It is estimated that 15 million cars in the U.S. reach the end of their usable states. About 13 million of them are sold to junk car buyers.
Buying a car is one of life’s most memorable moments, and many people go on to develop a deep attachment to their vehicle.
Nonetheless, just like any other mechanical piece, it is susceptible to wear and tear and might eventually break down.
While parting with the car might be difficult, you can earn some cash by selling it to junk car dealers.
Do you have an old broken-down car lying around? Make the most out of it by selling it. Here’s a guide to selling your car to junk car buyers.
What is a Junk Car?
A junk car can be defined in two primary ways. It can be either a total loss or an end-of-life vehicle. Understanding what category your vehicle falls under will help you in deciding the actions to take when you decide to junk it.
If the vehicle got into an accident and you are still waiting from your insurer, the appraiser might determine to be ‘total loss’ if the damage was extensive. As such, they may refer to it as being ‘totaled.’
If your car is deemed as being a total loss, it implies that the costs of repairing it are higher than its current value. In this case, your car might also be referred to as a salvage vehicle.
This is an inoperable vehicle. It cannot be repaired to an extent where it can be safely driven on the road.
The end of life designation is, therefore, given to a car that has suffered massive damage, has no monetary value due to extreme deterioration, or is missing vital parts.
What You Can Do With a Totaled Car
If your car is determined as a total loss, you have two options. You can either repair it or junk it. Let’s look at these options in detail.
Repairing the Totaled Car
If you decide to keep the totaled car and pay for repairs, you will need to first obtain a salvage title before you can drive it. Therefore, look into your state’s regulations regarding what is needed to get a salvage title.
Most states stipulate that you must apply for a salvage certificate of title in your name if you retain a car after the settlement of an insurance claim.
It is also important to be knowledgeable about any potential issues that you might encounter as you embark on repairing the totaled car. They include:
the Likelihood of Future Repairs Being High
An accident that left the car being deemed as a total loss means that it compromised the vehicle’s integrity. This means that in addition to the revealed damages, there are likely to be many more that were not detected during repair.
Salvaged Vehicles Depreciate in a Major Way
Most car valuators do not valuate cars with a salvaged title. This means that you will have a difficult time determining the accurate value of the car if you decided to sell later on. As such, chances are you will not get a fair market value.
Car Insurance Problems
Most auto insurance companies offer extremely limited coverage for salvaged vehicles. In some instances, they may decide not to cover you at all. This might put you in trouble with the law in the case of mandatory insurance.
In addition to having troubles with car valuators, you will also find that most car-dealerships do not accept vehicles with salvaged titles as trade-ins.
Additionally, since vehicle history reports are available online, selling to a private buyer will also prove to be difficult.
Selling or Junking It
Repairing a junk car comes with a lot of hassle. Thus, you may decide to get rid of it and get some cash in return. Here are your options:
Sell it Online
If you go online, be sure to try eBay or Craigslist. There, you will find plenty of buyers in search of junked cars.
Depending on the model and condition of your vehicle, buyers are usually looking to purchase it in order to refurbish or source parts.
Sell It for Parts
If you have the know-how and necessary tools, you can disassemble the vehicle and look for buyers in need of the valuable parts you have. So vital parts can fetch you a tidy sum.
If you just need to get rid of the car and cashback is not a priority, then you could consider donating it.
A donation facility will typically pay for the costs of picking up the vehicle. Ensure that you get a receipt since donating a car to a nonprofit is tax deductible.
Selling to Junk Car Buyers In Chicago, IL
Selling to a junk car dealer is the most hassle-free way of getting rid of your junk car. It is not only a good way of getting some cash for your old car, but they also contribute to environmental conservation efforts.
Junk car dealers recycle automobiles. It is estimated that about 14 million tons of steel are recycled every year in the U.S and that about 25 percent of recycled steel is used to manufacture new vehicles.
That is about 13 million new cars.
Before junk cars are taken to a shredding facility, they are first stripped. Parts that are still intact are either reused or repurposed.
Up to 80 percent of a junk vehicle can be recycled. These include parts such as batteries, tires, plastics, and catalytic converters.
The recycled items are then delivered to an authorized processing facility. These are regulated facilities which practice environmentally friendly disposable techniques.
Additionally, the automotive industry has ultra-high standards when it comes to hazardous materials in junked out vehicles.
The Automotive Recyclers Association has it that up to 96 percent of all lead-acid batteries are collected from cars taken to junkyards.
