Need help with an old car, that died/

[bclover]

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?

[Newventurer]

Donate Car to Kars4Kids | Top Rated Car Donation Charity 2017

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

[Amethyst]

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 Donate Car to Kars4Kids | Top Rated Car Donation Charity 2017 You got your's and someone else's money's worth from that car ��

[marinauser]

Sell it to a junk yard.

[folivier]

Got a chuckle, 2005 is an old car? I was thinking of a 70 or 80's car....

[easysurfer]

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.

[JoeWras]

Quote:

Originally Posted by Amethyst 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

[Sojourner]

Quote:

Originally Posted by bclover 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.

[powerplay]

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.

[Amethyst]

Thanks - good explanation.

Quote:

Originally Posted by JoeWras 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

[Blue Collar Guy]

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

[Walt34]

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.

[ls99]

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.

[Bamaman]

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.

[38Chevy454]

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.

[Keim]

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?

[kgtest]

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.

[Koolau]

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.

[Music Lover]

Quote:

Originally Posted by 38Chevy454 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...

[jazz4cash]

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.