How to Decide Whether to Sell or Donate Your Car
Youve recently upgraded your vehicle’”congratulations! Now you just have to decide what to do with your old car. You have several options: you could trade your vehicle in at a dealership, sell it privately, or donate it to a charitable organization. Which one should you choose?
The good news is, its not too difficult to list the pros and cons of trading in or selling a vehicle versus donating your car to a good cause. Heres a closer look at the benefits and drawbacks of each option:
Trading in
Pros: This method is relatively easy. You take your car to the dealer, haggle a little, and make the deal.
Cons: A car dealership has to make money on the resale of your car, so the offer will likely be below market value.
Private-party sale
Pros: Because youre cutting out the “middle man,” you can list and sell your car at market value.
Cons: This option requires a lot more effort on your part and will probably take longer. Youll go through the hassle of creating ads, listing your vehicle online, and arranging meet-ups with potential buyers. Plus, there’s no guarantee when (or if) you will find a buyer!
Donating your vehicle to charity
Pros: Donating a vehicle to charity feels good and will benefit a cause that will make the world a better place. It takes less time than listing your car for sale or taking it to a dealership.
Cons: You won’t make any money, but you could be eligible for a tax advantage.
So, there you have it, the pros and cons of for-profit vs. donating your car to a charitable organization like Ohio Valley Goodwill.
However, there may be a little bit more to this discussion than meets the eye. Of course, its easy to assign a value to the monetary benefit of selling. But whats the true value of the ”feel-good’ piece of helping others?
As it turns out, giving not only makes you feel good, but it can also improve your physical health and mental well-being. Theres even science to prove it!
Giving is good for your health
According to studies conducted by John Hopkins University, people live longer, display fewer physical symptoms of illness, and have lower blood pressure when they give social support to others. Donating may be the ”secret sauce’ to a longer and healthier life!
Likewise, donating to a good cause can contribute to stronger social connections and feeling a renewed sense of purpose. Studies have found that those who give experience less anxiety and depression and have better overall feelings of self-worth. These studies concluded that donating to charity generates chemical reactions in the brain that can lead to enhanced mental health and wellness.
It seems science is telling us that altruism’”the selfless act of helping others’”is not only good for others, but its also good for our overall health and well-being!
Be choosy about where you donate
You know that giving is good, but with so many causes out there, how do you decide which ones align with your values? Knowing exactly where your donations are going and who they are benefiting will help you make more thoughtful decisions about your giving.
When you donate a car to Goodwill, you are helping support valuable services that impact people’s lives throughout Greater Cincinnati. The vehicles donated to Goodwill are resold at our weekly auto auction, where the proceeds generated help to support Goodwills programs and services. Best of all, Ohio Valley Goodwills innovative auto auction process is operated entirely in-house, which means theres no third-party auction house taking a ”cut’ of your charitable donation.
Donating a car to Ohio Valley Goodwill helps our mission to create jobs and change the lives of individuals with disabilities and veterans in our community. When you donate your car to Goodwill, you become a job creator in your community’”now thats a very good thing!
Ready to donate a car to Goodwill? We make the car donation process easy!
Simply fill out our online donation form and well contact you about your donation. We can even arrange to pick up your vehicle FREE of charge! To learn more, read our frequently asked questions about donating a vehicle to Goodwill.
