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.
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1993 Ford Escort Question: Should I sell or junk my Ford Escort?
Answer #1Camster July 04, 2012, 09:47Journeyman
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.
Replysharedream, July 04, 2012, 13:19Rookie
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.
ReplyCamster, July 04, 2012, 13:49Journeyman
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.)
Replysharedream, July 04, 2012, 13:57Rookie
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.