Hi, I have a 2004 Mitsubishi Lancer with over 200K miles on it. KBB value is around $1500 for private party sale, but I got in an accident a few month ago and the hood is damaged (bulged and the lock is jammed - needs to be replaced). Engine, transmission, etc. are fine. Car runs fine. Registration will expire in September and I want to get rid of it.
What is the best way to get something out of it?
From what I understand these are some of my options:
1) Donating it. I've heard that donating a car gives you a $500 tax break. Does that mean I don't pay tax on $500 of my income? If so that would probably give me about $100-150.
2) Trade it in (I plan on getting a new car). Realistically, would the dealer take this? I could see it having some value if it were a Mitsubishi dealer (it won't be) but otherwise I can't see them taking it for more than $100. Am I wrong? (I've never traded in before). KBB gives an average $314 for trade in on fair condition, for reference.
3) Sell to junkyard. I have no experience with this. I'm guessing my car would go for near minimal rate. Any idea what that is?
I didn't list sale to private party because I figured no one would buy it. If it's relevant this is in CA and the registration renewal would involve a smog test (no idea whether it would pass).
August 23, 2017 at 12:43AM
