Car Cash

In most areas of the country, late night TV viewers get to view cheesy ads from auto salvage dealers offering fast cash for your car. The yellow pages are filled with auto removal companies and junk yards that promise cash for your car, and the radio is filled with ads from the numerous charities trying to get you to donate your junk car in exchange for a tax deduction.

In short, there is no shortage of businesses or organizations that will come and pick up a car that you're done trying to keep running. The real question, especially in today's economic climate, is how you can get the most cash for your car. Then, if you still have the ability to give to charity, you can.

The problem with the car donation charities is that the vast majority of programs can only provide a $500 tax deduction, earn the charity a few hundred dollars, and the auto salvage companies make the profits. Let's face it, if only the transmission is in good working order, that part alone is worth more than $500.

The answer is to try to sell your car yourself. Call auto parts dealers, salvage and junk yards, and any company offering you cash for your car. Get bids, make sure there are no hidden fees (like towing or storage), and get the most you can.