subject: Donate Boats and Vehicles for Charity [print this page] Donate Boats and Vehicles for Charity
People who donate boats understand what they are getting out of the deal. They are helping another human being who cannot afford to, enjoy their life more. That is a great feeling to have, but there are also some financial benefits to that as well. For example, you may be debating between selling or donating cars. If the car has a blue book value of $5,000 you may be thinking that's a lot of money to pass up on so you decide to put the car up for sale. Well a week goes by and you have some serious interest for the vehicle at the price you want. However you notice that after that week the phone rings less and the people who were interested are either backing out or ignoring your phone calls. The next wave of potential buyers comes through with some of the older prospects, only this wave is different, they know the car has been for sale for a while now and that $5,000 is now an asking price rather than a firm price. The only reason they are interested in your sale is because they think they can get you to significantly drop the price down, which they will be able to do if they are patient enough. As time goes on someone may come to you with a $3,500 offer and you decide to take it because you are so frustrated and just want the torture to end. You don't realize that you are currently in a buyers market where the people who have the money don't need to spend it that quickly. If that interested buyer was really going to spend $5,000 on a car they would walk into a dealership and finance one. For $5,000 as a down payment they can get a vehicle worth more than twice that and have low monthly payments. The only reason they want your car is because they don't want to deal with monthly payments and they think they can get you to drop the price down significantly and their right.
The other option you have to avoid all of that frustration is to donate cars. The problem people have with donating boats and cars is that they constantly think of it as losing money. However, if you talk to your account and the charity your considering giving too you will actually find out that you save a lot more money in the long run. At the end of the year when you file your taxes you will either have to pay for the $3,500 you made from selling the car, or you will be able to use the donation as a tax deduction. Another benefit is that the deduction will be worth more than you would sell the boat or car for. So when you donate boats you actually get more value for it than if you sell it.
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