(10) Start Car Flipping Business
It is one of the most popular ways to make money from car with no efforts. Car flipping is the process of buying automobiles at a low price & then selling them at higher price.
In order to work as car flipper, you need to identify & pick reasonably priced vehicle. After purchasing it, you have to perform reconditioning & marketing efforts to sell it at higher price.
Some of the best ways to sell a car include advertising in local newspaper, putting ads on the car’s window, contacting local car dealers, posting ads in the classified section of the websites such as AutoTrader, ExchangeAndMart, Craigslist & many more.
However, you should have to perform the task of selling car as early as possible to avoid ending up spending more on the car in form of insurance & other maintenance costs.
[Read Also: 10 Dirty Tricks Car Salesmen Never Want You To Know]
(11) Donate Your Old Car To A Charitable Institution
It is one of the most typical ways to make money from car with no efforts. Donations to a charitable organization can easily bring you the benefits of a tax deduction. You can donate not only money & personal property to such organization for a cause but also your own old car.
According to a post published in Charity Watch, you should not forget to ask if the charity accepts car donations directly without involving a third party.
You should also make sure that the charity is eligible to receive tax deduction contributions. If your car’s worth is more than $500 then you must complete Section A, Part 1 of IRS Form 8283 and attach it to the tax return.
On the other hand, if your car’s worth is more than $5000 then you must complete Section B, Part 1 of IRS Form 8283 and attach it to the tax return.
Thus, you can get the satisfaction of donating your old car to charitable institution for a cause in return for tax deduction.
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