Donate or Carmax???? (I need to get rid of old reliable)......

[JulesMaximus]

I've never given a crap about passing smog on any vehicle I've sold private party nor any vehicle I've traded in to a dealership.

 

[JulesMaximus]

So I'm about due for registration again & my conscience is telling me to pee or get off the pot deciding what to do.

I have a '95 Geo Prizm (basically a Toyota Corolla). It is a solid, reliable car but it's old, has 160,000 miles on it and......most importantly.....won't pass smog. It did a year ago only because the smog guy (a guy I've used a lot) really helped me out. It'll probably need an axle soon & steering rack has leaked since I bought it back in '05. (still drives fine, tho)

It's the oldest of my fleet & just 1 too many. (4 cars, 2 drivers).

Unless somebody has a better idea, I'm wanting suggestions between donating it or Carmax.

Thanks in advance!!!

EDIT: If I tried to sell it, it is the seller's responsibility to have it smogged again within a 90 day window of sale....no exceptions.

Where in SoCal are you? There is kind of a cult following for those cars actually, they get great mileage and I work with a woman who has a little 4 door version they keep just for use as a commuter vehicle. If yours is in good shape she may be interested.

 

[Mandres]

It's important to understand what benefit you actually receive from donating an asset to charity.

There is a perception that if you donate a vehicle worth $2,000 you somehow receive a $2,000 benefit. You do not. This perception is encouraged by charities and other organizations who don't have any interest in pointing out how the tax rules actually work.

Assuming you itemize your deductions already (schedule A) charitable donations are treated as a reduction in your taxable income. So assuming your tax rate is 20% that $2,000 donation reduces your tax bill by only $400 (2,000 x .20).

Many people do not itemize their deductions anyway, and so receive no tax benefit at all from charitable donations, other than the warm sense of self-satisfaction.

The smart move is usually to sell the car yourself, for as much as you can get.

 

[JulesMaximus]

It's important to understand what benefit you actually receive from donating an asset to charity.

There is a perception that if you donate a vehicle worth $2,000 you somehow receive a $2,000 benefit. You do not. This perception is encouraged by charities and other organizations who don't have any interest in pointing out how the tax rules actually work.

Assuming you itemize your deductions already (schedule A) charitable donations are treated as a reduction in your taxable income. So assuming your tax rate is 20% that $2,000 donation reduces your tax bill by only $400 (2,000 x .20).

Many people do not itemize their deductions anyway, and so receive no tax benefit at all from charitable donations, other than the warm sense of self-satisfaction.

The smart move is usually to sell the car yourself, for as much as you can get.

I used to do taxes and I remember this one couple came in and he had one receipt for church donations, I think it was like $1700, and I said that he couldn't use it because he didn't have enough itemized deductions to make it worthwhile to itemize and that he should just take the standard deduction. They didn't own a home and had no other deductions to claim. I had to explain it to him 3 times... :whiste:

 

[redgtxdi]

Sorry to bump this (old) thread but as part of my "buying daddy a new car" gig,(also in this forum) I really do need to get rid of this Prizm. (I just kept driving her & procrastinating)

She developed a gas-leak on me this week and I took it to a buddy who threw it up on racks & we can see it's coming from above the heat-shield & definitely gas tank, but can't see exactly where.

Long story short......among all the other things wrong with her, I ain't down to throw a wad of dough on her just to sell her & her time has come.

QUESTION -----> If I sell to one of these "We pay cash for your vehicle" (junkyard?) do I not have to smog the thing??

 

[SearchMaster]

QUESTION -----> If I sell to one of these "We pay cash for your vehicle" (junkyard?) do I not have to smog the thing??

Not unless CA is more screwed up than I thought. If you're selling it as junk, it's junk and not a running car.

 

[redgtxdi]

Not unless CA is more screwed up than I thought. If you're selling it as junk, it's junk and not a running car.

Hey....don't push Jerry....he just might implement that very thing!!

