When it comes to philanthropy, the amount of money you donate is always a personal choice. Experts suggest giving 2% of your disposable income as a starting point, though the average percentage hovers around 3% to 5%.
Of course, it’s worth noting that you can donate more than just your income! After all, if you’ve got an older vehicle sitting in your driveway, you may be wondering what to do if you want to donate a used car.
Fortunately, most vehicles qualify, from standard cars and trucks to recreational vehicles to farm equipment. If you’re thinking of making a charitable donation, here’s what to know before you decide.
Should I donate a used car?
First things first: is it worth it to donate car or motorcycle vehicles to charity?
If you’re hoping to offer a significant amount of cash to your charity of choice, it’s worth noting that you may be better off giving a lump sum payment. Donating a car tends to be one of the least cost-effective ways to help these organizations, as charities don’t always see much of the money from the used car sale.
How can I find a charity worth donating to?
If you’re hoping to donate your car, it’s worth noting that there are plenty of companies out there willing to scam consumers. They may misrepresent the amount of support your donation offers those in need, or they may actually be for-profit intermediaries taking a significant cut.
It’s always a good idea to do your research to find legitimate car donation charities. Feel free to do a quick search for “reputable car donation charities near me,” making sure to do your homework by checking relevant reviews, news articles, and BBB ratings. Otherwise, you can look for organizations with high ratings on sites like charitynavigator.org.
How do I donate my used car?
To donate your used car, get in touch with the charity of your choice. Though each charity is different, most will require you to fill out a few forms about the vehicle and its condition, as well as your personal information. They will then set up a date and time for the transfer.
Make sure to drop off the car, if it’s still driveable, at the charity in question. Not only can this save you the cost of a tow, but it also ensures that the car is going to the charity and not to a for-profit middle man. Make sure to have someone sign the title, and get a copy of it before you leave.
Make the most of your donation
Whether you opt to donate a used car or to send in a cash donation, it’s worth considering the pros and cons of both philanthropic options. With a little research into your charities of choice, you can decide the best way to make a difference. Be sure to reach out to any charity you’re considering for more specific assistance!
Looking for more of the key tips you need to know? For additional insights on personal finance, cars, and more, be sure to check out our other guides.