I currently have an 88 Celica convertible at 200K miles, 5 sp MT. AC is no longer working and car is banged up, but still fun to drive.
I am looking at replacing this car and when I find its replacement I?m not sure what to do with it.
How do I determine if I should sell it, donate it (donating it to CarTalk is on my list) or ?exchange/trade? it if I buy its replacement at a auto dealer?
What are your suggestions and comments?
Thanks!
Only you can make this decision. It’s your car, do what you think is best.
A 20 year old car with 200k miles is not going to mean much of anything with a dealer except as a numbers game on paper.
It’s doubtful it will bring that much on a private sale or as a tax deduction.
If it runs decent and is fun to drive then I say keep it and drive it until it’s time for the crusher.
Keep it and you’ll be paying tags and insurance. Is there someone you love who desperately needs a car?
Try to sell it. Your car has parts on it that will get $50.oo if bought from a junk yard. The igniter is over $300.oo new! That thing, if running, can get $500.oo if you are lucky or you find the right buyer. Some recyclers will give you money for a car like that. It means that there is still some cash value in it.
Unless the “beat up” is to a point that its really not safe to drive, I’m sure you can get someone to pay you at least 500 bucks for it as an impulse purchase. It’s not like a cruddy old K-car nobody would really want new! Heck, I’d actually really like a car like you describe. Where are you located?
Thanks to all for the suggestions.
The car is near Salt Lake City, UT
If its still running sell it for $500 as-is. Do you know any teens? They would love a convertible and especially free one.
First, talk to your tax guy. The donation is deductable ONLY if you itemize your deductions on your tax return filing. If you own no property, and file a short form, donating it will only make good social sense…not financial sense for you.
Second, since I last donated a car (2 years ago) the law has changed. Double check, but I believe that now, you only are allowed to deduct the amount the agency actually gets for the car…not the FMV (Fair market value) that used to be the guideline.
When I donated an old Ford Escort, which had heavy accident damage, I was allowed to deduct about $1800, which was the kelly Blue Book FMV. Now, I would only be able to deduct the scrap value of the car, which might be $200. Hope this helped.
Hmmm… I’m up in Montana. SLC’s not too far away by local standards. Do you have any pictures of it?
A 19 year old Celica with 200,000 miles on it has little value on the open market and none as a trade or deduction.
I agree with OK4450, enjoy it 'til it dies. If you simply want a new buggy, throw an ad in the local paper for $500. You may get lucky.
- mountainbike
Second, since I last donated a car (2 years ago) the law has changed. Double check, but I believe that now, you only are allowed to deduct the amount the agency actually gets for the car…not the FMV (Fair market value) that used to be the guideline.
That is correct, unless the donee uses the car themselves. Then you can still deduct the fair market value. Given the age and condition, the donee may not use it. But you could see if you can find an end-user that qualifies as a charitable organization.
you can always donate it after it dies. Further IRS changed the rules on donated cars and you cannot just deduct the retail value anymore, it is what the charity actually gets for the car now.
I’ve talked it over with the relevent female parties-- if you are interested in selling it for cheap, I can make an E-mail address that I can give in a public forum. (Add private messages to the list of this forum’s incredible disappearing features!)