Why You Should Donate a Car on Earth Day

by Cars for Charity Team | Apr 22, 2019 | News and Updates

Earth Day is the annual celebration of our environment on April 22nd and we want to tell you why donating a car to charity is a great way to celebrate it!

We have posted previously about how donating a car helps the environment. On Earth Day it is important to focus on the global consumption of natural resources. In fact, Earth Overshoot Day has been coming up sooner every year since the year Earth Day was founded. In short this compares the global consumption of natural resources to the amount of resources naturally produced by the world.

Earth Overshoot Day Comes Earlier Every Year Since Earth Day Founded

While we are quickly burning through Earth’s resources it is vital to reuse and reduce the need to produce new items. In 2019 there are nearly 17 million new vehicles expected to be purchased in the United States alone. We know that cars are actually the most recycled consumer product in North America. In fact, over 80% of materials used in manufacturing cars will be recycled.

The Facts About the Auto Recycling Industry

The most used product that makes up the majority of a car’s body weight is steel. What is pretty astounding about this metal is that steel is infinitely recyclable and can continuously be melted into scrap steel and reused in new cars or other steel products. Every new car purchased is actually partially made of recycled steel.

In just the U.S. there are over 12 million cars that that leave roadways each year to be recycled. The U.S. and Canada can actually produce over 13 million new cars each year with the steel that is recycled.

Oil consumption is always a huge focus of the environment and on Earth Day. When cars are recycled they reduce the use of oil to produce new materials and parts. Each year over 85 million barrels of oil are saved by recycling cars.

Your Car Donation Can Help on Earth Day

If you donate a car to charity you can help contribute to this incredible industry. While some cars end up back on the road there is a good chance your car donation will head straight for the recycling stream. If your car is over 10 years old then it has the greatest chance of being recycled.

So not only will you be helping support the environment when you donate a car you will be raising money for an awesome charity too! Learn more about donating a car with Cars for Charity here.

There is no better time than Earth Day to take action in contributing to the prevention of more climate change. We accept cars that are no longer running and cars that may be of low value due to their condition. Every single car donation counts and we can help play our part in saving the planet on Earth Day this year.

Donating a Car Helps the Environment!

by Cars for Charity Team | Jan 29, 2019 | News and Updates

Why donating a car to charity benefits the environment by fueling the auto recycling industry.

Donating a car to charity has a number of benefits for both the donor and the charity receiving the contribution. For the donor they get to get rid of a vehicle via a hassle-free process at no cost to them-self. There is also the added benefit of receiving a tax deduction for donating a car. What many prospective donors don’t realize is the environmental impact their car donation will have.

When you donate a car you are providing a sustainable way to reduce and reuse natural materials used in producing new cars. Cars are actually the most recycled consumer item in North America as over 80% of materials used in a car will be recycled. Steel is the number one material that makes up the majority of a cars body weight. Amazingly, steel is infinitely recyclable and can always be melted into scrap steel and reused in the production of new cars! In fact, greater than 18 million tons of steel are melted and reused each year.

Why donating a car to charity has an added benefit of positively impacting the environment and auto recycling industry.

Facts about the auto recycling industry and what your car donation is benefiting.

The auto recycling industry is a $25 billion dollar a year industry in the United States and provides about 100,000 jobs. In the U.S. alone there are over 12 million cars each year that are retired from roadways and enter the recycling stream. Many of these are from generous car donations! Between the U.S. and Canada there is enough steel recycled to produce 13 million new cars each year. This is incredible and you are already helping the environment by driving your car made out of partially recycled steel!

Furthermore, in today’s volatile climate surrounding energy your car donation is reducing the use of oil. Recycling materials and parts from cars helps save 85 million barrels of oil per year from being used to create new parts.

Donating a car to charity helps contribute to the millions of cars recycled every year helping reduce and reuse materials for new cars.

Donate a car today to help one of our great charities as well as help save the environment!

Now that you know donating a car to charity is one of the most environmentally beneficial things you can do, there is no reason to not start your car donation with Cars for Charity today! You can see a list of the many great charities that we work with here. If you have an old car sitting in your driveway no matter if it runs or has little to no value we will tow your car away for free. After you donate your car, you can be proud that you have done something nice for a deserving charity and also contributed to reducing our impact on the environment!

Start Your Car Donation With Cars for Charity

Tax Benefits of Donating Cars for Charity

by Cars for Charity Team | Dec 27, 2018 | News and Updates

2018 is coming to a close but there is still time to take advantage of the tax benefits of donating cars for charity.

You can donate your car anytime but if you want to claim the contribution on your taxes this year you need to make your decision to donate your vehicle by December 31st.

One of the biggest factors in a donors decision to donate a car is the tax write-off. There are many different car donation programs out there so make sure you do your research on who you are donating to in order to make sure your donation will be eligible. At Cars for Charity we only work with registered 501(c)(3) nonprofits, meaning you can choose any charity you want to support and your donation will be tax-deductible.

