The financial benefits of Dayton car donation
Hi, hello. It’s me, Debbie, your donating mentor. Did you know you could donate just about anything with a motor? Instead of selling your unwanted vehicle, donate it to Volunteers of America of Greater Ohio. Even if your vehicle hasn’t run in years, you’ll likely receive a greater monetary value through Dayton car donation than you would through selling it for parts to a salvage yard — here’s why.
Dips in scrap metal industry will have an affect on your wallet
U.S. scrap metal companies have felt the ripple effect all the way from the Far East. As China’s economy slows, so does the demand for metal. According to MPR News, “The boom times in China are over.” Supply and demand: Like the simple business model itself, if there’s an oversupply and a low demand, the bottom line suffers.
The value of copper per pound has seen a $1 decrease while steel is down by more than half. In addition to the downturn in China’s economy, overpopulation plays a part. To create jobs, there are way too many metal suppliers in the industry. Mark Leder, co-owner of scrap metal company, Leder Brothers, says, “You have too many aluminum foundries (and) you have too many steel mills now.” He’s optimistic though. “(The scrap metal market) is not something that’s going to become obsolete, because what we deal with is obsolete.”
Step-by-step: Charitable contribution deduction with Dayton car donation
As the scrap metal prices hit an all time low, how do you get anything in return for your broken down vehicle? Donate it. Nowadays, most junkyards won’t give you much for your clunker. According to TurboTax, “Donating your car to charity can result in significant tax savings.” By donating it to Volunteers of America you could get a greater value for your vehicle on your tax return — here’s how.
- Donate your car to Volunteers of America: We’ll discuss this further in the next section
- Find out how much your vehicle was sold for: The price your vehicle was sold for is the amount you deduct, depending on the vehicle’s fair market value.
- Be sure to get a receipt or proof of sale from us: This is necessary to show how and when the vehicle was acquired.
- Determine your vehicle’s fair market value: Also referred to as true market value, some great resources to help determine your vehicle’s FMV are Kelley Blue Book or Edmunds.com.
- Attach Form 1098-C to your tax return: This is a necessary step or the IRS will discount the deduction. Also, be sure to choose “car, boat or airplane” when choosing your donation type.
Dayton car donation is fast and simple
When you donate your vehicle to Volunteers of America of Greater Ohio, you make a positive effect on the people and the communities we serve. When your car is sold at auction, all proceeds benefit our social service program, including addiction support, reading programs, sheltering the homeless, job training and veteran programs.
How it works: Volunteers of America makes selling your car, truck, motorcycle, boat, RV, tractor, or lawn mower hassle-free. You can donate your vehicle online, by phone, or my mail. To schedule a pick-up, complete the online form or call 1 (800) 862-6030. You can also mail your clear title to 5640 West Broad Street, Columbus, Ohio 43228. Be sure to ask about our free, same-day towing — available in all 88 Ohio counties and Ohio’s major metropolitan areas, including Dayton.
Without donor support, Volunteers of America of Greater Ohio wouldn’t be able to help the more than 20,000 individuals across Ohio that we do annually.