Top Do’s When It Comes To Car Donations
Top Do’s When It Comes To Car Donations: Donating a car tops one of the most charitable works that you can do. Moreover, the process of car donation usually benefits the donor as well as the charity recipient. There are numerous car donations programs in USA, which one can avail for smooth transfer of vehicle donations.
We will discuss the top dos when it comes to making car donations as following:
- Select a Charity that Accepts Car Donations Directly
Make sure to donate your car to a charity that deals with such donations directly. With the over simulation of information/advertising on the internet, it is quite easily possible that you fall for a fraud. Avoid any for-profit intermediary organizations advertising to handle your car donations. Conduct proper research and select a charity that handles car donation transactions themselves in order to ensure that 100% of profit remain at the charity.
- Direct Delivery
If the designated donation car runs, make sure to drive it directly to the charity yourself. If you do not, either you or the charity you are contributing to will hire and pay someone else to handle the pick-up and delivery. This increases the cost and reduces the amount injected to the charity’s program(s).
- Using Fair Market Value (FMV) for the Car
Fair Market Value is the highest car valuation system. It should be ideally used when instead of selling your vehicle, the charity keeps the car and practically uses it;the charity adds value to the car by improving it before selling it; when your car sells at a discounted price to a low-income earning individual; or when the worth of the car is less than $500.
- Alternative Approach To Car ‘Donation’
Rather than donating the car to the charity directly, you can help a charity and simultaneously maximize your tax benefits by selling the car yourself and donating the proceeds. Many car donations programs in USA provide both the options for donor facility. Selling the car yourself may help generate a little more cash compared to letting the charity sell it, maximizing the contribution for charity recipients.