As people hold onto their vehicles for ten years or longer, it's more likely that their previous vehicle won't be worth enough to sell to another driver or be used as a trade-in.
If you're among those who have an unused car taking up space in your garage or driveway, you may want to look into selling it to junk car buyers.
A scrapyard will take your car no matter what condition it's in. However, if you've never sold a car to a junkyard before, you may be wondering how to do that.
Keep reading and we'll take you through the steps you need to take to get cash for junk cars.
1. Get Everything Ready
For the rest of the process to go smoothly, preparation is key. Fortunately, most of the preparation should go fairly quickly, especially if you know where everything is and kept your car clean.
Remove Personal Belongings from Car
The first thing you'll want to do is go through your car and remove all of your personal belongings.
Take some time to get into every nook and cranny as you look for anything you don't want to leave behind. You may be surprised at how much spare change appears under the floor mats and in various cupholders.
Most importantly, you'll want to keep an eye out for anything that has your personal information on it. You don't want this to get into the wrong hands!
Gather Relevant Paperwork
Often, the more paperwork you have, the better chance you have at making a better profit from your vehicle. This is particularly true if you're going to part it out and have receipts showing the age of various parts.
However, if your focus is on selling fast, then you'll only need a few papers on hand. The most important one is your car's title. If you don't have your title and don't have a way to get one, there are ways around that.
Part Out Your Car?
If you want to get the most money out of your junk car and have the time, skills, and tools, you can part it out yourself.
Here are some parts you can remove and sell before scrapping your car:
- Windshield wipers
- GPS system
- Catalytic converter
- Exhaust system
Keep in mind the value of these parts is determined by the popularity of the vehicle and the condition of the part.
Although this typically makes your car less valuable to the junkyard, you'll end up with more money when you sell these parts yourself.
Cancel Your Car Insurance
You'll typically want to wait until you have a definite purchase date to cancel your insurance, but it's good to be ready to make this call as early as possible in this process.
In most cases, you can specify a date for when the policy will be canceled with your insurance company. You should also get a refund for the days beyond that date which you're no longer going to be covered for.
2. Find Local Junk Car Buyers
Once you have everything ready, you'll start the process of actually looking for junk car buyers in and around Minneapolis that you can sell your car to.
With all of your paperwork and relevant information on hand, you can get a quote for your junk car.
To get a quote, you'll need to have the following information:
- Year, make, and model
- Vehicle identification number (VIN)
- Wheel condition
- Car condition
Once you include these details, you'll be able to see exactly how much you can get for your car.
Make Final Arrangements
Now all that's left is to complete the process by arranging a time for the junkyard to come and tow away your vehicle.
This is also a good time to do a final check to make sure you're not leaving anything behind and to call your insurance company. If your car still has gas in it, you may want to use it up or siphon it out to avoid losing that investment.
3. Sell Your Car
There are five parts to selling your car. Some of these are only required if your vehicle is a certain age, so read carefully to see if you need to do all of these at the time of the sale.
Sign Your Name
The first thing you'll need to do is print and sign your name in the assignment area on the title. This shows that you are legally allowed to sell your vehicle.
If there is more than one owner listed on the vehicle, each person may need to sign the title before you can sell it.
List Sales Price
The next area you need to fill out is the sales tax declaration. All you need to do for this part is write in how much you're selling the vehicle for. This determines how much you may need to pay in taxes on your car.
Enter Sale Date
You also need to add the date you're selling your car. This is important because the buyer needs to register the title within ten days of the sale date.
If your vehicle is less than six years old and less than 16,000 pounds, you may need to include a damage disclosure agreement.
This is to let the buyer know the vehicle was in an accident or otherwise sustained damage that would cost over 80% of the determined value of the vehicle previous to the accident.
For vehicles under ten years old and those under 16,000 pounds, you may also need to include an odometer disclosure statement. This simple form just lets the buyer know the odometer reading is accurate as far as you know.
Ready to Get Cash for Your Car in Minneapolis?
Now you know what you need to do if you want to get cash for your junk car in Minneapolis.
As you can see, selling it to a junkyard is a fairly straightforward process but taking some time to do it right will guarantee you get the most money for your old vehicle.
If you're ready to get started, learn more about us and see how we can help ensure you get top dollar for your junk car.