After we give thanks, we give. Last year, Americans gave nearly $2 billion to support good causes on Giving Tuesday. Considering that the tradition began in 2012 with $10 million in donations, that’s a remarkable number. And that came before we all had it driven home just how connected we are to our communities in this year of global crisis. Let’s counter the relentless bad news of 2020 with another record year…and let’s start with that old car you haven’t started in months.
Each year since 2017, KBB has partnered with Charitable Adult Rides & Services, or CARS, to raise money for a collection of more than 3,500 non-profits. Together, we’ve given more than $2.5 million so far. It’s simple to do – you can donate online, or by calling 1-844-688-4483. A CARS representative will contact you, almost always within 24 hours, to initiate the process. You’ll choose which organization the donation should benefit. They’ll handle everything from picking up the car (usually within 72 hours) to providing you with a final tax receipt.
Yes, your contributed car provides a tax deduction, which can make donation a better financial option than trading in or selling your old car, depending on its age and condition.
But do be wary of programs that claim to offer you more than the fair market value of the vehicle in tax savings. Every used car is different, but some programs put you at risk of an audit by exaggerating the benefits.
