Do you have a car that has reached the end of its life? It may just be parked idly and has taken a lot of space in your parking lot. Perhaps you are wondering if it is worth anything. Indeed it can bring in some money in your pocket! Learn how to increase the value of your junk car!
You can sell your old, rusty, or damaged vehicle to junkyards for a good amount. The value of your junk car depends largely on the price of scrap metal in the market. The trend of scrap metal prices in recent years has plummeted. This means the value of junk cars has also gone down. However, selling your junk car for scrap is still the best option to get rid of it.
You may need to negotiate with the buyer for a higher offer on your junk car. Point out the parts that boost their value.
There are a few steps you can do in order to ensure that your junk car sells for a handsome amount. It is worth bearing in mind that scrapping cars takes some effort due to varying procedures of different companies.
Here are some things that you can do to increase the value of your junk car.
Determine your vehicle’s value. Before making a trip to a junkyard, make sure to determine your vehicle’s Blue Book Value.You should also assess the damage in your vehicle and precisely record its condition. You will have to tell the attendants in the yard information about the extent of your car’s wreckage. Roadworthy cars sell at a higher price than totally damaged cars.
Have all the important documents ready. Establish ownership of the car. You must show the junkyard all the important documents that prove you own the vehicle. Salvage yards will not buy a scrap car from anyone else aside from its owner. You cannot sell a vehicle you do not own. This can put you in trouble.
Shop for the best rates. Inquire from different local junkyards to get a range of prices. Do a thorough search for your junk car and settle on the highest amount. Also check if the junkyard you have chosen has good customer reviews to avoid disappointment. This way, you can be guaranteed the best return value for your good old car. Usually, yards consider the model, make, and condition of a car while others only consider the damage.
Avoid removing any car parts. Yo get the best price for your junk car, do not remove any of its parts. Even if you think that you will get money from selling separate parts, you could put off junk yards from buying your car. Even if they take it, the final quoted price will be decreased.
Make sure you are given a guaranteed price. Sell your car to a company that is honest and reputable. Make sure that they offer you a price with a guarantee. You should not be haggling for a better price with the driver when they come to collect your car. When getting a quote, make sure to provide as many accurate details as you can.
Beware of unscrupulous traders. You can find quotes for your junk car through different websites. Unfortunately, the nature of the internet means that scammers can make their websites look legitimate. Make sure that you only trade with trusted traders. Some unscrupulous traders work to gain your trust by offering ‘free advice’, however, this can actually turn out to be scams to give up your car to them for free.
Do not delay in scrapping your car. Waiting too long decreases the value of your junk car. This is because many of the car’s parts will deteriorate when not in use. Rust can very quickly cover the car when it is not being used, rubber parts become very brittle, seats can crack when left in the weather, fluids can settle out, and animals can infestate your car by chewing important wirings.
Remember that a driveable car is worth more money. If your old car is still driveable, the junk yard can give you a higher value for it. This is because it won’t have to be towed. Towing costs money for the company. While they tow cars all the time, saving them time from doing so can help them save a little bit of money and increase the overall value of your junk car. A running car is more desirable to auction buyers as well, as they often look to buy cars to be refurbished and resold.
Contact your insurer to find out your car’s salvage value. You can contact your insurance company to determine the scrap value of your junk car. They will tell you what will happen next to your car and the costs associated with scrapping it. These costs will then be compared to what it would cost if your car were repaired to its working condition. The insurance company will use past auction results to know how much they can recoup their costs if the car has been considered a total loss. This may increase the car’s value.
Factors That Affect the Value of Your Junk Car
There are certain factors that affect the value of your junk car. When you are selling your car for scrap, remember that you are selling it mostly for its scrap value, not its trade in value.
Vehicles are composed of different types of metals like steel, iron, and aluminum. These metals all vary in worth. Steel makes up about 65 per cent of a car’s weight. Auto salvage yards and scrap dealers scrap cars to strip the metal and sell it. Thus, the value of your junk car is largely based on the demand for metal and the current scrap metal prices. When there is a drop in production, the demand for metal also decreases. This means the scrap value of cars is lowered.
