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Giving your car away to a charity car donation program can mean a substantial tax deduction for you. After the new charity car donation rules elaborated in 2005, you get a tax deduction that is compatible with the actual selling price of the vehicle.

The modern society, with its distinct wealth-based classes has always prided itself with a strong inclination to charity. From fundraising events to church donations, charity has become a way for helping others but also a way to get rid of some taxes. The tax benefit one gets from donating for charity is roughly proportional to the value of the donation of course. Lately, a new “charity trend” has formed, especially in the United States and Western/Central Europe, that of the car donation.

Car donations are practically give-aways of no longer wanted or heavily used cars, to charity organizations, individuals, companies or even institutions. In the United States, the tax benefit from such car donations is among the highest you can get from donations; hence the practice of giving away your old car when you buy a new one has become very popular. Usually, the charity organization you will donate your car too will evaluate it and set an estimative value for it, which will determine this tax reduction. For values that are under $500, the value of this reduction is set by the donor’s own estimate of the car’s value. Deductions for donations over this amount are usually limited by the selling price of the vehicle. The vehicles are either sold in auctions or through direct marketing.

Although the car donation program is a solid one in theory, it has been speculated that it could soon become a “tax shelter”. Since this could not be proven so far, car donations have steadily grown to a number of almost 1 million per year. This means that almost 1 million tax payers have reduced their taxes with sums of up to $600-$700 million each year, only through this type of car donation.

From a charity organization’s point of view, the car donation program is one of the best fields to work with. Actually, it has come to a point where such non-profit organizations actually rely on car donations to keep their charity events possible. Some of them have their own car lots for donated cars and process them directly, while others rely on ads, auto auction companies and so forth. What most charity organization will do is take the donated car, sell it through the auction company and then distribute the money to local charity organizations, or further donates the money to a charity that the donor of the car indicated.

It is important to understand that the charity organizations selling donated cars don’t get a profit from it, they only take a small quota of the sum to cover up their expenses. A trustworthy car donation charity organization will bring other charities and institutions a lot of money each year, genuinely helping them out. This said, it is expected that the car donation phenomenon will constantly rise with each year, if the same tax reduction laws are applied further on. Given the fact that it’s one of the most solid and popular types of donations today, it’s very unlikely that these reductions will be hindered by government in any way.

Car donation experts
Car donations

By Michael Rad
Published: 10/5/2006

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December 22nd, 2009 in General | tags: car salvages, salvage car dealers, salvage car sale, salvage car sales, salvage car values, unrecorded salvage | No Comments

Foundation Gets Cash, Car Salvages Auction

Foundation Gets Cash, Thanks To Car Auction

An Xtreme Subaru WRX was donated by the Santa Monica Subaru arm. What is quite so interesting about this one is that this Xtreme Suabru WRX was auctioned off and all of the proceeds were actually given to children who were struck with life threatening medical diseases in the Los Angeles area.

The automotive world is not just an arena where auto manufacturers and its minions of vehicles would battle it out to get the most amount of share. Plus, it is also not just a place where these contenders try to defeat everybody else by being the most popular, the most spectacular, or the most sought after. In fact, this world is not just about who gets to sell the most number of Daihatsu car parts or who gets to take home the most number of awards. You see, the auto world is not just about fame, power, and fortune.

One perfect example that the auto world also deviates from what we think it to be would be one vehicle. This vehicle is an Xtreme Subaru WRX and it was donated by the Santa Monica Subaru arm. Later on, it was customized by Al and Ed’s Autosound. What is quite so interesting about this one is that this Xtreme Suabru WRX was auctioned off and all of the proceeds were actually given to children who were struck with life threatening medical diseases in the Los Angeles area. It was the Make A Wish Foundation which made sure that the money went to the right recipients.

So who bought the vehicle? It was Leon Rotella who had become the highest bidder for the customized Xtreme Subaru WRX. During a special event, the Make A Wish Foundation would be handing over the keys to Rotella. And in exchange, the organization would be receiving a check from the highest bidder plus it would also be receiving a check from three groups - Al & Ed’s Autosound, the Subaru arm in Santa Monica, and Free-FM.

The Xtreme Subaru WRX was auctioned off online and Rotella was the highest bidder when he offered $26,000 for the whole machine. It was actually just right for Rotella when he did mention that while he was thinking of purchasing the vehicle, his thoughts were that the proceeds would all be benefiting those who really do need the money most - children who were struck down with diseases.

You can catch the event on the 30th of November at the LA Auto Show.

By Stacey Wilson
Published: 12/3/2006

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December 20th, 2009 in Auction | tags: car salvages, salvage car dealers, salvage car sale, salvage car sales, salvage car values, unrecorded salvage | No Comments

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Car Donations, Salvage Car Sales and Salvage Car Values

Car Donations and Charitable Donations

Foundation Gets Cash, Car Salvages Auction

Foundation Gets Cash, Thanks To Car Auction

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