A Ferrari?  Probably not.  However, you may have heard about people giving away their used cars as a charitable donation.  While this may be a good thing for many reasons, you do need to be clear on how it works.  There are three things that can happen when you give a car to a charity:

1. They do not use it or improve the car and merely sell it for cash.
2. The charity may sell the car at a greatly discounted price to a needy person who otherwise could not afford to purchase a vehicle.
3. It is used by the charity as an owned vehicle, even if it is significantly improved upon and later sold.

If it is sold as an outright sale as in #1, then your deduction is equal to the sale price when sold by the charity, regardless of what you or some third-party may think it was worth.  If it is sold or given away in furtherance of the organization's charitable purpose as in #2, then you may deduct the greater of the sale price or its fair market value.  Finally, if the charity uses the vehicle as its own, even if it later sells it, your deduction would be the fair market value of the car on the date you gave it to the charity.  Keep in mind, if you are going to claim a charitable deduction fo more than $500 for the donated car, you can do so only if you have received a Form 1098-C from the charity.  The 1098-C, which must be provided to you within 30 days of the gift or the later sale of the car, will indicate the value of the gift using the three criteria shown above.