But seriously, I am solely responsible for smogging that car if I sell it private party but if I sell it to the junkyard do they submit something to the DMV that lets DMV know there's no smog required now??

I'm not paranoid or anything.

 

[cabri]

Junk yard will not need to smog the vehicle if used for parts. If they choose to resell it, they will have to smog it. Not your problem. You just mark on bill of sale that vehicle is sold ad is and not in "drivable condition.
That covers your ass.

Consider donating to a school with an auto shop.

 

[redgtxdi]

Junk yard will not need to smog the vehicle if used for parts. If they choose to resell it, they will have to smog it. Not your problem. You just mark on bill of sale that vehicle is sold ad is and not in "drivable condition.
That covers your ass.

Consider donating to a school with an auto shop.

Well, if I'm being honest kbb value is around $1,100. (Somewhere around "fair" cuz I'm pretty sure it won't pass smog)

I can get $500 cash from the junkyard for it.

Even if I got "good" kbb value it's only $1,400. $1,400 x .20 = $280

I ain't greedy, but unless there's a way for me to get more out of a donation, I'd probably just as soon sell to the junk man & be done.

???

 

[Midwayman]

Well, if I'm being honest kbb value is around $1,100. (Somewhere around "fair" cuz I'm pretty sure it won't pass smog)

I can get $500 cash from the junkyard for it.

Even if I got "good" kbb value it's only $1,400. $1,400 x .20 = $280

I ain't greedy, but unless there's a way for me to get more out of a donation, I'd probably just as soon sell to the junk man & be done.

???

Might try carmax. Just had a buddy sell them a car he though he'd have to junk. So long as you don't have to tow it there, its worth a shot.

 

[tortillasoup]

Sorry to bump this (old) thread but as part of my "buying daddy a new car" gig,(also in this forum) I really do need to get rid of this Prizm. (I just kept driving her & procrastinating)

She developed a gas-leak on me this week and I took it to a buddy who threw it up on racks & we can see it's coming from above the heat-shield & definitely gas tank, but can't see exactly where.

Long story short......among all the other things wrong with her, I ain't down to throw a wad of dough on her just to sell her & her time has come.

QUESTION -----> If I sell to one of these "We pay cash for your vehicle" (junkyard?) do I not have to smog the thing??

Well I doubt the tank has any rust. My guess is it's only leaking from a few spots... Access the fuel pump by removing the rear back seats and see where it's leaking. The issue is a lot easier than you think.

There are only a handful of places where it can leak, the hoses going into the fuel pump, the hose/pipe that attaches to the fuel nozzle or any other lines used for evap which in a lot of cases attaches to the fuel pump as well.

 

[Brovane]

Might try carmax. Just had a buddy sell them a car he though he'd have to junk. So long as you don't have to tow it there, its worth a shot.

I got rid of my 97 Altima in December at a CarMax. No muss no fuss.

 

[cabri]

Well, if I'm being honest kbb value is around $1,100. (Somewhere around "fair" cuz I'm pretty sure it won't pass smog)

I can get $500 cash from the junkyard for it.

Even if I got "good" kbb value it's only $1,400. $1,400 x .20 = $280

I ain't greedy, but unless there's a way for me to get more out of a donation, I'd probably just as soon sell to the junk man & be done.

???

Donation is only going to get you about 25% of the book value, IF you itemize on taxes.
That is a sticking that many"donation" sites that advertise for your vehicle do not letyou realize.

Donate because you want to help, not for $$

 

[BUTCH1]

Well I doubt the tank has any rust. My guess is it's only leaking from a few spots... Access the fuel pump by removing the rear back seats and see where it's leaking. The issue is a lot easier than you think.

There are only a handful of places where it can leak, the hoses going into the fuel pump, the hose/pipe that attaches to the fuel nozzle or any other lines used for evap which in a lot of cases attaches to the fuel pump as well.

