If you have an old car sitting around on your property, doing nothing, you have a few options. You can try to fix it, sell it online, donate it to a charity or junk it.
Usually, fixing is not an option as with older cars, as the costs for the repairs can be higher than the car is worth and trying to sell it online is a hassle.
So the most common dilemma is whether I should donate or junk my car.
This blog will look at the pros and cons of donating and scrapping your car and hopefully help you determine the best option.
The process of junking a car
Junking, or scrapping, your car is something that most people think means bringing it to a yard and paying them to take it. But in truth, you can get something out of it – cash.
Googling “junk car removal near me” or “scrap car removal near me” will give you a sizable list of companies offering this service. Most of them will provide you with a quote for your car right on the phone, and if you’re satisfied with the offer, they’ll come right to your place to pick up the vehicle.
You’ll have to remove all personal belongings, garbage from your car, and the license plates. When the tow truck arrives, you must have the vehicle portion of the ownership document ready to transfer ownership to the auto recycler and a used vehicle bill of sale.
Helpful Article: WHAT TO REMOVE FROM CAR BEFORE SCRAPPING IN ONTARIO?
With this in hand, the auto recycler will pay you the agreed amount and take the old junk car.
Pros and cons of junking a car
Junking your car has several big benefits. The most significant is that you can get quick cash for a piece of junk sitting around on your property, taking up valuable space.
Another is that it is a no-hassle process where you don’t have to worry about bringing it to a scrapyard or even having to tow it there if it is no longer working. They will come to your property and pick it up, no questions asked.
Cars contain hazardous materials like gas, oils, lubricants, and more. Not only will the old car not contaminate your property with potential leaks, but you don’t have to worry about what to do with the materials. A reputable auto recycler company will ensure that all hazardous waste is properly and environmentally friendly disposed of.
Tips for choosing a reputable junk car removal service
As mentioned above, many companies offer this service, so it’s critical to research to make sure you pick a reputable company.
Check online reviews and testimonials for companies you have on your list. Client feedback is a great way to evaluate a company, and knowing that they keep their promises is essential. Another factor is the location. This might not be as obvious, but the further a company has to drive to pick up your car, the less money you’ll get.
Also, get at least three quotes to ensure fair amounts. After all, you want to ensure you get good money and aren’t ripped off. You should also ensure that the company is licensed and will dispose of any hazardous materials environmentally friendly. This research takes longer, but you want to ensure you deal with a legal, reputable company.
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Process of donating a car
There are many charities out there that accept cars as donations, and there are websites such as Donate A Car that list various charities that accept old cars and give tax receipts.
Contact the charity of your choice either by phone or through online forms; most offer free towing or pick-up.
Remove all personal belongings and garbage from your car and the license plates. You will also have the vehicle portion of the ownership document ready to transfer ownership to the charity and a used vehicle bill of sale.
After all is done, the charity will issue a tax receipt for your donation.
Pros and cons of donating a car
The biggest downside of donating your car is that you don’t get any cash for your old car. Still, you also have to remember that the paperwork will be more complex than with a regular sale, as there are some intricacies in the tax receipt (some charities might be able to help you with this).
That being said, it also comes with several benefits. Most importantly, you get the satisfaction of helping a good cause with whichever charity you choose. You will also receive a tax receipt you can claim on your tax return.
Like with junking your car, charities typically also accept no longer drivable vehicles, so you don’t have to worry about getting the car towed to a scrapyard.
Tips for choosing a reputable charity to donate your car
For starters, you can check websites such as Donate-A-Car. They research charities they list on their websites, giving you peace of mind about their legitimacy. You can also check the Canada Revenue Agency website to ensure the charity you donate to is legitimate and Canadian-registered.
You should also read up on the companies accepting the car donation (not just the charity itself) and reviews on Google to help you make a decision. You will also want to ensure the charity will provide you with a tax receipt.
Factors to consider when deciding whether to junk or donate your car
If you’re on the fence if junking or donating is the better choice, there are a few factors to consider.
Put bluntly, do you need the money? While you are unlikely to make a fortune with your old car, any money you can get for it can be used toward a new vehicle, pay a bill or just have some extra spending money. A lot also depends on your values if you would rather donate your car to a charitable cause.
One thing to remember is that when you junk your car, you will get the cash right at the time of the transaction, while with the tax deduction, you have to wait until you do your taxes.
Examples of situations where junking or donating a car may be the better option
If you want to get rid of your old junk car quickly, then often going with a scrap car company is the better option as, in many cases, they will be able to pick up the car the same or the next day with the bonus of getting cash right then and there.
On the other hand, if you prefer any money your old car might be worth going to a good cause, then donating could be the better option. But one thing to keep in mind is that donating and then claiming the tax deduction can be a lengthy process with a lot of paperwork that depending on your situation, may not be the best way to donate money to a charity.
Giving Back or Getting Paid: Which Option Is Best for Your Old Car?
If junking or donating your car is the best option for your old car, there are many things to consider. The most significant difference is that if you junk your car, you get cash upfront, and if you donate, you get a tax receipt that you can deduct from your taxes when you file them, but this also comes with some caveats.
Ultimately, it comes down to personal preference if you want to sell or junk your car or donate it to a charity.
AKR Towing can help you with scrapping your old car and make the process hassle-free. Call us at 647-330-9840 or fill out our convenient online form to find out how much cash you can get for your vehicle and schedule a date and time for us to come and pick up the car, taking it off your mind.
