An old car sitting around your home is not only an eyesore, but it can also be dangerous to children or pets playing in the yard. If you have decided it’s time to get rid of your junk car, you will need to decide what disposal method to utilize. Use this guide to help you determine whether to donate or sell your junk car for cash.

Should You Donate or Sell a Junk Car for Cash?

Donating

Always research the organizations you are considering donating to. This will ensure that they not only support causes that are important to you, but that they also spend their money appropriately.

One benefit of giving a car to a charitable organization is that the donation will be tax-deductible. This means that the expense can be subtracted from your adjusted annual gross income when filing your taxes. 

This process, however, can be complicated. You will need to itemize this donation on Schedule A of a 1040 form and ensure that the deduction fits the IRS’s qualifications for a deduction so it won’t be denied. The deduction you can take will be based on the marginal tax rate, meaning it will likely only be a fraction of what the car is worth. You will also need records to prove the vehicle’s value when you submit the deduction with your taxes.

Selling

If you choose to sell your junk car for cash, the process is relatively simple. Companies that purchase junk cars will provide you with a quote for the vehicle’s value. Always research the vehicle’s value before selling a junk car to make sure you’re getting a fair quote. Most businesses will accept cars in any condition—even if they do not run—and will tow the vehicle for free, as well. 

Upon them picking up the junk car, you’ll immediately receive the full cash amount. Selling your junk car for cash is a preferable choice since the transaction process is easy and comes with less paperwork and research. It’s also beneficial if you’re looking for a less stressful way to earn fast cash.

Cash for Junkers MN offers immediate payment for your junk car. This company serves residents throughout Ham Lake, MN, and the Twin Cities area. They offer competitive prices when you sell your junk car for cash, and they don’t charge for towing services, making the process hassle-free. Learn more about their services online, and call (763) 218-3149 to schedule a junk car removal.