don't bother with the donation for tax purposes.
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| Posted 11/18/10 8:05 PM |
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