Once you drive a car off the lot, its value immediately starts to decline. If you’ve had yours for a while, more money might be evaporating while it sits in your driveway.
Maybe the car won’t start anymore or it’s worn out after years of use and abuse. If you have increasing repair bills, a new or new-to-you car can be a better choice for you.
Give it to a good cause
Your vintage car can be donated to a variety of causes. Find out if there are any nearby that will take your car by doing some research. These charitable organisations could be able to use it to transport recipients of their aid or to provide food and clothing.
It can be a good idea to research any potential tax repercussions before making a car donation. Find out if your car qualifies for a tax write-off and how to claim credit for the donation by consulting your accountant or using tax software.
Sell it
Even while you might no longer need your old car, there might still be purchasers who are. Selling it to a used-vehicle dealer who will pay you cash for your car can be one alternative.
To advertise your car, you could also try using classified ads or internet sales platforms. However, keep in mind to either offer your automobile “as-is” or add a comment describing its current condition and any problems that need to be rectified.
Although some purchasers might not have an issue purchasing a car they can fix, you should be upfront and truthful about its condition for those who would.
Adjust it
The choice to keep the car for yourself is available. To find out what kind of work needs to be done and how much any prospective repairs would cost, check with your neighbourhood auto repair shop or bring your car to a dealer service centre.
Compare the cost of repairs to the price of currently available vehicles on the market because both new and used car prices have increased recently. You might be shocked to learn that restoring a car might really be more affordable than buying one.
Pro tip: If you decide to sell your automobile, contact cash for cars Sydney to get a better offer.
Provide buyers with extras
Remember to emphasise any extras you may have if you decide to put your automobile up for sale. The car’s owner’s manual, any paperwork from the initial transaction, and the history of maintenance are a few examples of these extras.
The addition of a new sound system, tyres, or brake pads are just a few examples of the improvements you could highlight to the employer. Your advertisement may stand out from those for other cars for sale if you mention these qualities.
Exchange it
Due to the low supply of both new and used cars at car dealerships, now could be an excellent time to trade in your car.
You can either utilise the trade-in value to purchase a new or used car from the dealer, which may be more valuable than you initially thought. If you have some time to wait, you might want to ask the dealer if they can give you a trade-in credit that you can use to reserve a car that might not be delivered just yet or to utilise when there are more automobiles on the market.
Before visiting a dealer, check Kelley Blue Book or Edmunds to get an idea of how much money you might obtain for your car. When a dealer states what they will offer for a trade-in, you will be in a better position to negotiate.
Give it to a technical college
Automotive trade school graduates are in high demand, but they need vehicles to practise their skills on. Find out if your neighbourhood community college or trade school need a car for teaching by contacting them. The next generation of auto technicians can benefit from studying vehicles so they can apply their expertise in the workplace.
To find out if your donation would be regarded as tax-deductible, you might wish to speak to an accountant, use tax software, or get in touch with someone who is engaged with the program.
Trade it in for parts
The phrase “the whole is bigger than the sum of its parts” is often used. But even if your entire car isn’t running, the parts can still be worth something.
Ask local businesses what their procedures are for purchasing your car for spare parts. You might be shocked by how much money you can get for your car, especially if it’s a popular model with in-demand parts.
Apply it to get services
There are still methods to use your automobile to earn money for you even if it isn’t nice enough to use for services like Uber or Lyft.
Take into account a side business, such as delivering packages for Amazon, or speak with nearby retailers who might want a delivery service for their products. You might also be able to use it for a local restaurant that offers delivery, a meal delivery service like DoorDash or GrubHub, or both.
Pro tip: For inspiration on how to use your car to generate income, see our list of the best side jobs.
Make it a commercial
If the outside of your automobile is in reasonably good shape, you can think about turning it into a mobile billboard to promote a nearby company. For placing adverts on the side of your automobile where potential buyers can view them, businesses might pay you. Depending on the sort of advertising that is used to wrap your car, it could also improve the appearance of the vehicle.
Before you start using your automobile as a mobile billboard, make sure you have one of the top savings accounts. Depending on the sort of account you have, the cash you earn by renting out the side of your automobile to a business can earn you some extra interest in the bank.