Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
Need help with an old car that died
Old 05-01-2017, 06:17 AM   #1
Thinks s/he gets paid by the post
 
Join Date: Mar 2015
Location: philly
Posts: 1,120
Need help with an old car that died

So my youngest son by order of succession, drove the old beat up car. It was a 2005 nissan with 189K miles on it. anyhoo, it finally bit the dust last weekend. we had it towed to the mechanic but he said it needed about 3,500 dollars worth of work which I don't think I want to put into a car that old.

So it's off the help him get a new car (21 year old college student, has savings but mom will have to help him out which I don't mind).

Question is what would you recommend doing with the old vehicle.

It's not working so I figure it will be hard to sell on our own. we do have dealerships that advertise "push it in, pull it in. guaranteed 3k for your clunker". I thought about doing that.

Ideas?
__________________

__________________
My darling girl, when are you going to realize that being "normal" is not necessarily a virtue? it sometimes rather denotes a lack of courage~Aunt Francis
bclover is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 05-01-2017, 06:22 AM   #2
Recycles dryer sheets
Newventurer's Avatar
 
Join Date: Sep 2012
Location: in the sticks
Posts: 458
Donate Car to Kars4Kids | Top Rated Car Donation Charity 2017

You got your's and someone else's money's worth from that car ��
__________________

Newventurer is offline   Reply With Quote
Old 05-01-2017, 08:45 AM   #3
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Amethyst's Avatar
 
Join Date: Dec 2008
Posts: 7,885
Hmmm...I thought all the charities had switched to accepting only working vehicles (because they sell them - they don't fix them up to give to poor people).

Quote:
Originally Posted by Newventurer View Post
Donate Car to Kars4Kids | Top Rated Car Donation Charity 2017

You got your's and someone else's money's worth from that car ��
__________________
If you understood everything I say, you'd be me ~ Miles Davis
'There is only one success to be able to spend your life in your own way. Christopher Morley.
Amethyst is offline   Reply With Quote
Old 05-01-2017, 09:17 AM   #4
Recycles dryer sheets
 
Join Date: Jan 2013
Posts: 91
Sell it to a junk yard.
marinauser is offline   Reply With Quote
Old 05-01-2017, 09:22 AM   #5
Full time employment: Posting here.
folivier's Avatar
 
Join Date: Oct 2009
Posts: 804
Got a chuckle, 2005 is an old car? I was thinking of a 70 or 80's car....
__________________
You do not have a soul. You are a soul. You have a body.
folivier is offline   Reply With Quote
Old 05-01-2017, 09:23 AM   #6
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
easysurfer's Avatar
 
Join Date: Jun 2008
Posts: 9,926
Maybe one of the mechanics might want to buy it. When my last car was ready to see the rainbow, the engine was leaking oil and the transmission was konking out. I told them, I'm not gotta put more work in the car and plan on selling it. As I was about to drive off one of the mechanics asked how much I wanted for it.
__________________
Have you ever seen a headstone with these words
"If only I had spent more time at work" ... from "Busy Man" sung by Billy Ray Cyrus
easysurfer is offline   Reply With Quote
Old 05-01-2017, 09:47 AM   #7
Thinks s/he gets paid by the post
JoeWras's Avatar
 
Join Date: Sep 2012
Posts: 4,843
Quote:
Originally Posted by Amethyst View Post
Hmmm...I thought all the charities had switched to accepting only working vehicles (because they sell them - they don't fix them up to give to poor people).
Nope. Most will still take clunkers. I don't know about Cars4Kids, but I know about my local one whose primary mission is giving to people in the community (Wheels4Hope). They accept both. They really want running cars because that is their mission, however, clunkers sold at auction provide extra income.

The confusion stems from the recent change in IRS valuation. The charity and you have to do more work based on whether your car is sold via auction, or given back to the community.

If sold at auction, THAT is the price you get to deduct. If given back to the community, then "fair value" is the price. People were claiming "fair market" on clunker cars, so the IRS changed the rules.

Frankly, too many of these organizations will just go for auction because it is easiest and they can get the money to pay for their silly advertising campaigns. Try to choose a local one without all the overhead.

A FAQ regarding this from Wheels4Hope: Tax Benefits - Wheels4Hope
JoeWras is offline   Reply With Quote
Old 05-01-2017, 09:59 AM   #8
Thinks s/he gets paid by the post
Sojourner's Avatar
 
Join Date: Jan 2012
Posts: 1,121
Quote:
Originally Posted by bclover View Post
we do have dealerships that advertise "push it in, pull it in. guaranteed 3k for your clunker". I thought about doing that.
This is absolutely what I would do in your situation. I recently traded in my nearly 18-year old "clunker" when purchasing a new car. Mind did actually run (I was able to drive it to the dealership), but it needed a fairly major repair to get it in good working order. I knew the blue book value was pretty low (under $1,000), but I haggled and haggled with the dealership to get what I thought was a fair trade-in valuation. If you can time things so that you can wait until just before the end of the month, you'll most likely get a pretty good deal. Although $3K for a broken 12 year old car with 190K miles on it is a stretch.
Sojourner is offline   Reply With Quote
Old 05-01-2017, 10:47 AM   #9
Thinks s/he gets paid by the post
powerplay's Avatar
 
