Did you know that in 2017, there were 45,906 cases of public road traffic crashes in New Mexico? That puts the accident rate at one crash per 11 minutes in the state!
Many of these happened in Albuquerque, seeing as it's the state's most populous city. In fact, in 2018, 1,500 crashes took place here just due to two reasons: speeding, disregard for traffic signals, or both.
If you've been in such an accident, you likely now have either a partially wrecked or totaled car. In this case, you should already consider partnering with junk car buyers.
Yes, you can still make cash out of that wrecked ride rather than letting it rot away in your garage or yard.
Ready to learn more about the whys and hows of selling a junk car? Then keep reading, as that's exactly what you'll learn in this post!
Determining If Your Ride Is Really a “Junk Car”
Before you post ads saying “I want to sell my junk car,” you need to first determine if it's indeed a junk vehicle.
If your insurer slapped a “total loss” or salvage title on it, then your ride is now junk. Meaning, the cost to repair it is equivalent to around 70% to 75% of its actual cash value (ACV). In fact, if the vehicle has over $1,000 worth of body damage, then it likely classifies as a salvage car.
You also have a junk car if it no longer runs or it's unsafe to operate. You may still fix the latter, but if the repairs are worth way more than the car's ACV, then the car is still junk.
The Cost of Repairs May Not Be Worth It
A whopping $2,500 to $4,000 — that's the average cost to rebuild a car engine. You can expect an even higher bill if you need a cylinder head replacement or new pistons.
As if that's not enough, installing a new catalytic converter can cost you between $1,700 and $2,000. A replacement automatic transmission, on the other hand, can cost up to a staggering $5,000.
The bottom line is that car repairs are pricey, with their average rate hiking up over 60% from 2000 to 2017. This should be enough reason for you to think twice about trying to fix a wrecked or junk car. It would be far easier to simply sell the vehicle as is to cash for cars companies.
Selling Your Junk Car: Your Prospective Buyers
Auto salvage yards, repair shops, car buffs, and junk car buyers are some of your potential buyers. A salvage or scrap yard will offer to buy your entire car, although you should expect a low rate. Most of the scrap vehicles for their metal parts, after all.
Whereas repair shops and car buffs may only offer to buy certain car parts — the usable ones — from you. You may be able to get more cash if you sell your car for parts, but this also means you need to know how to part out a vehicle. You'll need tools and knowhow of how to remove these valuable car parts without damaging them.
Then, there’s the time-consuming process of posting ads to find individual car part buyers. You'd need to post photos, reply to inquiries, and meet up with these prospective buyers. So, while you may get top-dollar for some parts, it may take a long time before you find buyers for them.
Perhaps the best and most profitable option is to sell the entire thing to a cash for cars company. These are businesses that pay cold, hard cash for junk cars, no matter how bad the vehicle's condition is. The most reliable ones also offer higher rates than many other salvage or scrap yards.
If your goal is to get rid of a junk car ASAP with the least hassle, yet still get a fair amount of money, this is the way to go.
What to Look for in Albuquerque Junk Car Buyers
In New Mexico, vehicle recycling, scrapping, and junking is a regulated industry. Meaning, these businesses should carry a specific type of license.
So, before selling a junk car to the first cash for cars company you encounter, do a background check on them first. Look for the following qualities to ensure you’re dealing with a legit buyer.
In Albuquerque, NM, all businesses that deal with scrapped or junk cars should have a license. This vehicle recycler's license is only given to businesses with a physical location. The government also requires them to abide by local zoning and ordinance laws.
That said, make sure you ask the junk car buying company to furnish you with a copy of their license first. This is one way to ensure their legitimacy.
The average cost of a towing service (five miles or less) could run between $35 and $125. If you're over five miles from the junk car buyer, expect this to go up to $125 to $275.
The good news is, reputable junk car buying companies won't charge you for removal. They'll come to pick up your ride and haul it away for free. Not all vehicle recyclers offer this though, so make sure you ask about it first.
No Obligation Quotes
While junk car buyers need to have a physical address, they should still offer online quotes. In most cases, it's an online form that asks for details about the “for sale” car. These include the year, make, model, trim, ownership status, and operability of the car.
What's important is to provide factual info about your car. Tell the buyer right away how many miles are on it or if it's flood-damaged. This way, you can get a more accurate estimate of how much your ride is worth.
Also, don’t forget to check if the estimate is non-obligatory. This means that you could walk away from the offer — without paying anything — in case it’s a bad deal.
Convert Your “Useless” Junk Car to Cash Now
There you have it, your ultimate guide to selling wrecked, totaled, or junk cars in Albuquerque, NM. As you can see, you have several options, but junk car buyers are often the best choice. So long as you work with a legit cash for cars buyer, then you can get a fair deal with the least work involved.
Ready to get a non-obligatory quote for your junk car now? Then please feel free to ring us up or send us a message! The sooner you do, the sooner you can turn that junk car into cash.