"Dwhite - Powered by Caffeine, Daft Punk, and Corgis" (Dwhite95)
04/23/2015 at 19:00 • Filed to: None
2
4|
"Dwhite - Powered by Caffeine, Daft Punk, and Corgis" (Dwhite95)
04/23/2015 at 19:00 • Filed to: None | 2
| 4 |
This is the second times recently I’ve recognized a car from the local donation auction. This BMW sold for like $400 and this person is trying to pawn it off for $1000. Ha! !!!error: Indecipherable SUB-paragraph formatting!!! . Saw someone do the same with a Nissan S car, had a busted auto transmission and he bought it for $300, saw it a week later for $1200 on CL.
jkm7680
> Dwhite - Powered by Caffeine, Daft Punk, and Corgis
04/23/2015 at 19:07 |
|
I’ve heard donating a car is tax deductible, doesn’t seem like an awfully bad deal.
Twingo Tamer - About to descend into project car hell.
> Dwhite - Powered by Caffeine, Daft Punk, and Corgis
04/23/2015 at 19:18 |
|
$1000 for a car with a blown head gasket and crash damage. Mega CP.
vwbeamer
> Dwhite - Powered by Caffeine, Daft Punk, and Corgis
04/23/2015 at 21:04 |
|
Just bought and sold an identical BMW, same color and year. bought for $650, car was in great shape, engine ran smooth, but transmission would not shift. Replaced wheel sensors, and replaced the emblems, window surround rubber, replaced missing wheel center cap and detailed it, sold it for $1920.00. car looked and drove very good.
Sounds like the car in the ad has a blown head gasket, which means it’s a part car. the E39 are good cars, but BMW sold a ton of them. You can find a really nice one cheaper than you could repair the blown head gasket and the fender on this one.
|
vwbeamer
> jkm7680
04/23/2015 at 21:22 |
|
Used to be a good deal, because you could deduct the blue book value of the car. Means if you had a car like above with a blown engine and bent fender, instead of deducting the $400 it’s actually worth, you could deduct $6000 or so the top blue book value is. The person who donated it would save about $2400.00 in taxes if they are in the top tax bracket of 39.6%.
But the IRS, congress or powers that be, changed the law. Now, you can only deduct what the charity car actually sells the car for. So the person who donated the car above only got to deduct $400.00. If the are in the top tax bracket, they saved about $160 dollars in taxes.
They would have been better off to sell it themselves, chances are a junk yard would have paid $350-$400 dollars for it Still, the donation is quick and easy, and they might have felt good about giving it to charity. The person who donated might also have thought it would have sold for more.