Got an old clunker sitting in your driveway? You can get rid of that eyesore and make some money at the same time – just follow these simple steps. This guide to making the most money from your high mileage used car or truck will take you through everything you need to know to sell your car for the most money possible. We’ll also give you hints about donating your used vehicle to charity, which can be another great way to make money from a used car – in this case by saving big on your taxes.
#1: Time to Do Some Vehicle CSI. For an excellent starting point, take out your pencil and paper….or even a magnifying glass. Go out to the vehicle and make an inspection. Note things that a potential buyer will notice. This gives you a list of thing to do before selling.
#2: Get a Second Opinion. If you can take a vehicle to your mechanic for an official inspection, it usually pays dividends. First, you will know exactly what needs to be repaired. You can fix these things or adjust the price. Second, buyers have reputable information to rely on. They will feel more confident in making a purchase, when the vehicle has a proper inspection.
#3: A Dirty Car is a Worthless Car. Before you sell your vehicle, it should be clean. This includes more than a simple vacuuming and car wash. You should rub the paint with a good rubbing compound and clean everything deeply. This is a great deal of work but your vehicle will look years younger. If you have the money, take the vehicle to an auto detailing service. This saves a lot of work.
#4: The Advantage of Selling vs Trading. Trading your vehicle in is not a good way to realize profit from its sale. However, it is less work. It is better to go online and check with Kelly Blue Book or Edmunds, as they provide free valuation services. Once you know the fair market value, you can sell it yourself and ask for the most money. Make sure the asking price is high, as you have more negotiation leverage this way.
#5: Donate and Deduct. It could be that you cannot get enough for the vehicle by selling. Some people do very well by donating their to charity and taking a nice deduction of their federal taxes. However, you must itemize your income taxes to see any kind of tax savings. You should also be aware that some so called charity car donation programs take your vehicle, only give a small percentage to charity, then pocket the rest. It is best to give directly to the charity, to be sure that a vehicle is going to a worthy cause. So before you donate, do a little legwork.
#6: More Suggestions for Donating a Car to Charity. Before you donate a vehicle to a charitable cause, ask how the money is used. If you contact your local Better Business Bureau, or look the charity up on Charity Navigator.com you can get a good background on a charitable business. This way, your efforts are not wasted. Whenever you have questions about these matters, you should contact a tax professional for advice. After all, if you make the donation, you want to be certain you get the deduction!
Taking these tips into careful consideration should help you get as much for your high mileage vehicle as possible. However, be certain that your car or truck is as clean as possible first. This is a key point that can’t be overstated. Fix and clean everything that you possibly can. In some cases, you may be better off by donating the vehicle to a local charity. However, this depends on whether you itemize your taxes. don’t be afraid to use the services of a mechanic you trust. They may be able to make an affordable fix that can really increase the value of your high mileage used car. also, if you’re thinking of donating your car you might want to bounce the idea off of your accountant.
Eliminate the hassle of selling a used car, and save on your taxes. Donate a car directly to Volunteers of America, one of the nations oldest and most trusted charities. 100% of your charity car donation stays with VOA to help over 2 million American’s every year. Pickup is free and fast! Call toll free 877-721-4862 or go to carshelpingpeople.org to learn more.
