Do you have a vehicle that you are no longer using? There are a number of vehicles that have mechanical issues and body damage. The well-intended plans of the owners of these "clunkers" may include making repairs to them, but sadly, some people never get around to doing the repairs. Vehicles that sit for extended amounts of time may become more damaged due to mechanical components not being used or cosmetic damages such as rusting, or interior damages from inclement weather may also occur. Donating your unused vehicle may reap rewards to you, but your gift can also help others. The following are a few perks you may get from making this decision.
Hands-on Training for Students
Some trade schools have programs in place for their students who are majoring in trades that are related to the auto repair industry. Examples of programs that might accept vehicle donations are Collision Repair and Automotive Technician. Your vehicle donation would allow students in these programs to gain hands-on training in addition to any simulated training that the institution may offer.
Transitional Vehicle for Someone in Need
Some programs in your area may have indirect ties to trade schools, which means that students may rebuild a vehicle to get it into working order. After the refurbishing process, the vehicle may then be donated to someone in need. For example, the school may have a program for students without transportation to receive vehicles, or there may also be other programs in place to assist people who do not have vehicles due to income or personal issues such as fleeing from domestic abuse.
Tax Deduction for You
As you can see, donating your vehicle can help others, but you may still wonder how it can benefit you other than showing that you are kind and thoughtful. Your donation may count as a tax deduction for you. If you intend to count it as one, it is advisable to discuss your plans with your tax professional to ensure that you handle the process correctly and do not forfeit the deduction.
Savings of Vehicle Ownership Costs
In some jurisdictions, citizens are required to keep minimum insurance and tags on vehicles they own even if they are not driving their vehicles. This is an expense that you could eliminate by making the decision to donate your vehicle.
A local trade school, such as Newgate School, is a good resource to use if you are considering donating your vehicle. They may be able to get inoperable vehicles towed to their location. Whereas, if you were considering scrapping your vehicle, you might have been responsible for all or a portion of the towing costs.