Do I Really Need My Old Car?

Many families these days have at least two cars in the driveway. Even if only one of them is used each day, many people enjoy the freedom that comes with having more than one car available to the household. However, while it may seem useful to have more than one car, when you stop to think about it, it may not be such a benefit. After all, the cost of insuring two cars can be prohibitive. That money could probably be better spent elsewhere (especially if you have a child hoping to go to college – have you seen how much that costs these days?). The question you should really ask yourself is this: do I really need my old car?

The reason you should ask that question is because many charitable organizations these days will happily accept a donation in the form of a car. Yes, of course this sounds crazy, but when you think about it, it makes perfect sense. You may have no use for an old car in your driveway, but you may be too busy to bother with the hassle of selling it. If that is the case then you could do worse than donate it to one of any number of charities who would happily tow it away for you.

The best incentive to do this, apart from the obvious fact that you will be helping people in need, is that there is a good chance that you could write off the resale value of the car as a tax deduction. Most charities who accept car donations will let you know how much they got for your old car, so you can give this info to your tax advisor and have him mark it in your tax return. This way, you can both help a charity and yourself. So: do you really need your old car?





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