Join Date: Oct 2008
Posts: 1,502
My plan would be to donate it to a favorite charity. They will usually provide you a receipt for a tax deduction with the sales price of the vehicle.
My experience a few years ago was good and a tow truck came to pick up the vehicle then a tax receipt sent several weeks later after the auction. The vehicle does not need to be running.
powerplay is offline   Reply With Quote
Old 05-01-2017, 11:29 AM   #10
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Amethyst's Avatar
 
Join Date: Dec 2008
Posts: 7,885
Thanks - good explanation.

Quote:
Originally Posted by JoeWras View Post
Nope. Most will still take clunkers. I don't know about Cars4Kids, but I know about my local one whose primary mission is giving to people in the community (Wheels4Hope). They accept both. They really want running cars because that is their mission, however, clunkers sold at auction provide extra income.

The confusion stems from the recent change in IRS valuation. The charity and you have to do more work based on whether your car is sold via auction, or given back to the community.

If sold at auction, THAT is the price you get to deduct. If given back to the community, then "fair value" is the price. People were claiming "fair market" on clunker cars, so the IRS changed the rules.

Frankly, too many of these organizations will just go for auction because it is easiest and they can get the money to pay for their silly advertising campaigns. Try to choose a local one without all the overhead.

A FAQ regarding this from Wheels4Hope: Tax Benefits - Wheels4Hope
__________________
If you understood everything I say, you'd be me ~ Miles Davis
'There is only one success to be able to spend your life in your own way. Christopher Morley.
Amethyst is offline   Reply With Quote
i second kars for kids
Old 05-01-2017, 01:32 PM   #11
Thinks s/he gets paid by the post
 
Join Date: Mar 2017
Location: New York City
Posts: 2,838
i second kars for kids

they accept non running cars. they give u a receipt, make sure u take off ur license plates, u can deduct 500 dollars off next years taxes for charity, if they sell ur car they will send u a receipt for that amount if its for more than 500 u deduct the bigger number. when i donated my car it was sold so my tax man had to do another form and i had to mail it to the irs, it was not an efile form. the 3000 dollar for ur clunker in my experience is a come on , if they give u the 3000 for that car u will pay full sticker price, it comes out to the same as if u haggle and get 500 for the trade in
__________________
Withdrawal Rate currently zero, Pension 137 % of our spending, Wasted 5 years of my prime working extra for a safe withdrawal rate. I can live like a King for a year, or a Prince for the rest of my life. I will stay on topic, I will stay on topic, I will stay on topic
Blue Collar Guy is offline   Reply With Quote
Old 05-01-2017, 01:48 PM   #12
Moderator
Walt34's Avatar
 
Join Date: Dec 2007
Location: Eastern WV Panhandle
Posts: 20,162
We donated FIL's old car to a charity (not safe to drive so it was towed) but there are also junkyards around here that will pay $100 to $300 for a junk car. They then take out the usable parts and sell them, and the rest is scrap metal.
__________________
I heard the call to do nothing. So I answered it.
Walt34 is offline   Reply With Quote
Old 05-01-2017, 02:09 PM   #13
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
ls99's Avatar
 
Join Date: May 2008
Posts: 5,212
2005 old? My 95 Jag is positively ancient, still daily driver.

As for getting rid of the 2005, Scrap yards pay by the pound, though they want the gas tank removed, put in the trunk empty. Alternatively there are some outfits buying junk cars, look in craigslist for ads. They usually pick up, pay cash and want the title to be clean and ready to be handed over at the time of picking up.

I'll likely go that route for my 98 rusted out pickup.
__________________
There must be moderation in everything, including moderation.
ls99 is offline   Reply With Quote
Old 05-01-2017, 02:17 PM   #14
Thinks s/he gets paid by the post
 
Join Date: Dec 2014
Location: Huntsville, AL/Helen, GA
Posts: 3,825
You didn't say what the problem was with the car. Do you always trust what an auto mechanic says?

I had a blown engine in a high mileage Ford Escape--with a good body. Cost me $1,200 to buy a 40K mile used engine and installation, and it went along for another few years before the granddaughter traded it for a new Honda Civic.
Bamaman is offline   Reply With Quote
Old 05-01-2017, 03:25 PM   #15
Thinks s/he gets paid by the post
38Chevy454's Avatar
 
Join Date: Sep 2013
Location: Cincinnati, OH
Posts: 2,271
X2 what Bamaman said. Tell us what the shop said is needing repairs and then we can give better advice on what to do with it.

