Your car is one of the biggest purchases you’ll make. As such, you tend to hold onto this purchase for as long as you can. Doing so allows you to get the most value out of it. However, if the time has come for you to get rid of your old car, then you’ll want to consider where it goes next. If you’re not sure what to do with it, check out the following four ideas.
1. Donate It to Charity
Did you know that charities like Habitat for Humanity accept donated cars? They do. Charities like these see to it that needy families who can’t afford to buy a car get connected to a vehicle through these programs.
However, it’s not just needy families and individuals who benefit from such a program. You do as well. Not only do you get to do something good for your fellow man, you also get a nice write-off on your taxes if you choose to take it.
2. Gift It to a Kid
Even the cheapest cars are out of reach financially for most teens, who are just starting to drive. If one of your kids or even a niece or a nephew is of driving age and doesn’t have a car, then consider gifting your car to that child.
Doing this opens up a whole new world to a young person because it allows him or her to get a job and earn money. It’s a rite of passage that all people experience, and it’s good practice for learning adult skills, like budgeting.
3. Sell It for Junk
While it’s mostly true that the whole of a car is greater than the sum of its parts, that is not always true, according to MoneyTalksNews. Sometimes, your old car doesn’t look like much by the time you’re ready to get rid of it. However, that doesn’t mean it’s not worth something.
Individual parts like the windshield, its seats, headlights, wheels, the sound system and its trim, catch quite a pretty penny at the junkyard. The key, of course, is that these parts are no longer attached to your car. Rather, they are sold separately to car enthusiasts and auto body shops to replace parts on another older car that have worn out.
4. Use It as a Trade-In
Naturally, your old car can also become part of the down payment for a new car if you decide to use it as a trade-in. To get the most value out of your car, be sure to visit a site like Kelley Blue Book to learn the value of your car in its current condition.
Granted a car dealership may not match the value dollar for dollar, but knowing the value of your car gives you some leverage when it comes to bargaining. NerdWallet also recommends that when it comes time to sign on the dotted line that you negotiate the price of your trade-in separately from the price of your new car.
You do have one more option. If your old car is truly an extra car, then you can sell it to a dealership even if you don’t intend to use it as a trade-in. Doing so frees up your time. It leaves the selling part to those who sell cars every day, which makes selling your car a lot easier.
Final Words About Your Old Car
Our cars become so much a part of our lives that they almost feel like an extension of us. As such, we want to know that when it’s time to get rid of them, that they are going to a good place. Fortunately, there are so many places that would benefit from getting your old car that you’re sure to find a good home for it in no time.