As the 2015 begins to unfold in the Chicagoland area and W-2’s arrive in mail boxes your thoughts become obsessed with taxes and other money questions. One common one in Chicago is whether to junk your car for cash or give it to one of those junk car donation companies that begin bombarding the radio and T.V. stations every year at this time.  Below we’ll take a look at some of the advantages and disadvantages of donating versus collecting cash for your junk cars in Chicago and beyond.

 

Advantages of Donating your Junk Car in Chicago

 

There’s definitely a couple of nice advantages to donating your junk car in Chicago with the most noteworthy being:

 

It’s a tax writeoff. If your junk vehicle is worth between $100 to $500 you can write that amount off on your taxes. In rare circumstances it can be the magic amount that drops you into the next tax bracket and you get a decent little reprieve from Uncle Sam.

 

You done good. Nothing like starting off the New Year by helping out a charity and if you can afford to part with $300 to $1000 cash the warm glow of giving is always nice during Chicago’s cold winter months.

 

Disadvantages of Donating Your Junk Car in Chicago

 

Your tax savings in most cases is considerably less than you’d receive selling your junk car for cash to a Chicago area junk car buyer.

 

We all want to be able to help those less fortunate than us but when you go through one of the many junk car donation companies in the Chicagoland area, it can be unclear how much of it’s actually going to those in need.

 

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Advantages to Selling Your Junk Car for Cash in Chicago

 

The obvious advantage to selling your junk car for cash in Chicago is the fast cash. The great majority of the time it’s going to be much much more than you’d receive in tax savings.

 

It’s fast. When you use a cash for junk cars buyer in Chicago like Tiger Auto Recycling, you can expect to get cash the same day or next day. No waiting on a refund check or delaying your savings until April 15th.

 

With the higher payout you can afford to donate directly to a charity that helps a cause you’re invested in and still have cash left to payoff holiday bills.

 

Disadvantages to Selling Your Junk Car for Cash in Chicago

 

The biggest disavantage to selling your junk car for cash in Chicago is “what are you going to do with all that cash?”  Our city is an awfully fun place to find yourself in, especially if you find yourself strolling through town with hundreds of extra dollars in your pocket.  That kinda fun could potentially land you in a bit of trouble, most likely fun tell-stories-about-for-years type trouble, but trouble nonetheless.  Hard to call that a disadvantage to selling your junk car for cash in Chicago but the potential is there.

 

 

Now you have some pros and cons to selling your junk car for cash in Chicago or donating it so we’ll let you make your own decisions from here. If selling is your option it’s important to know that nobody in Chicago, the South suburbs or Northwest Indiana buys junk cars for higher prices than Tiger Auto Recycling in Chicago Heights, IL and St John, IN. They’ll come to you anywhere in Chicagoland same or next day, drop cash in your hand and tow away your junk car for free.  Sounds like a pretty good answer to selling or donating your junk car in Chicago.