Inherit An Old Car You Won't Drive? What To Know

If you have inherited an old car from a family member that just passed away and you aren't sure what to do with it because you aren't going to use it, there are a few different things you'll want to consider. You can choose to sell it or make money off it, or you can give it away to a good cause. Your current checking account and amount of free time can help you choose between the following.

Piece it Out

Do you think there are some items on the vehicle that are still valuable, like the transmission, catalytic converter, or other items? If so, you may be able to get the most amount of money by separating the items that are worth money, and then taking the rest to the dump. Even tires that have a lot of tread can be resold if you want to put in the effort to get them off and have the vehicle moved. This may take time selling the items on local classified sites.

Scrap for Cash

There are many people willing to take the car to the scrap yard for you and do all the work. However, you can't just drive a vehicle into a scrap yard; you need to have the title, make sure the fuel tank is empty, and fulfill any other requirements set by that specific location. Let someone give you one lump sum of money, and then let them do all the work that's included in the scrapping process. This is a fast way to get rid of the vehicle, while still giving you some cash in the process. Consider using a company like Edison Automotive if you're interested in this route.

Donate to a Charity

Do you think that the car would be a reliable vehicle for someone else to drive, and you don't need the money? If so, find a local charity that could use the vehicle, and write the gift off when you file your taxes at the end of the year. You get benefits while doing a good deed at the same time! This is one of the easiest ways to get rid of the vehicle; you'll simply have to sign over the title.

You don't want to pay for the registration, plates and insurance for a vehicle that you aren't going to drive, so decide what you're going to do with is as soon as you get the title handed over to you. These are some of the easiest, fastest and most responsible ways to get rid of a vehicle you inherited and don't need.