Do Not Keep Your Heap!

Do Not Keep Your Heap!

The economy is finally showing some signs of recovery even though the cost of gas keeps going up. Many people who held on to their car during the recession are now looking to replace it with a more fuel efficient one.

If you are one of those people, you have to figure out what to do with your used car. You have basically four choices for dealing with it. One is to trade it in towards your next car. If your vehicle gets lousy gas mileage, has high mileage, is more than 5 years old or is not in good condition, the dealership will not offer you much for it as a trade in. The reason is that they will have a hard time selling it since there is no demand for those types of vehicles. If the car dealer does offer you a decent trade-in amount, you will not get much off the sticker price of the new car.

Another option is to sell your current car privately. If the car dealer does not want it, the public probably will not want it either. The only offers you are likely to get are low ball ones. There are many concerns associated with selling a car privately. You have the inconvenience and possible danger of having strangers coming to your home to look at the car. There is the concern about allowing a person you do not know to take your car for a test drive. If you do find a buyer, you have the ultimate concern. That is making sure they transfer the title out of your name and into theirs. If they do not transfer the title and receive traffic or parking tickets or have an accident resulting in someone being injured, the authorities will come after you think it is still your car.

A third option is to sell your current car to a junkyard. If they have to send a tow truck to get your car, you will not get much money for it. If you can drive it to them, you might get a few hundred dollars. The amount you will get for it at the junkyard it based on the demand for scrap metal in your area and the weight of the vehicle.

The fourth and perhaps the best option is to donate your car to charity. Most car donation charities will take your old car, no matter what shape it is in or how old it is. They will have your vehicle picked up at no charge to you and they will also make sure that the title is properly transferred out of your name. In return for your car donation, you will get a tax deduction of $500 or more.
When you donate a car to charity, you do not have to haggle over the price for it with a car dealer or individual. It is much safer than selling it privately and your benefit is not determined by the fluctuating scrap metal market.


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