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Are 2021-2023 the best years to junk your car? How Did Chip Shortage Impact Junk Car Prices?

Are 2021-2023 the best years to junk your car? How Did Chip Shortage Impact Junk Car Prices?

With the chip shortage and the increase in scrap metal prices, 2021-2023 might be the best years for junking your car! Read on to get an idea about why you should junk your car now to get more money than what you expected for your junk vehicle by selling it to Cash Cars Buyer!

Auto Repairs Are EXPENSIVE


With the global chip shortage, used car prices experienced sky-high increases! Although this might not be the best news for people looking to purchase a used vehicle or a brand-new car, it is expected to be great news for those who have junk cars!

Your junk vehicle has been sitting in your driveway for a long time now, and you probably did not have enough time or thought it was not worth your time researching how to sell your junk vehicle. However, if you don't already know, there is a significant increase in the scrap metal value, which means that you can turn your useless clunker into instant cash beyond what you think today!

Cash Cars Buyer’s team put together a summary of what's going on regarding the microchip shortage, the increase in scrap metal prices, and how this impacts Junk car values in 2022 and 2023. Read on to learn why 2021-2023 might be the best years to junk your car?

What is the chip shortage, and how did it affect scrap steel prices?

According to a recent article published by bbc.com, a global chip shortage impacts many industries out there. If you're not familiar with the chip shortage, it might be the right time now to understand it and get an idea about how this shortage is linked to expected scrap metal prices in 2022 and 2023.

In general, many products in our daily life rely on a certain computer chip called semiconductors. Unfortunately, there is a significant global shortage of these semiconductors, and many manufacturers decided to slow or halt their production until the shortage is resolved.

Since the automobile industry relies heavily on these chips, there has been a significant reduction in the number of produced vehicles yearly. A corresponding significant demand also increases globally, resulting in a significant increase in the used car values.

Although the chip shortage negatively impacts the used car market, it is expected to positively impact the junk car market. If you have an old car sitting in your driveway for years now, it can be a sitting treasure that you're not paying attention to! So keep reading through this article to get an idea about how you can turn this clunker into instant cash By selling it to Cash Cars Buyer today!

Will scrap metal prices go up in 2022 and 2023?

With our decade of experience in the junk car market and the scrap yards statistics, we've recently come across several articles highlighting a significant turnover to scrap metal prices in recent years that might continue over the coming couple of years.

With the COVID-19 hitting our lives, we've seen many changes in many different life sectors. More specifically, it turns out that scrap metal prices have increased significantly between 2020 and 2021. Some statistics showed a 200% increase in the trading value for steel prices just between the two years!

Experts indicated that the increase in scrap metal prices is linked to the significant increase in the used car market demand and the global chip shortage. With no clue about how long the global shortage will continue, it seems like the scrap metal prices might continue to increase in the coming 2022 and 2023 years.

More specifically, the trade-in prices for steel as of March 2022 were between $500 and $800. However, as of July 2021, the trade-in price increased up to $1800! And some experts at mining-technology.com indicated that they don't expect the price of scrap metals will decrease “until at least 2022.”

Although this might not be good news to many people were shopping for used vehicles, it can be great news to other people who have junk vehicles that they are trying to get rid of And not using. If you are looking for more details, our customer service can verbally explain how you can get a lot of money from your junk car beyond what you are thinking! We're happy to provide you with this explanation once you reach out to us at 866-924-4608.

Are 2021-2023 the best years to junk your car?

Although there has been an improvement in the computer chip supply, which gave many automobile experts hopes of traducing used car prices, this hope is fading away with the increase of delta variants in many Asian countries.

A recent article published on cbsnews.com indicated that there is a potential that the increase in used car prices will continue, at least for 2023. Additionally, Kelley Blue Book was one of the first websites to show the increase in used and new car prices over the last you're only. They indicated that there is at least an 8% increase in the typical car prices.

According to the Oxford economist Mahir Rasheed, “A storm of headwinds, including the global semiconductor shortage, expiring fiscal support, and a spending rotation towards services will preclude sales from returning to their early 2021 pace.”

As we highlighted before, this reflects a positive impact on junk car prices, especially for those looking to sell their junk vehicles and not looking to purchase a new one.

How to junk your car fast and for the most money between 2021 and 2023?

 

With the metal prices projections in 2021 up to 2023 years, it seems like these years are expected to be the best years for junking your vehicle. Therefore, it makes the most sense to junk your car today and get the most money out of it.

Cash Cars Buyer's team put together step-by-step guidance on how to get the most money out of your junk car for the years 2021 up to 2023. Follow these steps and guaranteed to get the maximum money for your junk car:

1.    Understand your junk car value between 2021 and 2023

Although we used to have some predictions about how much available vehicles are expected to make in the junk car markets, with all that's going on with the price surges, the process needs reevaluation.

