I've got an older Volvo wagon that just keeps having annoying, and expensive, things go wrong with it. First the driver's door stopped opening from the outside handle. Now, the electric driver seat has jammed in a position where I can't really drive the car safely.
The highest value I can find using NADA, KBB, etc is around $1800 BUT that's based on everything mechanical working properly. My indy, European car mechanic estimates right around $1000 to fix both issues. I'm obviously not sinking that kind of money into a car that's basically only worth 50% more than the cost of repairs.
If I try to trade it in at a dealership, they're going to laugh me off the lot. My indy says he can only give me "a couple hundred bucks" since he knows about the necessary repairs. I don't want to go through the hassle of trying to sell such a sorry car on my own - too many phone calls and bickering over every penny.
This leaves me with the option of donating the car to charity and taking the tax deduction. Anyone ever done this? Any advice? Do's and dont's?
Seems like there's two distinct valuation methods. First is where they give you a receipt for the car but later mail you a statement informing you of how much the car sold for, and therefore the amount of your deduction. Second is where you use an online valuation like NADA and get to claim what the car was worth regardless of what they sell it for. Sounds like the second method is a no-brainer choice!
Thanks for any help and ideas!
The highest value I can find using NADA, KBB, etc is around $1800 BUT that's based on everything mechanical working properly. My indy, European car mechanic estimates right around $1000 to fix both issues. I'm obviously not sinking that kind of money into a car that's basically only worth 50% more than the cost of repairs.
If I try to trade it in at a dealership, they're going to laugh me off the lot. My indy says he can only give me "a couple hundred bucks" since he knows about the necessary repairs. I don't want to go through the hassle of trying to sell such a sorry car on my own - too many phone calls and bickering over every penny.
This leaves me with the option of donating the car to charity and taking the tax deduction. Anyone ever done this? Any advice? Do's and dont's?
Seems like there's two distinct valuation methods. First is where they give you a receipt for the car but later mail you a statement informing you of how much the car sold for, and therefore the amount of your deduction. Second is where you use an online valuation like NADA and get to claim what the car was worth regardless of what they sell it for. Sounds like the second method is a no-brainer choice!
Thanks for any help and ideas!