As such, this makes car batteries the most recycled product in the United States – more than paper and aluminum.
What to Do before You Junk Your Car for Cash in Chicago:
If you have decided to take the junking route, there are things you should do to not only ensure that you get the most cash out of it but to also stick to the Federal Laws. They include:
1. Taking Out All Your Personal Possessions
It is no secret that most of us treat our cars like our second homes. As such, one is likely to leave some of their things inside the vehicle.
Important documents and jewelry are among the most common possessions you will find stashed inside a car.
Therefore, after selling the vehicle to the junkyard, ensure that you sweep through the car to ensure there’s nothing personal left before the tow truck arrives.
Look through the usual spots such as bins and glove boxes, as well as under floor mats, above visors, and any other place you like to stash things.
Once the car leaves your compound, you will have little to no chances of ever finding something you forgot.
2. Removing Valuable Car Parts
As mentioned earlier, you can make some cash by dissecting your vehicle and selling its parts individually. At times, doing this might even surpass the price a junkyard dealer in Chicago was offering you.
However, if you have already agreed to the buyer’s deal, then you cannot remove those parts. Therefore, it is important to evaluate the amount of value those parts can give you and compare it to the one your dealer is offering.
If they are more valuable, remove them, then sell the car for its true scrap value. Focus on valuable parts such as the battery, starter motors, entertainment systems, and any other valuable part that is in demand.
If you have quality wheels, remove them and put balding wheels in their place, they will fetch a good price.
3. Getting Your Title In Order
Your vehicle’s title is the single most important document you will need when selling your car to a junk car buyer.
This is because it shows proof of transfer of ownership from you to the dealer. Without the title, the buyer may as well have stolen your vehicle.
This is why you should always be wary of junk car dealers who do not seem to care if you have a title or not.
Moreover, by not having proof of transfer of ownership, you stand to incur any potential liabilities relating to the vehicle since you are still recognized as the owner by law.
If you are unable to find your title, go to your state’s DMV and replace it. It is also important to ensure that you have your other paperwork in order.
4. Removing License Plates and Canceling Insurance
Your license plates are still operable even after your car is no longer in service. In addition, it is a legal requirement in several states that you remove your license plates before you transfer the ownership of your vehicle.
Moreover, the Department of Motor Vehicles Illinois is likely going to ask you for your license plates during your request to cancel your title.
You also need to cancel your insurance to ensure that you no longer have to pay the remaining premiums before the junk car’s policy expires. If you had already paid for full coverage, you are entitled to a refund.
Moreover, even if your coverage is nearing its end and you are feeling like there’s nothing to lose, notifying your insurer is still important.
It shows that you value the relationship that you have with them. This ensures that you stay in their good books so they can consider you for deals and discounts in the future.
5. Looking for the Best Deal In Chicago
You will be met with different offers from different junk car buyers. Therefore, it is necessary that you look for the best possible deal out there by comparing various offerings.
It is vital that you polish up on your negotiating skills. This means having as much information about your car as you can. It allows you to have an accurate description of your vehicle’s true state.
Therefore, ask your mechanic to give you a rough estimate and look into any offers they might have. For example, some may offer free towing. Compare how much those offers can save you on the overall costs.
6. Ensure They Are Licensed
Regardless of how irresistible an offer from a dealer might be, never work with them if they are not licensed. Working with a licensed junk car buyer in Chicago IL ensures that you do not face potential liabilities in the future.
For example, if the dealer fails to deliver on their promise to pay, making a claim against them will be incredibly difficult since you worked with an unlicensed person, and ignorance is not admissible in court.
Moreover, you may end up in legal trouble yourself for improper transfer of ownership. Therefore, avoid all those risks and troubles by first ensuring that your dealer has a license before working with them.
You may also verify their license number online if your state offers license check e-services.
7. Arranging Transportation
While some junkyards in Chicago, IL offer towing services, others do not. As such, inquire if your dealer does that.
If they do, ask whether it is part of the package or if it is free. If you have to pay for it, look into whether you can save money by paying for an independent towing service.
Junking Your Car
A car is a haven of memories and experiences. Nonetheless, when its time is done, there’s little you can do. The best you can do is to make cash out of it.
Are you looking to junk your car in Chicago?
Cash Cars Buyer is one of the most reputable junk car buyers in the country. We will work with you to ensure you get what you deserve for your old car and at the most competitive price possible.
Contact us today to learn more about how we can help you.