What to do with a "junk" car?

[5inchfatlip]

Hello- my GF's car is pretty beat up, worth only $700 or so on blue book...still runs, we are buying another car next year, just wondering what my options are for this? I'm sure a dealer wont want it because both corner lamps are broken due to accidents =)
Do we donate it??

I dont think she makes enough to even write it off on taxes...

thanks

 

[burbel]

If there is a college campus nearby, I would be nice and offer it forsale for $500 - there is always a student that would love a car, any car, that runs at that price. That's what I did in a similar situation. Post it on the board, use usenet, or an add in the paper.

 

[AaronR]

I had a 240Z that had seen one too many chicago winters and was really strong in the motor but all rusted out to the point that it was not really all that safe anymore. We donated it to the local high school for their autoshop class and got a tax write off that was about twice what we could have sold the car for, plus we did a nice deed for the kids. Just a thought
Aaron

94 NSX Green/Tan #265 - Sleeping for the winter
89 CRX Si hybrid SOHC VTEC

 

[5inchfatlip]

thats what I was thinking too...I'd be happy with $500...

on the tax write off, do you have to make a certain amount of money? or itemize on top?

 

[NeoNSX]

...err... with all those accidents, u're not thinking of getting her an NSX, are u?

*worried look*

 

[JoeSchmoe]

Originally posted by 5inchfatlip:
Hello- my GF's car is pretty beat up, worth only $700 or so on blue book...still runs, we are buying another car next year, just wondering what my options are for this?

Just a thought... perhaps you may be able to save a few bucks on insurance by keeping the old car around and listing that as the daily driver while the new car is for weekends or occasional use.

 

[5inchfatlip]

Joeschome- I thought of that too, but this car is going to die pretty fast...it has leaks in 4 different places, and some other things as well...we dont have enough parking too, it would total 4 cars..

 

[Joel]

I think what Joe meant was that your GF's car will only be the daily driver "on paper" but she doesn't actually have to drive it. Just keep it around while the *actual* daily driver would be her new car, thus saving on insurance.

I think this is what he meant. I could be wrong.

 

[Biaggi]

5inch:

Is this the girl from the Gym? If so htat's some fast action.... heh heh... ;-D

I'm not sure if keeping the car would be economical just to sit there for a lower insurance policy on the new car. Since you will still have to pay insurance on the old car (min. liability coverage), upkeep of tags, inspection stickers, registration, and property taxes let alone any maintenace work to keep it running. Then still have the associated upkeep fees for the new car. So that logic wouldn't make sense if he was just wanting to save a couple of Benjamins.
Donate the car to Red cross, Goodwill, High school shop class or any charitable organization and claim it on taxes this year. The headache of selling a beater is pretty bad. Trust me, I just sold an 89 CRXsi that looked and ran decent but I had all these low ballers that wanted it for nothing...

------------------
Biaggi
92 Red NSX #483
94 CBR900RR

 

[JoeSchmoe]

Originally posted by Joel:
I think what Joe meant was that your GF's car will only be the daily driver "on paper" but she doesn't actually have to drive it.

Yup.

Originally posted by Biaggi:
I'm not sure if keeping the car would be economical just to sit there for a lower insurance policy on the new car...

If the car is truly old and worthless, registration and insurance are going to be cheap. I would recommend calling up the insurance company and checking out your options. They have some rather strange formulas for determining rates and you might be able to leverage the older car.


OTOH, it sounds like the thing is about to explode. If it can't be driven or routinely fails smog and you cannot find parking for it, then its probably simpler to donate.

 

[5inchfatlip]

Can anyone give me the rundown of how to write it off on taxes..?? Will it just look like she made less this year??

thanks!