Need Help with Value

[DanDibs]

Hi, my wife's aunt has a '87 Cutlass in her garage. It belonged to her late husband, who died in 1998. She doesn't drive, so the car has been sitting for almost 20 years. It is white with blue interior, and the body and interior are in excellent shape, albeit a bit dusty. No dents or rust on the body. It has just under 76k miles, which, based on the condition of the car, is likely accurate. The owner was meticulous in the care and maintenance of the car. I'm trying to get an idea of the range in terms of value, in case she wants to sell it. Her current thought is to simply donate it, but I wanted to give her an option to sell it. I've attached a few pics. I did not open the hood but assume that mice have been at it although there is no evidence they have been in the interior. The car is located in Eastern MA, I am in NJ. I'd appreciate any assistance in getting a value range, recognizing that were probably talking about $1k or so to get the car back on the road - new tires, gas tank drain, fuel system clean-out, replace any rubber lines, check brakes, etc. Possibly un-stick engine as well. Thanks in advance!

 

[Ribbedroof]

Donation for tax deduction rules have changed, there really is little to be gained by doing so.

I'm not a Cutlass guy, so I really don't have an answer for you, but at the least I would try to see if the engine is free...going to be the difference between a nice little project and a parts car for most buyers.

 

[lilbowtie]

If it has a V-8 and air high retail is around $4000.00 running driving. V-6 is less desirable. I wouldn't have any problem giving $2000.00 for it as it sits. Let her find out what the donation value would be and realize that's not cash but a deduction off her taxes. I'm sure she will be better off selling.

 

[Ribbedroof]

Problem is you won't know the donation value until it's been donated and sold, and then it'll be too late.

I would say IF it is donated, AND the orginazation meets 501(c) status, as a non-running vehicle, it's going to be the $500 cap since I imagine they will call a salvage yard to pick it up.Also be aware that you must itemize deductions to claim the credit.

Quick rundown on charitable donations as it pertains to automobiles
https://www.irs.gov/pub/irs-pdf/p4303.pdf

Best bet is to sell outright to an enthusiast

 

[UNGN]

I second the sale vs. donation. It appears a lot of the "nicer" cars showing up at the junkyard are "donations" by well intentioned people thinking some enthusiast was going to buy their car at some mythical "auction"... instead the "charities" just send them to the junkyard because its a hassle free $500.

Even a dead battery could doom a car.

 

[DanDibs]

Problem is you won't know the donation value until it's been donated and sold, and then it'll be too late.

I would say IF it is donated, AND the orginazation meets 501(c) status, as a non-running vehicle, it's going to be the $500 cap since I imagine they will call a salvage yard to pick it up.Also be aware that you must itemize deductions to claim the credit.

Quick rundown on charitable donations as it pertains to automobiles
https://www.irs.gov/pub/irs-pdf/p4303.pdf

Best bet is to sell outright to an enthusiast

...which is why I was looking for an idea on the value....

 

[UNGN]

Cleaned up and running put it on craigslist for $3,500 OBO and you will get multiple serious buyers.

Not running is tougher because not everyone has a trailer, so this is where guys like me swoop in and buy cars for cheap.

Though new gas tanks are cheap, any tires you put on it the new buyer won't want and not doing the labor yourself will add up fast. Wash it vacuum the interior, push it out into the sun on a nice day, get some good pictures and put it on Craigslist for $2000 (tell people IN BOLD CAPS it must be WINCHED ONTO A TRAILER) and give it to the first guy that offers you $1,500.