HomeOthersWhy You Should Think About Selling Your Junk Car

Why You Should Think About Selling Your Junk Car

Between one thing and another, cars of every description are now selling at a premium – and that includes junk cars. If you have a car that’s totaled, wrecked, inoperable, or otherwise incapacitated, you may still be able to sell it at a decent price.

Even if your car will never run again, it still has a certain amount of value from whichever parts still work.

After all, a lot of junk cars still have a lot of functioning spare parts to offer; why not see if that’s true for yours?

Getting cash for cars can be as easy as talking with someone at a company like CashForCars.io; you could also find an online buyer, or even try your luck at a used car dealership if the vehicle is in relatively good shape for a junk car.

The main thing is to get the process started and see what happens. You might be surprised at how much your old vehicle is worth!

The first step is to establish that selling your car is the right choice.

A “junk car” could be an old truck that’s been sitting dormant for years, or it could be the family suburban that just got totaled, but could still run with some expensive repairs. If you wanted to get rid of that old truck, selling it off would be a great idea.

After all, it isn’t going to make you any money while it rusts to pieces on your property. If you were wondering what to do with that suburban, though, keep in mind that you’ll probably have a hard time finding a replacement. Demand for vehicles is way higher than supply, so while you’ll be happy as a seller, you won’t have such a great experience as a buyer.

What could your junk car be worth?

This is a tricky question to answer without professional input, but at minimum, you could probably get a couple hundred for the scrap metal – that’s for vehicles that are way past the point of no return. On the other hand, if you have a car that’s somehow valuable, rare, or in demand, you might get a few thousand for it. You’d really have to get a quote to know for sure, though.

These are the main factors that will influence the amount of money you end up with:

1. Condition

Could your car be spruced up at all, or are you in a hurry to sell it off? Sometimes a strategic repair or two could add to the selling price. You might even talk with a mechanic and discover that the vehicle could run again with a couple of inexpensive repairs. Do your research – it’ll pay off one way or another.

2. Mileage

The mileage doesn’t always determine the amount of wear and tear on a car, but it certainly influences it.

3. Make and model

Sometimes the make and model of a vehicle will be enough to drive up the asking price considerably. Even if the car is outdated and inoperable, people will pay well for certain models.

4. Location

Some buyers expect you to take care of transport yourself, while others will subtract the cost of transport from their final offer. Make sure you know how far away you are from potential buyers before promising anything.

Selling to individual buyers vs. a company that buys junk cars

It wouldn’t be too hard to find someone (like an online buyer, for instance) who would pay more than a company would for your junk car. There’s a trade-off, though; you’ll have to go to a lot more trouble, and possibly more expensive, to make it happen.

1. Arranging for the title transfer

Regardless of what the buyer wants to do with the car, they’ll probably ask you to transfer the title to them. Depending on what state you’re in, this could involve a trip to the notary and various (usually inexpensive) fees to make everything official. Companies that buy junk cars typically make this process as seamless as possible for the seller.

2. Towing services

The cost of towing adds up fast if you’re paying for your junk car to be delivered to the buyer. This is one big advantage of selling to a company rather than an individual, as some of them provide towing for free. Even though the asking price may be bigger than a buyer you found yourself, many people decide that it isn’t worth the extra hassle and expense.

3. Truck and trailer for hauling

Unless you already have what you need to haul the junk car away (truck, trailer, ramps, heavy-duty straps or chains, etc.), renting or buying what you need could cost you a fair chunk of what you’re getting paid for the car. If you’re getting offers from people, make sure you ask how they’re expecting to get the vehicle. If they want to put all the responsibility on you, maybe you should just hold out for someone who can tow the car away themselves. With demand as high as it is, you could probably find someone who’d be willing to work with those terms.

Why is this the best time to sell a junk car?

There are plenty of reasons why you could make a chunk of cash from your junk car. For one thing, there are a lot of viable parts in junk cars that could be used to repair other vehicles. Mechanic shops offer used parts to budget-conscious customers, and used car dealerships take advantage of spare parts to repair vehicles that they can then sell at a premium. It could also work the other way around – individuals are looking online for anything that could run after some repairs since it’s currently so difficult to find used cars at a reasonable price.

When it comes to selling junk cars, there’s no time like the present; prices for cars and car parts are at an all-time high. If you have a junk car sitting around, get a few quotes for it – you might discover that it’s worth a lot more than you thought!

Read more: What is the Cost of Green Driving

Sharing with Social Networks

FinanceGABhttps://www.financegab.com/
Ajeet Sharma, the founder of Financegab and a well-known name in the field of financial blogging. Blogging since 2017, he has the expertise and excellent knowledge about personal finance. Financegab is all about personal finance which aims to create awareness among people about personal finance and help them to make smart, well-informed financial decisions.

RECENT POSTS

Most Popular