What can you do with a junk car? It's an eyesore in your driveway, so there's no wonder you want to find a way to get rid of it.
Is there any better option other than giving it to a junkyard or trading it?
Yes – you can get money for your crashed car, whether the damage is minimal or it's totaled. Continue reading to learn how to sell a crashed car.
Can You Sell a Crashed Car?
The short answer is yes. Selling a crashed car is one of the four options you have. You'll probably find you get the most out of selling your junk car if it's totaled. A car is considered totaled by insurance companies when the estimated repairs cost 70% of the original value of the car.
The Four Options
There are four things you can do with a junk car. You can sell it, claim an insurance check, pay for repairs, or donate it.
1. Pay For Repairs
If there doesn't need to be much repaired and it's something you can afford, then maybe you don't want to sell it. You can opt to pay for the repairs yourself. This takes time, and meanwhile, you have to find another way of transportation.
On the other hand, if your car is newer and more expensive you could be better off selling it or claiming an insurance check. Calculate the repair price with the deductible.
A deductible could be $500 or $1,000. A totaled car with a value of $7,000 will give you a check for $6,500 or $6,000. No matter what the final repair cost is, you'll only have to pay the amount of your deductible.
2. Insurance Check
You can get money out of your totaled car without even selling it. Insurance companies that offer total coverage will take a look at your car and decide if it's totaled. This could be your own insurance provider or the other driver's insurance provider – whoever was at fault.
The company will let you know how much they'll send in the form of a check. This amount should equal what the car was originally worth.
Before you accept the insurance check, research the actual value of your car. Make sure the insurance company is giving you a fair check.
A third-party appraiser will help you get the rest of your car's value. You should only go to an appraiser if the difference between the car's value and the insurance check is significant. You may have to pay for the appraiser.
Your car's title is now under the insurance company. If you took out a loan for the car, the lender has to be part of this process. A partially paid loan won't be forgiven – you have to finish paying it off.
3. Donate the Car
Donating your car to a charity is a good option for those who don't need the extra money to put toward a new car. It's better than sending it to a junkyard to be destroyed. Charities can sell the car or its parts for money to put toward their organization.
You also benefit from this. It feels good to give and you can actually get a tax deduction. Look into charities that are 501(c)(3) organizations, which can take in tax-deductible items.
You have to know the fair market value of your car, although you can't deduct the whole amount from your taxes. The percentage you can take off depends on your tax bracket.
The percentage will be even lower if the charity sells your crashed car for less than the fair market value and pays for towing.
4. Sell the Car
You can sell your car to a junkyard or a dealership. This is the best option for people who need extra money but don't have total coverage. You'll need a salvage certificate, which you get by giving the title to a nearby motor vehicle business.
Once you choose a business, the salvage certificate will be transferred to that dealership or junkyard.
A dealership may want to buy crashed cars to fix and resell them or sell its parts. Dealerships will most likely offer you different prices for your junk car. Shop around and compare these offers.
Junkyards are your second option. Don't just pick the junkyard closest to you, however. Some junkyards charge fees for towing and disposing of non-metal parts.
Junkyards obviously won't resell a junk car, but they'll salvage whatever parts they can and sell those. Your crashed car won't go to waste!
If you know how to safely take your car apart, you could remove all of the working car parts and sell them yourself. Assuming you have a job, this could take months. You also need the room to put these car parts and your junk car.
Get rid of your crashed car quickly by selling it online! At Cash Cars Buyer, we buy used and junk cars, trucks, and SUVs of all kinds. We accept models from 2000 and later.
Don't worry about a towing fee – we'll pick your vehicle up for free. You get an instant cash offer when you fill out our form and it's paid to you right away.
Let Us Take It Off Your Hands
Having a junk car sitting in your driveway isn't appealing. It could stay there for years, rotting away.
Why not make the best of having a crashed car? You can sell a crashed car after all.
Sell it to Cash Cars Buyer! We'll take your car off your hands for free and give you a great price. Get a cash offer now for free.
Don't hesitate to contact us through email or call us at (773) 791-4363.