Here are the answers to your tax benefit questions that might help you make your decision!

Question 1: What is the value of my car donation that I can claim on my taxes?

It depends on how much the car sells for – all of our vehicles are sold locally at an auction through licensed wholesale auto dealers. If your car sells for over $500, than you can claim the FULL selling price on your taxes. If your car sells for under $500, than you can claim up to $499 of the fair market value (which you can find here on KBB).

Question 2: After I choose to donate and my car is sold, what forms do I need?

You only need a special tax form if your car is sold for over $500. If it sells for under $500, we will send you a tax receipt which contains all the key information you need:

Vehicle VIN, Year, Make and Model
Date of Donation
Federal EIN
A statement that the vehicle was sold at arms lengths through two unrelated parties
A statement that no goods or services were provided in return for this donation

The form you need if your car sells for over $500 is the 1098-c tax form. It is simple enough though as we notify you of the sale price and ask for you to call in order to provide your social security number. We take it from there and complete and mail you your tax form.

If your car sells for over $5000, there is an additional form to fill out – Section B of IRS form 8283 and you may need an independent appraisal. Don’t let this discourage you from donating cars that still have a lot of value left though, we get car donations of antique and exotic vehicles all the time!

Question 3: If I donate my car at the end of the year but it isn’t finalized until after the New Year can I still claim it?

Even if your car donation isn’t finalized until next year, the tax benefit is based on when the donation is started. We will provide a tax receipt to you within 30 days of your vehicle being auctioned. So as long as you start your donation before your New Year’s Eve party you are all set!

Question 4: What else do I need to do to claim my car donation tax deduction?

Once you donate your car and receive the proper receipt or form all you need to do is itemize your income tax return.

So there you have it! If you own a car that you are interested in donating, take advantage this year of the tax benefits offered when donating cars. Visit our Donate a Vehicle page to start searching through our charity partners or to begin your car donation! You can also visit our Frequently Asked Questions page for answers to more helpful questions about transferring your title or how long it takes to pick up your car.

donate a car to charity before the end of the year to receive the tax benefits of donating cars

10 TIPS FOR END OF YEAR GIVING

by Cars for Charity Team | Dec 6, 2018 | News and Updates

As December quickly gives way to the New Year, we’re often asked about the best donation programs to support and ways to help Charities in a needy time. At Cars for Charity we’ve put together a list of things to do to make sure your charities dollars are best spent.

1. Estimate your Income and Tax Liability

Take time to understand your tax liability for the year. Did your unearned income increase? Did you sell any appreciated assets? The answers to these questions may determine how much you want to give by December 31st.

2. Get in Touch with your Advisor

After the new year, your CPA, attorney, or advisor will be neck deep in tax filings and returns. Now, is a great time to have a consultation to discuss contributions, retirement, giving options, and understand the impacts on your taxes.

3. Check that Portfolio

Consider assets that appreciated in the last year. If you sell or have sold assets you may incur capital gains on the appreciation. But, gifts of stock reduce the tax liability for the donor. These gifts can be deductible up to 30% of the adjusted gross income and may carry the deduction forward for up to an additional five years.

4. Beware of Fraudsters

Generosity this time of year also breeds a lot of deceptive practices and schemes. Be on the lookout for contribution programs that promise high yields or offer other incentives (like a trip).

5. Know your charity

Do you see the work of the organization in your community? Is the charity a qualified 501(c)(3)? Be careful about who you offer your hard earned money or assets to. Sometimes, they operate as sound-alike organizations.

6. Don’t wait till the last minute

Give early and make sure to have your donations complete or the interest transferred by December 31st.

7. Consider alternative types of Donations

It doesn’t have to be cash or stocks. Donations of property can make a big difference this season. More than coats and housewares, Car Donations make a huge difference this time of year. Roughly 35% of car donation volume comes in between October 1st and Dec 31st. If you have a Car, Truck, SUV or Van that you want to donate to a worthy charity, consider the donation program of Carsforcharity.net. We have the best run program in the Country!

8. Ask about multipliers

Often times at end of the year, charities may have challenge grants that can double your donation amount or employee matching programs that can make your single car donation into the value of a two-car contribution.

9. If you can invest time with your dollars, Do that.

Not only in the spirit of the season is this a great time to volunteer, but building a relationship with the charities you support lets you know the money is being used wisely.

10. ASK the Question

Don’t be afraid to pursue all the answers! Where is the money spent? How much goes to fundraising costs? Can I find your financial statements online?

Now more than ever, charitable donation organizations need to be ready to compete for your dollars. Donors should choose the programs that best fit their interests and passions. But, you should be sure that they are ready to make your donation count. Ask your friends not only where they donate, but where they spend their time.

It’s okay to have charities compete for even tiny donations! Don’t get caught up in splashy ads or promises. Resist organizations with ‘kids’ in the name! But no history of helping kids in the community. And remember it might be trash to you, but could still make a huge difference in someone’s life! A single car donation can be the difference between hope and happiness!