Agree that $3000 for any trade-in will just pad the sales price to offset from the true value. The dealership is not in habit of giving away money.
__________________
The advice we're giving you is invaluable, that's why it's free
Experience is a good teacher, but the tuition can get expensive real fast

Semi-Retired 7/1/16: working part-time (60%) for now [4/24/17 changed to 80%]
Retired Aug 2, 2017; age 53
38Chevy454 is offline   Reply With Quote
Old 05-01-2017, 03:37 PM   #16
Thinks s/he gets paid by the post
Keim's Avatar
 
Join Date: Feb 2007
Location: Moscow
Posts: 1,254
I'd skip the dealer. They'll just use it to work the numbers on the trade-in side of the deal.

In my area the nonprofit idea wouldn't work. And, frankly, is your son in a position to need that big a tax deduction?

My preferred options:
1. Put out an add, Craigslist perhaps, selling a "mechanics special in as is condition." All you stand to lose is a little time.
2. Park it in a shady part of town with keys in ignition, and free sign on it. (mostly kidding)
3. Give to a vo-tech school to repair.
4. Junk it.

I wonder how the OP would describe my '76 Chevy? Antique? Ancient? Pre-historic?
__________________
You can't enlighten the unconscious.
But you can hit'em upside the head a few times to make sure they are really out...
Keim is offline   Reply With Quote
Old 05-01-2017, 03:37 PM   #17
Thinks s/he gets paid by the post
 
Join Date: Aug 2013
Location: North
Posts: 2,410
sometimes local trade schools (high school and college) will accept non-working cars. Students fix them and re-sell them for the educational opportunity. Kids dont pay tuition at that school that teaches them to fix cars...pretty neat.
__________________
AA (Stock/Bond/Cash ): 97.5/0/2.5% MIX (Small/Mid/Large): 25/25/50% BLEND(US/Foreign): 100/0%, REIT (Real Estate Equity): ~50% of Assets

FIRE in 2031 @ 50yrs old (+/- 2yrs) w/ a hypothetical $2.5mil portfolio, 3 appreciated homes worth $1.0mil and rental income to fund my gap years until RMD. Assets will go to an inherited IRA where I plan on watching the investments grow until I die or the trust gets executed.
kgtest is offline   Reply With Quote
Old 05-01-2017, 07:02 PM   #18
Thinks s/he gets paid by the post
Koolau's Avatar
 
Join Date: Jul 2008
Location: Leeward Oahu
Posts: 3,651
Heh, heh, my newest of 3 cars is a 2000, but... Yeah, that "push it/pull it, blah, blah blah..." is just a sales pitch. You're almost always better off not trying to trade even a "good" vehicle, though it's the easiest way to be done with all of it. For a "quick" resolution, check the scrap yards. Scrap steel has been pretty pricy from time to time and you might net $250 or so. I dread the day one of my vehicles gives up the ghost. In Paradise, we have relatively few scrap yards! All 3 of my cars are one significant repair from being written off. Goes with the territory of buying used and driving them into the ground. Hope it works out for you.
__________________
Ko'olau's Law -

Anything which can be used can be misused. Anything which can be misused will be.
Koolau is offline   Reply With Quote
Old 05-01-2017, 07:21 PM   #19
Thinks s/he gets paid by the post
 
Join Date: Mar 2015
Location: Winnipeg
Posts: 2,441
Quote:
Originally Posted by 38Chevy454 View Post
Agree that $3000 for any trade-in will just pad the sales price to offset from the true value. The dealership is not in habit of giving away money.
True. That's why you agree on a price first, then try to add in the $3000 trade-in...
Music Lover is offline   Reply With Quote
Old 05-01-2017, 07:34 PM   #20
Thinks s/he gets paid by the post
 
Join Date: Aug 2004
Location: Laurel, MD
Posts: 4,537
Charity donation is ok, but I'm guessing some money for the replacement vehicle is a better option. I would google Junk Cars "my city" and see what comes up. Many services around here will pay several hundred for non running vehicles and tow it away. I think it's worth looking into the dealers that say push, tow, or drive it in but you do have to watch the numbers. Some states only charge sales tax on the difference between the trade-in and the replacement vehicle so that could be a few dollars in tax savings even if they add the inflated trade-in value to the cost of the replacement. Scrap metal prices are low these days so that impacts the value.
__________________

__________________
...with no reasonable expectation for ER, I'm just here auditing the AP class.Retired 8/1/15.
jazz4cash is offline   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Someone died at work today. 40 years old comicbookgujy Young Dreamers 69 02-27-2013 10:22 AM
How Many Know Someone Who Retired Then Became Seriously Ill Or Died? mountaintosea Health and Early Retirement 37 02-06-2007 11:44 PM
New car, old car, same car? cute fuzzy bunny Other topics 74 06-15-2006 05:27 PM
Dennis Weaver died today... Gpax7 Other topics 8 02-27-2006 10:05 PM
The Day the Music Died Howard Other topics 8 02-03-2006 09:42 PM

» Quick Links

 
All times are GMT -6. The time now is 04:47 AM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2019, vBulletin Solutions, Inc.
×