It’s possible they could re-open the program if they found that some of the claims were invalid and they still have money left. However, if you were planning to cash in on the program, you should probably make other plans.
Was it a success? I don’t know, we’ll have to see how the story unfolds. It’s possible that it was as much of a success as it could be. On the other hand, there are also scams and stories of dealers raising prices, so who knows.
So, what do you do if you still want to get rid of your older car?
You can donate it to charity!
There are a lot of charities that take car donations and they do many different things with them. Some resell them, some sell them to scrappers, some give them away. By donating, you should be able to claim a tax deduction.
Make sure the organization is a 501(c)(3) organization itself, so you can claim the deduction. Research any claims from second-parties who say they’ll donate your car’s sale profits to a charity. Some can give you the deduction and some can’t. And get a receipt.
To learn more about car donation, you can check out the IRS’s car donation guide.
Some ideas for where to donate:
- Fiscal Geek donated a car to World Vision, which is based near him but may accept donations from other regions of the country. World Vision is a great organization which equips people with the tools to escape poverty.
- The popular NPR show Car Talk accepts cars as a way to fund the station.
- Charity Motors is a 501(c)(3) organization which donates proceeds from your sale to other 501(c)(3) you designate. They have suggestions on your site but accept any 501(c)(3) organization.
When preparing to donate a car, it’s important to do your research and perhaps even contact a tax professional about just what you can deduct, how to make the deduction, and how it’ll affect your taxes. Otherwise you may find yourself having done a good thing (which is still good) but unable to use it for your financial benefit too.
*Edited to add: Of course, the program has been open since Jul 1, so many dealers had already been collecting eligible applications from the 1st.