Sell cheap or Donate

I have a Hyundai Santa Fe with 209,000 miles and it still runs great. It’s been well maintained and it’s served me well. My problem is I get reimbursed from my company for my car and a milage allowance as well. Now because my car is out of “Compliance” (3 years or 150K miles), I’m being asked to replace it with a new car or lose my car allowance except for the mileage portion. The KBB value even with high miles is almost $8,000 list with a low end “fair” condition of about $3500. No one seems to want a car with that many miles even though it’s running great right now. Should I consider donating the car instead? Thanks. Dan P.

Financially, I think you will do better to sell it. First, if I understand the current IRS regulations correctly, you cannot claim a deduction of over $499 unless you have documentation from the donee about the amount they received for the vehicle. Second, if they sell it for, say, $1,500, then you net only that amount times your marginal tax rate. If they can sell it for $1,500, then so can you, and you would net the full $1,500.

Only reasons to donate are (1) altruism and (2) avoid the hassle of selling (usually applies to very cheap cars – cheaper than yours).

A good running vehicle is worth something to someone. You may not get KBB money for it, but if you price it right someone will buy it.

What’s the trade in value? Have you checked with any dealers? If you have to buy a new vehicle trading might be the way to go, although you can probably do better with a private sale if you have the time.

Having maintenance records really helps when selling a vehicle with this many miles. If you can demonstrate that it’s been maintained correctly it will eventually sell, even with >200K miles.

Agree; clean it up, touch up any scratches and sell it. A well running vehicle, regardless of mileage is easy to sell. I sold a clean 19 year old Caprice in 2 days just by posting a color picture with description on a supermarket bulletin board. I got withing $100 of my asking price.

I have sold a few 200k vehicles. It takes patience. Maintenance records don’t seem to matter as much to the type of typical buyer who buys one.

The problem with a high mileage vehicle is anything can break at any time. Also you cannot get any financing. I think you will be able to get $3000-$4500 for it with patience. If the nameplate was Honda or Toyota you would sell it much quicker.

Put it on craigslist for $3500 cash and it will be gone before sunset today…If it needs a windshield or a set of tires, do that, and ask $3900. Have YOUR paperwork in order, the title and a bill of sale…IGNORE, and I mean IGNORE offers that offer a “Cashiers Check” and you pay my shipper who will pick up the car. They are ALL scam artists. Stick with CASH MONEY and the buyer picks up the car in person. Do NOT let them drive off with YOUR plates on the car.

Craig’s List is a joke, every reply I’ve had is an offer of a scam waiting to happen. When I get several replies and they are all worded similarly, I tend to look at them skeptically. Thanks but no thanks.

I have seen many scams from people selling things on Craig’s list , but have never had any problem with things my son or I have sold. As a matter of fact the amount of cars sold on Craig’s list has caused the Autos for sale section to almost disappear.

Running out of time now so I’ll just donate it and take the tax break. I wish I had younger nieces or nephews to give it to but they’re all grown and have better cars than I do.

There is a way to use the old method of deducting the vehicle’s value from your taxes. If you donate it to a qualified charity that uses it themselves, you can take the presumed market value. But if they sell it, they will give you a sales receipt for your taxes.

If you set your price appropriately you will get valid offers on Craigslist(CL).

People over price their stuff/vehicles on CL and it sits.