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beavis
04-22-2008, 08:41 PM
I have driven my trusty 1984 528e for over 24 years, but the unpleasant day has finally come where it needs more than I have the time or funds to invest in it.

Though the car has many imperfections - needs R front strut, a/c blows warm air, idle speed sometimes fluctuates, power locks, odometer and trip computer are out - it still runs strong enough that I have been driving it over 200 miles per week. The body itself is in good condition and all the seats (except driver's) are in near new condition. Also, I just put about $1k into new brakes on all four wheels and the tires are good Pirellis.

So, my question - knowing the car's imperfections, but still wanting to get some value out of it, what is the best way to let it go and get the most in return?

1. Sell it to someone else
2. Try to sell it to the dealer
3. Try to sell it to salvage yard
4. Something else?

Also, does anyone have a suggestion as to what I should ask for it, roughly?

dubis
04-22-2008, 08:57 PM
Sell the parts, cremate the rest!

kevinp
04-23-2008, 06:04 AM
Maybe a donation to a charitable organization, such as:

http://www.purpleheartcars.org/default.asp?page=3

Then your trusty companion for the past 24 years can serve someone else:thumbup:

e36m34life
04-23-2008, 06:25 AM
Maybe a donation to a charitable organization, such as:

http://www.purpleheartcars.org/default.asp?page=3

Then your trusty companion for the past 24 years can serve someone else:thumbup:

Great idea! :thumbup:

Honestly, donating the car never crossed my mind, but when you think about the minimal amount you will get if you sell the car, donating it would be best.

Benefits of donating: Recieve tax deduction probably greater then cash sale, no hassle of trying to sell, help someone deserving get a car, know that your trusty companion wont be sitting somewhere rotting away.

Its definitely something to consider.

beavis
04-23-2008, 06:39 AM
Unfortunately, I have heard that the IRS is scrutinizing car donations and that a donation deduction will basically trigger an automatic audit.

Coconutpete
04-23-2008, 07:08 AM
Unfortunately, I have heard that the IRS is scrutinizing car donations and that a donation deduction will basically trigger an automatic audit.

I have 2 friends who have donated cars - they had no problems.

Maybe if you try to donate a 2006 M5 they will audit you ...... ?

milobloom242
04-23-2008, 08:10 AM
Another vote for donating the car. If you get audited does it matter as long as you have the paper trail?

tturedraider
04-23-2008, 08:28 AM
Maybe a donation to a charitable organization, such as:

http://www.purpleheartcars.org/default.asp?page=3

Then your trusty companion for the past 24 years can serve someone else:thumbup:

Great idea! As a vet, I love it. I had never heard of this organization. In addition, many communities have car donation programs to help children and others in need. Here's one in Arizona - http://www.kars4kids.org/car-donation-arizona.htm

MrBones
04-23-2008, 10:38 AM
i donated my car 2 years ago to Purple heart---no audit

SC4ME
04-25-2008, 09:00 AM
We donated to the national kidney foundation (Father-in-law is a kidney recipient and was president of Nor Cal NKF chapter) and we got a great 'price', took the write off and no worries with the IRS.

We did a bit of researching on this and those people that get audited seemed to have something in common, unusually high value for the type/model of car (it seems they tried to enhance the value).

ElCapitan
04-25-2008, 10:51 AM
Just curious, what is the milleage on the car?

SFC B
04-25-2008, 10:53 AM
Here's my suggestion regarding donating a car:

Don't get greedy.

If you go with the Blue Book value, or whatever used vehcile source you prefer, for a good, or even excellent, conditioned vehicle, you'll be fine. As SC4ME said, if you're inflating the value to something unreasonable, it will bring you undue attention.

damyankee
04-25-2008, 11:57 AM
Donating a car will not automatically trigger an audit. The IRS states you must use "fair market value". Throw out your books on this. What would you get if you sold it today? That's FMV. If you claim $5k, I'd bet your gonna get a letter from your freinds at the IRS. $1k and they would never bother.

If you can find a couple of reputable advertisements for similar cars, then deduct 10%, I think you would have adequate support.

Edit to add: call a junk yard. Depending on your tax situation, a couple of hundred $ might be better than the deduction.