Yep, since it's leaking at the top it's probably a worn/degraded fitting and fairly cheap to repair (unless the OP has to buy a new fuel pump to fix the leak), in any event I would park it until it's fixed, a gas leak, (even a small one) is not something you want to be driving around in.

 

[MadScientist]

I don't think that Carmax will even accept cars that have more than 100,000 miles... Let alone one that wouldn't pass inspection.

Exactly what the Carmax salesman told me. They will take cars with up to 100K miles on them, but any cars over 60K miles will go up for auction.

 

[Brovane]

Exactly what the Carmax salesman told me. They will take cars with up to 100K miles on them, but any cars over 60K miles will go up for auction.

This is different than what the SalesWoman told me at Carmax in December in Irvine CA. They purchased my 1997 Altima from me over 100k miles. She told me that they will purchase any car even if it has no engine in it. She told me my car would go to auction but they had no issue buying it and taking it off my hands.

 

[redgtxdi]

This is different than what the SalesWoman told me at Carmax in December in Irvine CA. They purchased my 1997 Altima from me over 100k miles. She told me that they will purchase any car even if it has no engine in it. She told me my car would go to auction but they had no issue buying it and taking it off my hands.

Hmmm.....I wonder......sounds like a split between selling to the junkyard & donating.

What I was able to confirm (as mentioned here too) is that if I "donate" the car, I have to wait til it's auctioned & can only use that value for deduction. (FWIW, yes I itemize)

If I sell to "we'll pay top dollar for your car" folks, then I get that money, sign over title & we part ways, end of story.

I like the 2nd option better almost every time.

P.S. I just might pull those back seats & take a look. Couldn't hurt even if I sell to junkyard, I could say that problem's solved (or it never existed)

 

[toronado97]

I'll guarantee you those "top dollar" junkyard guys will quote you 500 on the phone, then show up and lowball you a 200-300 dollar offer. It's their modus operandi, and I've yet to try and sell a car to one of those places that didn't do it to me. Just patch the gas tank, put it on CL for 1,000 and sell it as a non-operable vehicle.

 

[redgtxdi]

Ya, but then (if the gas tank is easily repaired) it's a trip to the DMV (Lord help me) to turn it into non-op and that's *IF* somebody would give me $1,000 for it.

FWIW, I certainly wouldn't have a problem laughing one of the junkyard swindlers off my property if they tried. It would be a simple, "no thanks" cuz I know they'd do too well on all the parts on this thing.

 

[tortillasoup]

Fix the gas tank leak and then post on craigslist, wait for responses. BTW, are you able to post a copy of the smog report for all of us to analyze?

 

[toronado97]

Ya, but then (if the gas tank is easily repaired) it's a trip to the DMV (Lord help me) to turn it into non-op and that's *IF* somebody would give me $1,000 for it.

FWIW, I certainly wouldn't have a problem laughing one of the junkyard swindlers off my property if they tried. It would be a simple, "no thanks" cuz I know they'd do too well on all the parts on this thing.

I gotta be honest, with replies like this it sounds like you just can't be bothered to put forth the effort required to sell the vehicle period, which is fine because I've been in that boat myself. Honestly though from the tone of some of your posts, I think you're better off just junking it.

 

[cabri]

Hmmm.....I wonder......sounds like a split between selling to the junkyard & donating.

What I was able to confirm (as mentioned here too) is that if I "donate" the car, I have to wait til it's auctioned & can only use that value for deduction. (FWIW, yes I itemize)

If I sell to "we'll pay top dollar for your car" folks, then I get that money, sign over title & we part ways, end of story.

I like the 2nd option better almost every time.

P.S. I just might pull those back seats & take a look. Couldn't hurt even if I sell to junkyard, I could say that problem's solved (or it never existed)

If you donate to a place that will resell the vehicle; you have to wait until you get their sale price. And it will be much lower than the actual value.

If you donate to a place that will not sell it (tech school), you can take the fair used price. Save an ad from KBB/Edmunds/etc to "justify" the value.