Are you tired of having a car in your garage that is never used and takes up too much space? You can actually donate the car to a trade school as a good way to get rid of it. By donating your car to a trade school, it will help students and you will enjoy a tax break. Take a look at the list of information in this article to learn more about donating a used car to a trade school and what they might do with it.
1. Your Used Car Will Be a Learning Tool for Students
Before you donate your car to a trade school, find one that has an auto mechanic program for students. Your car will be used as a learning tool to help students identify the various parts that are inside of it. The car will likely be taken apart during the student's learning process so they can get a better look at the parts. However, the parts will sometimes be put back in the car so the students can learn how to make repairs.
2. A Trade School Might Sell Your Car
If your used car is in a good enough condition after the students are done using it as a learning tool, it is possible that it will be sold. If the vehicle is sold to the public, it will likely be at a discounted price. However, the overall price will depend on the condition of the car after the students have removed and replaced parts. The students can actually repair the car to the extent that it runs better than it did when you donated it. If the car isn't sold to the public, the school might just use some of the parts to repair other donated vehicles with.
3. Get a Tax Deduction
You will benefit from donating your car to a trade school because it can be counted as a tax deduction. There are a few things that can have an effect on how much of a tax deduction you will be able to claim based on the value of the car. The deduction might be based on the fair market price, which can be found via the Kelley Blue Book. The tax deduction can also be based on what the car is sold for after it is donated to the trade school, such as if it is sold for a price lower than the fair market price you will have to claim the lower amount. Take your car to a trade school, like Newgate School or another location, so it can be used for a good cause and earn you a tax deduction.