Learn Three Ways To Make Money Off Of An Old Car

Automotive Blog

If you have an old car sitting in your driveway taking up space, you may want to consider selling it to make a bit of a profit. There are a few options when it comes to selling your car and all of them can yield quite a large profit. Use the following guide to learn three easy ways to make money off of your old car.

Strip the Car and Sell Its Parts

If you know a thing or two about cars, consider taking the car apart and selling each part separately. There are people who are searching for used car parts every day online. You can take pictures of the parts, write a short description about what it is, how old it is, and its current condition and you could make a huge profit from the comfort of your home.

Sell the Car to a Recycling Center

Many recycling centers will buy used cars from someone so that they can be sold as scrap metal and recycled. It is important to realize that it does not matter if the car is running or not because the center will send a tow truck to pick it up and take it to the center. The payment you get for the car may only be a few hundred dollars, but it is more money than you have now and you don't have to deal with the hassle of advertising the car to try to sell it.  

Donate the Car to a Charity

When you donate a car to a charity, you are helping the charity and doing yourself a favor at the same time. All donations to charities are tax deductible. That means that you can donate the car to a charity, get a receipt for the donation, and then when it is time to file your taxes you can use that amount as a tax deduction. While this option will not lead you to immediate money, it may be the way that yields the most money in the end.

Before choosing one option over another option, it is important to do a bit of research about them all. Find out how much parts are worth by searching online. Call the recycling center or places like Cash For Junk Cars and see what they would be willing to pay you for the car. Contact any charity you want to support and ask them what value they put on the car. This allows you to be informed so that you can make a wise decision.


19 February 2015