how much salvage value?

**JongDoe** · 08-17-2018, 04:08 PM

So my son learned a hard lesson by not checking the oil in his car like I showed him and seized the engine. Luckily it was an old '99 Camry with many miles, but the car ran well and was in good shape before. So now the guy from the salvage yard is coming by to take it away.

Anybody have an idea how much i should get? I'd imagine it would be just scrap metal value, but...

**babybear** · 08-17-2018, 04:17 PM

not sure of actual value but one thing to note is that scrap metal prices are very high right now. with tariffs companies are looking to scrap more and more so hopefully you can get a little cashola for it.
spoke with a scrap metal co yesterday

**iceman** · 08-17-2018, 04:26 PM

Charities will come and get it even if it doesn't run and you can take more of a deduction than you'll get for salvage. tax man won't know if it runs. if you were a guy that might do something like that. and if it's not too late.

**JongDoe** · 08-17-2018, 05:02 PM

Good info on both counts.

**4matic** · 08-17-2018, 05:08 PM

$300

**El Chupacabra** · 08-17-2018, 05:09 PM

Originally Posted by JongDoe

So my son learned a hard lesson by not checking the oil in his car like I showed him and seized the engine. Luckily it was an old '99 Camry with many miles, but the car ran well and was in good shape before. So now the guy from the salvage yard is coming by to take it away.

Anybody have an idea how much i should get? I'd imagine it would be just scrap metal value, but...

He could learn another lesson by replacing that motor himself.

**4matic** · 08-17-2018, 05:10 PM

Originally Posted by iceman

Charities will come and get it even if it doesn't run and you can take more of a deduction than you'll get for salvage. tax man won't know if it runs. if you were a guy that might do something like that. and if it's not too late.

If you donate it you are only allowed to get what the charity sells it for or $500 without a receipt.

**Bosco** · 08-17-2018, 05:17 PM

I donated a truck to charity two years ago and got a receipt for $500.

**JongDoe** · 08-17-2018, 05:47 PM

Originally Posted by El Chupacabra

He could learn another lesson by replacing that motor himself.

Yeah, but that would mean I would have to help him-and I might be the most unhandiest man in the world. Good to be tops at something.

**Todd Zander** · 08-17-2018, 06:17 PM

your snowflake cant google what a 20 year old jap car goes for these days?

**detrusor** · 08-17-2018, 06:25 PM

Crates jap engines w 50k on them are cheap. I bet $1500 installed?

Sent from my iPhone using TGR Forums

**iceman** · 08-17-2018, 07:20 PM

I've gotten blue book on a couple of charity cars with no issues but maybe they're tighter now? Considering how understaffed the IRS is I'd be surprised if so but I've been surprised before.

**GeezerSteve** · 08-17-2018, 07:22 PM

some multiple of 37$

**kevin267** · 08-17-2018, 07:22 PM

Scrapping is different in every area

**muted** · 08-17-2018, 07:23 PM

Originally Posted by iceman

I've gotten blue book on a couple of charity cars with no issues but maybe they're tighter now? Considering how understaffed the IRS is I'd be surprised if so but I've been surprised before.

You may have a shitty accountant. Or you did your taxes and just didn’t get audited.

**GeezerSteve** · 08-17-2018, 07:30 PM

Originally Posted by muted

Or you did your taxes and just didn’t get audited.

Yup. Donee reports auction sale price per IRS Form 1098-C. Declaring a value higher than that is asking for a red flag.

**stuckathuntermtn** · 08-17-2018, 07:49 PM

$333?

**reckless toboggan** · 08-17-2018, 08:58 PM

Originally Posted by stuckathuntermtn

$333?

Remember when 333 came out with 222...and that made 333 the high end version.

**wicked_sick** · 08-17-2018, 10:01 PM

I've been buying cheap Japanese cars and driving them into the ground since I was 17. Cared for properly, it's amazing how long they last.

It's been awhile since I've had to junk one (4runners are pretty durable) but the most I've ever got was $300, the least was free removal.

If your kid paid for the car this will hurt, but it'll never happen again.

**Crusty** · 08-17-2018, 10:58 PM

Originally Posted by JongDoe

So my son learned a hard lesson by not checking the oil in his car like I showed him and seized the engine. Luckily it was an old '99 Camry with many miles, but the car ran well and was in good shape before. So now the guy from the salvage yard is coming by to take it away.

Anybody have an idea how much i should get? I'd imagine it would be just scrap metal value, but...

How seized is it? I once ran a VW Rabbit out of oil and apparently seized the engine. After having it towed, I re-filled the oil, started it up and drove it a few more years.

**JongDoe** · 08-18-2018, 06:11 AM

Well it still runs, but it won't go more than ~ 15 mph and it makes a clunking noise. It's a shame because the previous owner took great care of it and it was in good shape. Anyway, the guy came last night and offered $150 and i told him no way, i wanted $300. I said goodbye and went inside and a few minutes later he knocked on the door-$200. Settled on $225./

**warthog** · 08-18-2018, 07:40 AM

Originally Posted by iceman

I've gotten blue book on a couple of charity cars with no issues but maybe they're tighter now? Considering how understaffed the IRS is I'd be surprised if so but I've been surprised before.

Yeah, it changed back in 2001 or 2002 I think. Whatever year it was, I donated a Nissan Pathfinder that was basically falling off the rotten frame. Body was immaculate. Wish I could have afforded to fix the frame, but it just didn't make financial sense at the time. I got blue book write off for a truck I couldn't have sold for $1500.

**DaveTV** · 08-18-2018, 08:01 AM

Originally Posted by warthog

Yeah, it changed back in 2001 or 2002 I think. Whatever year it was, I donated a Nissan Pathfinder that was basically falling off the rotten frame. Body was immaculate. Wish I could have afforded to fix the frame, but it just didn't make financial sense at the time. I got blue book write off for a truck I couldn't have sold for $1500.

So how much of that "blue book" value in actually savings on your tax bill?

**JongDoe** · 08-18-2018, 08:38 AM

It's a deduction and reduces your taxes by whatever tax rate you pay, generally ~ 30% for most people. Of course if you don't own a home or have enough other write offs to itemize, you may just be taking the standard deduction. Then there is no tax savings.