Have an antique car that you no longer want? Kars4Kids will treat it with the care and dignity it deserves.
If you’re a collector, you know how it goes: you just can’t resist acquiring one more item. But eventually, you run out of space to display your finds—especially if your taste runs to large items like antique cars. You may be forced to weed out some of your beauties to make room for the best examples in your collection.
If you find yourself in this situation, one great way to handle the problem is by donating your antique car to a nonprofit car donation charity. Not all car donation charities accept antique cars, however. Only those charities that take car donations for auction, for instance Kars4Kids, will take that special car off your hands.
The charity will auction off your cherished antique and the funds realized at auction will be used to underwrite programs or services provided by that particular charity. That’s why you’ll want to take care that the charity you choose offers some sort of service or program that appeals to you personally. Kars4Kids, for instance, underwrites all sorts of educational programs for needy children. You may be loath to give up your car, but it’s a comfort to know that you’ll be helping children in need. Also, if the nonprofit is listed as a charity with the IRS, as is Kars4Kids, you can deduct your antique car donation from your taxable income.
No Muss No Fuss
You’ll want to contact the car donation charity of your choice to see how antique car donation delivery is handled. Some charities require that the vehicle be delivered to them and may have specifications about how this must be handled, for instance, by trailer. In other cases, such as in the case of Kars4Kids, your car will be picked up by the charity, no muss, no fuss.
Once you sign over your car title to the car donation charity, you are entitled to receive a receipt for your donation. Next comes the waiting—it may take 4-6 weeks to find out how much the car sold for at auction. If the car sells for more than $500, you’re entitled to claim up to the auction price as the fair market value of the car as your deduction. If the car goes for $500 or less, you can claim a deduction of up to $500.
Kars4Kids has a groovy online garage that’s worth a look if you’re a collector or wannabe collector of collectible cars. The page is updated on a regular basis as new donations come in. Some of the cars are really splendid, such as this 1967 Green Chevy Impala. Best of all, if you donate an antique car to Kars4Kids, you can send in a photo of your car to be displayed on the website, thus retaining your bragging rights. You can point out your car to your friends: “See this beauty? That was mine. I donated it to help underwrite educational programs for needy kids.”
Not to mention the fact that now you’ve freed up some storage space, you can start looking for another great car to add to your collection. After all, it’s not like the collecting bug went away. Once a collector, always a collector.