My 93 Ford Escort has 275,000 miles yet was well maintained - when bought the engine had been rebuilt by mechanics. My parents are giving me their 98 Honda Accord, so I'm deciding what to do with the Escort. Should I sell it or junk it? Do you know how I would give it away for salvage? Any advice you can give would be appreciated.
Should I sell or junk my Ford Escort? on 1993 Ford Escort
by sharedream in Plainview, NY on July 03, 2012
1 answer 3 comments
ANSWER by Camster on July 04, 2012
Hi, I would imagine a very small market for an old Escort with high miles,but if you think it is still reliable,you might think about selling it. The car is probably worth about 200 to a salvage or scrap metal dealer.I'm in Huntington,and Gershow Scrap Metal might pay you about that for the car.Simply so much per pound.
Hi thanks for your reply. After posting my question, I received a good suggestion - to donate the car to a charity, and since I'm self-employed I can get more value by using the donation as a tax deduction. I went to Kelly Blue Book and got a market value higher than junking it which I can use on tax deductions. The car is in fair to good condition and I still drive it regularly, and it just passed inspection. Thanks again for the info, have a happy July 4th.
COMMENT by Camster on July 04, 2012
Be cautious with that.The actual deduction will be the amount that the charity realizes when they sell it,not a book value.They may in fact,just junk it,in which case your benefit would end up being less than if you did the same. ( I have a high mileage 02 Taurus,which has a reliability issue now-I just reviewed the IRS position on car donations,as I thought the idea might solve my problem as well-the law was more lax prior to 2004.)
Hey thanks that's a really good tip. I didn't realize the value would be what the charity does with it. I will now re-consider and think about junking it myself, so I could at least get a couple of hundred dollars. Thanks again.