4 Ways to Get Rid of Your Old Car and Make a Profit in the Process
Trade it in
Trading in your car at a dealership could reduce the cost of your new vehicle purchase.
This method could make sense for drivers with newer vehicles in good condition or cars with high trade-in value.
Sell it
Selling your car privately or to an online marketplace like Carvana could fetch you more money than trading it in at a dealership.
Be cautious of scammers in private sales and consider online options for convenience.
Scrap it
Scrapping your old car might be suitable if it's in poor condition or if certain parts are unavailable due to discontinuation.
If the vehicle needs to be disposed of due to poor value, scrapping is a practical solution.
Donate it
Donating your car to a qualifying tax-exempt organization enables you to help a cause while potentially earning a tax break.
Your tax deduction is usually the car's fair market value, except if the charity sells it for less than $500.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.