Our 2002 Saturn SL2 with only 110K threw a rod, making a significant hole in the block. If, as expected, cost to repair is too close to the car's value, what disposal method makes the most economic sense, selling it to a junk/recycling yard, or donating it to a worthy cause for the tax deduction?
The taxman clamped down on inflated donation values, so odds are the most money comes with the most work, selling it to someone who wants it for repair or parts. Next would likely be the wrecking yard.... last would be donating. But it all depends what they value it at for tax purposes... the deduction will only be worth your federal income tax rate percentage of that value to you.
Depends on your income. That's a question for a tax lawyer and not a mechanic.
--scott
When donating a car (in some areas) you won't get a value to write off until the car has been sold at auction.
With all of the different ways to get rid of the car you're probably only looking at a $200 difference in what you'll get out of it. Lots of scrap yards in my area pay $400 for complete junk cars.
Ow crap! I was gypped back in 1995. Got $100 for an old isuzu that tore the timing belt and was not a total junk :-( extra $300 would not have hurt
OP: Locally, I'been offered $200, $235, and $275, all plus towing and title costs. A shame for a car worth close to $4K a week ago :-(
meaning what, the buyer picks up the tab for towing and title or you do?
Buyer provides the tow and pays for the title transfer.
If you live in the right part of the country, you could just let it sit in your yard and rust [1] with a bunch of other crap for 50 years - very common in Indiana and parts farther south.
[1] Yes, I am aware that the body panels will not rust.MotorsForum website is not affiliated with any of the manufacturers or service providers discussed here. All logos and trade names are the property of their respective owners.