megsfolks

Hello,
I very recently moved up to a 997 and am now going to divest myself of my 928--not enough garage space 8-(.

In these parts (Eastern Washington), the value of a 928 is pretty low. I've had it listed on Craigslist without even a tickle of interest. Momma says its time to move it on. I've sent messages to the dismantlers I could find on Google, but I'm also considering donating it to the Make-a-Wish foundation. It appears that the proceeds from the car will go to the local Make-a-Wish chapter, which is certainly a decent organization. Unfortunately, I'm sure it would be sold at auction at much less than value. But, at least its a good cause.

Anyone ever donate a car before? The tax deduction isn't as tasty as it used to be, but still its a tax deduction. Any hints or advise on donating would be useful.

Thanks!

Ninespub

Year, model, condition, recent work, photos?

dr bob

Sell the car in the free market. Even at a fire-sale price, the value to you will be greater than any tax advantage you might actually receive from donating to a charity. Tax laws have changed so that you only get to claim the actual dollars the charity receives. So your sells-at-$500-at-wholesale-auction car, with 40% overhead charged back for the sale, gives you a possible $300 claimed contribution. Then look at your tax status. AMT bracket creep puts you at risk of maxing out your charitable contribution deductions, and that creep is only going to get worse. Bottom line is that, at least for us, additional donations do almost nothing for the actual tax bill. If you are feeling generous at that point, donate the proceeds --directly-- to your favorite charity, and not through their hired fund-raising arm.


Describe your car and post a few pictures. Post it for sale here with a price that's comfortable for you and see what happens. Hopefully the car will go to someone who can use it.


** I'm not a tax expert, but I do get lectured regularly on this stuff by my wife, who is.

bronto

"Leeroy Northwest"?

megsfolks

Good comments... Thanks I thought that my car was in the signature.

1983 928S. Approximately 95k miles, not precisely accurate though as teh speedo has been intermittent over the last couple of years.

I never thought about posting here. That's a good idea. I'll work that up tonight.

GlenL

Here's the problem. People used to donate collectable cars for high book values by claiming a high condition rating. The actual value was much lower due to pending repairs or cosmetic issues.

The government got tired of that.

You might look on eBay to get a feel for a national price. A for-profit site should give better response.

Tom. M

Send me some details (or post up here)... I know some locals who might be interested in the engine at a minimum.. all dependent on price ..

Is this it?
http://spokane.craigslist.org/cto/3875185473.html

if so..too nice to part...

bronto

Agreed, if this is it, too nice to part out.

Put it on eBay, low starting price, no reserve. It will get a LOT of attention that way, and bidders will bid because they know their bid will count. Then, depending on the outcome, you can either keep the money or donate it to Make a Wish.

Hai gebissen

That is not what I was expecting to see when I read the thread title!

megsfolks

Thanks Tom, yes. That is the one.

Further insights, motivatated by Dr. Bob's comments, I found that the Make-A-Wish foundation actually only gets 50% of the proceeds! The agency that coordinates the effort gets the other 50%. Yikes! Tax topics aside, that is a disappointing awareness. Silly me---for some reason I thought they would get 100% of the proceeds. Seems clear that the better choice is to sell it myself and give a nominal donation rather than let them do it all.

I guess it was worth a shot.

Gary Knox

I recently donated a 'show level' '73 MB 450 SL with 120K mi to our local Habitat for Humanity chapter. I suggested a raffle, which they did, and raised about 50% more than the car would have sold for. So - they were happy, and I was happy with their results.

Didn't check with our tax counselor first, however. IF you donate a car for raffle, the maximum tax deduction is $500, regardless of what the car raises. IF they had sold it for say $10K, then that would have been our tax deduction.

But, even if I'd known that in advance, probably would have done the same thing, as we are great supporters of that organization.

Gary--

mickster

That's a great and selfless idea Gary!

As far as the 50% split--most donation bins for clothing, car donations and other donation setups are being run by for-profit companies "on behalf" of the non-profit; the for-profit usually either rents the space for the bin or gives a percentage of the sale. In those cases, tax deductibility is often not allowed (check with the bin, organization or accountant) or minimal. Better to donate to an organization that doesn't work with a middle-man and know that more money goes in the organizations pocket.

Harvey928

We have solved the issue. I am purchasing the car and going to have it delivered to Charlotte.

Tom. M

I love a good ending..


Congrats...

dr bob

Always like a happy ending.

----

The issue of using professional fund-raising companies is often controversial. The "good news" for most charities is that they generally aren't able to directly hire the kind of fund-raising horsepower they really want, so they rent that talent instead. That kind of talent still costs money though. Charities are under a lot of pressure to keep their overhead numbers low, but if you need to raise money with low overhead, it takes a thousand $50-net bake sales to equal 10% of the results from a single "5k walk for breast cancer" event, even after all the costs are figured in. The pro's bring knowledge and experience, plus working capital and staff organization to get the larger efforts going successfully, something most charities can't match with in-house talent. Bottom line: don't discount the need for pro fundraising, but you need to be aware of what's behind the banner or TV ad, and what really happens to your donated dollar (or car...).