Here are other common factors that determine your junk car’s value.
Current scrap metal prices. As previously discussed above, this is a major factor in the quote you will get for your junk car, since junkers are mostly sold for metal recycling. On average, a car contains around 2,400 pounds of steel. The price of scrap metal fluctuates regularly and this greatly impacts the value of your scrap car. If the market value of the scrap metal in your car is low, then your junk car will be worth less in comparison to when the scrap metal prices are higher. You can check scrap metal prices online to get an idea of their current value. Once you have researched the current scrap metal rates, the next step is to make an estimate of your junk car’s value in terms of scrap prices by multiplying the price of the scrap metal per ton by your car’s weight.
Your vehicle’s weight. The weight of your car greatly impacts how much money you get for your junk car. The heavier your car is, the more money you will get paid for it. Once a salvage yard quotes you a price and purchases your car, they strip it off its parts before selling the scrap metal for recycling. The recycling yard can then sell the recycled metal to other businesses.
Your car’s year, make, and model. One of the most important factors in determining the price of your junk car is its make, model, and year. However, it is important to note that junkyards will also take into consideration the condition of your car.
Usually, junk cars may be worth up to 40 percent of its used value. If your junk car’s model is popular and the demand for its components is really high, then you can be paid more. The year of your car is also a determining factor because car materials can differ from year to year. Most cars nowadays use environmentally friendly plastics, as a result, vehicles from certain years may contain less metal, lowering their scrap value.
Newer cars made with aluminum and magnesium alloy are worth more than steel. This increases their scrap value as it saves manufacturers money.
Your car’s condition. The current state of your car will determine what can be done with it and its parts and how much money you can be paid for it. If your car has been sitting around for a few years and only requires a bit of maintenance to get back to its good driving condition, it could probably be sold to a used car dealer, and not totally scrapped.
Although in most cases, junk cars are at the end of their lives and are not worth repairing as the cost of repair exceeds their value. In this case, they are only good for recycling. If individual parts are too damaged to be resold, your car will end up getting crushed and sold for scrap. The metal of your car is incredibly important for increasing the value of your junk car.
Used parts that are in good condition are usually sought after because they cost less than buying new ones. If your car looks pristine but does not run, parts of the body and mechanics can be resold to repair shops and individuals who are looking to fix their own vehicles for a reasonable price.
Thus, the overall condition of your car – from its exterior, interior, to mechanical parts – has a great impact on its value. If you can still drive your car to the yard instead of having it towed, it would be worth so much more.
Your location. The value of junk cars, as well as the value of scrap metal, varies by state or region. Local demand and scrapping laws in your state affect how much you can get paid for your junker. Some states have very strict rules and require intensive security measures, such as fingerprinting, before you can sell your car as scrap. This increases the cost of processing your old car and lowers the amount you can be paid for it.
In some states which have very few junkyards, traveling with tow trucks to the customer’s place can be expensive. Most junkyards do not offer free towing services and junk removal, so you could pay an extra for transporting your vehicle if it cannot be driven anymore.
Your car’s mileage. The higher the mileage of your car, the less money it will be worth. High mileage means individual parts may not be in good condition. Junk buyers will pay better for a car with lower mileage because most of its parts will be in saleable shape.
Your junk car may not be serving you like it used to, but that does not mean that it is worth nothing. There are things that you can do in order to make sure you get the right price for it, and even increase the value of your junk car. There are different factors, as explained above, that determine the quote you get for your junker. With a little research, you can sell your vehicle with confidence and be assured that you are being paid a fair price.
It is very possible to get paid more for your junk car than the typical rate if its major parts are still in good working condition. If the engine still works and the car drives using its own power, you might be able to get more cash for it.
To get the best offers, get a quote from two or more junk yards in your area. Make sure that you have checked your junk car if it still works. Pointing out the parts that still work may give your sale a boost.