Here’s an innovative charitable idea right on time for Christmas, or any other time of the year. Next time you upgrade vehicles, why not look for an opportunity to give away the weakest member of your vehicle fleet rather than trade it in? In many families, especially those with teenage or young adult drivers, a vehicle upgrade has a ripple effect of upgrades down the line.
By the time you get down to the vehicle that you no longer want or need, there might not be much left in terms of trade-in value. On the other hand, if there is someone in your church or neighborhood who needs a vehicle, a working set of wheels would represent a major lifestyle improvement.
This is a win-win opportunity without serious loss to the giver. Chances are the vehicle that you are discarding would not produce a big trade-in allowance, so you might reap only slightly lower payments as a result. On the other hand, donating your vehicle to a tax-exempt organization can yield income tax benefits next spring.