Therefore, the main step you need to do to get the most money out of your car from 2021 to 2023 is to understand your current car value. You can do that by visiting some general websites like Kelley Blue Book or Edmonds who provide you with a minimum and maximum range for helmets your car can make.

It is important to note that these ranges do not consider any problems in your vehicle, which means that you need to calculate expected repairs and subtracted them from the KBB value.

Suppose you think that the process is a little overwhelming to you. In that case, you are always welcome to try the Cash Cars Buyer online tool that gets you an instant offer reflecting the exact amount of money your vehicle can make around your region. If you're happy with the number, you can even continue in the process and have Cash Cars Buyer come to your preferred location and remove your car within one to three days only!

2.    Prepare paperwork

No matter how good and how high the amount of money you get from your junk car, it won't make any sense unless you put all paperwork together, so you don't lose the deal once it comes. Therefore, we advise that you go through your state regulations and understand what needs to be done in the paperwork. Most of this information should be available on the state's local DMV website.

Typically, you will need your vehicle title and some additional documentation to improve venture the vehicle's legal owner. However, if you don't have a title, many junk car buyers out there accept vehicles without titles like Cash Cars Buyer.

3.    Aim for at least three offers

With all that's going on with COVID and the shortage and chip, you can easily fall into many scams in the junk car market. If you would like the most money out of your junk car in 2021 and up to 2023, you want to at least get three different offers from multiple junk car buyers or junkyards.

By getting three offers, you'll get an idea about how much exactly your vehicle can make, and you can decide between the three to check who doesn't have any hidden fees and who provides a free tolling service. Cash Cars Buyer is one of the top-rated car removal companies in the nation that doesn't have any hidden fees, and whatever we promise you to represent the exact amount of cash you receive at the pickup time.

4.    Get your junk car removed and receive your payment

After deciding on your best car removal company, you want to negotiate a payment method to prevent any scams during this process. Automotive experts indicated that cash payment is the best way to sell or buy a car in the used car market.

Many third-party payment methods might get you to undesirable situations where you might lose your vehicle or get yourself in risky situations. Thus, try negotiating with the buyer and probably select the junk car buyer who doesn't have any hassle in the process and is willing to buy your car for cash.

Why is Cash Cars Buyer the best junk car company to junk your car?

With our decades of experience in the used car market, we can confidently tell you that we are one of the best companies you should go for, especially with the surge in used car prices.

There is a long list of benefits you'll get from junking your car and selling it to Cash Cars Buyer:

1.    Easy process

We understand how busy people are, and we know exactly how frustrating it is to find a private buyer to remove your vehicle. Therefore, we decided to put together the simplest and fastest car removal service in the nation! Our team guarantees that the process will take you more than a couple of minutes to get an idea about how much you can make for your car. Then, once you are happy with the offer, we can remove your vehicle within one to three days only! We also have the same-day pickup option if that is what you're looking for.

2.    Best reputation

When selling a junk car, you want to select the company that has the best reputation and the top customer review. Therefore, we've been purchasing junk cars for a couple of decades now, and we have the best reputation among all our competitors!

3.    Free towing

Many junk car buyers might scam you with a very common trick by providing you a higher offer and surprising you with the towing service fees you need to take care of. Unlike these competitors, we prefer to provide free towing service for all customers no matter where you live around the United States!

4.    No change in offers

Another common trick that many of our computers implement is changing the offers at the pickup time. Luckily, our team guarantees that whatever we promise you at the beginning of our process represents the exact amount of cash we will hand you once we meet with you and remove the car.

5.    Fast service

As we indicated before, our process is extremely fast because we utilize the most advanced technology that allows us to understand how much your vehicle can make around your area in no time! All it takes you is to fill in your vehicle's information or provide us this information verbally once you give us a call. Then, after receiving information, it takes us a couple of minutes to provide you with an instant offer reflecting the maximum cash your vehicle can make around your area.

Are 2021-2023 the best years to junk your car: Conclusion

After COVID-19 and the global shortage in microchips, used car prices increased significantly and are expected to continue increasing up to 2023. With that, the price of scrap metal might increase, making it the best year to junk your car!

This article provided you with all you need to know about the current shortage in the microchips and how it impacted their projected junk car prices in 2022 and 2023. We also provided you with a step-by-step procedure on how to get the most money out of your junk car in the coming years so you can take advantage of this surge in junk car prices.

If you're ready to junk your car now, Cash Cars Buyer is waiting for you! Cash Cars Buyer is willing to remove your vehicle within one to three days only! Cash Cars Buyer is one of the top-rated car removal companies in the nation that guarantees to pay you the top dollars and provide you with free towing despite your living location around the United States.

Our process is very straightforward and doesn't take more than a couple of days to get your car removed safely and for the most money.

All it takes you is to:

  • Describe your car’s type and condition
  • Receive our instant free quote
  • Accept the quote
  • Get your car removed and receive your cash payment on the spot!

To learn more about our process and our teen, you can reach out to us by giving us a call at 866-924-4608 or visit our home page click on the free instant online offer.