11 Smart Ways To Make Money From Car With No Efforts
Car covered with money to explain the concept of earning money when not in use.
(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.
Image Source: Shutterstock
Image Source
- Make money from car: Shutterstock
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