Easy Guide To Making More Money From Your High Mileage Used Vehicle
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by: PhilBinax | Total views: 12 | Word Count: 638
Got an old clunker sitting in your driveway? You can get rid of that eyesore and make some money at the same time - just follow these simple steps. This guide to making the most money from your high mileage used car or truck will take you through everything you need to know to sell your car for the most money possible. We'll also give you hints about donating your used vehicle to charity, which can be another great way to make money from a used car - in this case by saving big on your taxes.
#1: Be Your Own Detective. First, perform your own inspection. Take a notebook and paper with you and write down every defect that you notice. After you make your list, go back over it and check the ones that you can easily take care of.
#2: Consider Outside Help. You should consider taking the vehicle to a qualified mechanic for a complete inspection. This serves two purposes. You know exactly what is wrong and what needs repair. You have a record of the inspection to show potential buyers. If someone knows that the car is in good condition, they are more likely to pay a higher price.
#3: A Dirty Car is a Worthless Car. Before you sell your vehicle, it should be clean. This includes more than a simple vacuuming and car wash. You should rub the paint with a good rubbing compound and clean everything deeply. This is a great deal of work but your vehicle will look years younger. If you have the money, take the vehicle to an auto detailing service. This saves a lot of work.
#4: The Advantage of Selling vs Trading. Trading your vehicle in is not a good way to realize profit from its sale. However, it is less work. It is better to go online and check with Kelly Blue Book or Edmunds, as they provide free valuation services. Once you know the fair market value, you can sell it yourself and ask for the most money. Make sure the asking price is high, as you have more negotiation leverage this way.
#5: Donate and Deduct. It could be that you cannot get enough for the vehicle by selling. Some people do very well by donating their to charity and taking a nice deduction of their federal taxes. However, you must itemize your income taxes to see any kind of tax savings. You should also be aware that some so called charity car donation programs take your vehicle, only give a small percentage to charity, then pocket the rest. It is best to give directly to the charity, to be sure that a vehicle is going to a worthy cause. So before you donate, do a little legwork.
#6: More Suggestions for Donating a Car to Charity. Before you donate a vehicle to a charitable cause, ask how the money is used. If you contact your local Better Business Bureau, or look the charity up on Charity Navigator.com you can get a good background on a charitable business. This way, your efforts are not wasted. Whenever you have questions about these matters, you should contact a tax professional for advice. After all, if you make the donation, you want to be certain you get the deduction!
To make a long story short, you can maximize your profits when you sell a vehicle that has a lot of miles on it. Make sure that it is completely clean and looks impressive inside and out. Have everything repaired that you can. If you are thinking about donating the car, make sure you are donating directly to a legitimate 501 (c)(3) charity. And sometimes making the most money from a high mileage used car means hiring professionals such as a good mechanic or accountant to make sure you're making the right moves.
About the Author
Remove the trouble of selling a used car, and save big on your taxes. Donate a car directly to Volunteers of America, one of the USA's oldest and most respected charities. 100% of your charity car donation stays with VOA to fund programs that help over 2 million American's every year. Pickup is fast and free! Call toll free 877-721-4862 or go to carshelpingpeople.org to find out more.
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