If you have a junk car on your hands, you’re likely desperate to get rid of it. Selling it on a site like Craigslist can be cumbersome, and in some cases, out of the question. However, even a junk vehicle has value, so the question becomes, how can you best cash in?
When you’re in the wealth building phase of life, it can be helpful to convert unwanted personal items into cash. It’s also essential to create multiple flows of income, which you can do by selling junk cars for other people if they’re willing to give you a cut of the profit.
Thankfully, there’s only a small amount of research to do if you want to sell a junk car for as much money as possible to a neighborhood salvage yard.
It can be confusing with knowing where to start. Thankfully for you, we’re here to help. Keep reading to learn everything that you need to know!
Find a Licensed Salvage Dealer
For people who are trying to get cash for junk cars, the first thing that you’re going to want to do is look for a reputable salvage dealer in your neighborhood.
This means that the dealer is going to provide good and fair customer service. They also need to be insured and licensed.
The best way to find a dealer like this is to do a search on the web. Make sure to check out customer reviews and see how other people’s experiences were.
This is going to give you a good sense of the junk car dealers you might want to use as well as the ones you’ll want to avoid.
Have Your Vehicle Info Nearby
When you’re ready to sell your vehicle, you want to make sure that you have all of your vehicle information ready. This is going to make the selling process a lot smoother and easier. It’s also going to help make sure that you get the best and most accurate quote.
The information that you will need to have with you includes:
- car title
- engine condition
- signs of interior or exterior damage
- body condition
The more detailed you can be, the easier time you’ll have.
Get a Quote for Your Junk Car
Even if your car doesn’t run anymore, many salvage yards will still be happy to buy it from you. This is a case where the parts are more valuable than the whole.
The value of a vehicle is going to depend on the condition and model. There are many factors that go into pricing a junk vehicle at the end of its life.
Completeness and weight are some of the biggest factors. The junk vehicle will likely be sold to steel shredders by weight. So the heavier your car is, the more money you’ll be able to get for it.
Around 14 million tons of recycled steel comes from junk cars every year.
Parts of the vehicle are also going to be sold off. So the more complete your car is, the more parts there will be, the more money you’ll be able to get.
There are also many dealers that will take any car, no matter the condition.
Know the True Value of the Vehicle
Before you sell your car to a salvage dealer, it’s best to know how much your car is actually worth. There’s a chance that you could end up with a significantly better deal if you sold it another way. This likely isn’t the case with a junk car, but it’s worth researching before you get rid of it.
Set a Pick-Up Time
If your junk vehicle won’t drive, then you might be worried about having to tow it to the salvage yard. Luckily for you, most salvage dealers will provide free towing for junk vehicles. And they can likely work around your schedule.
Sometimes, they will have the ability to pick your car up the same day you call. Many salvage yards will also pay you more if you bring your car to them.
Complete Sale Paperwork
You should understand the local restrictions and laws for selling junk cars. At times, you may need certain legal documents to scrap the entire body of a car.
Check if the salvage yard has its own title clerk. This person can do all of the paperwork that is needed to transfer the car. All you’ll have to do is let the dealer know when you want to make the transaction.
Get Paid for Your Vehicle
When you’re selling a vehicle to a trusted dealer, they’re always going to pay you the negotiated price. If a dealer tries to lower the price at the time of pick up, that’s a major red flag and you should call off the deal.
After you negotiate a price, make sure that you write it down and get documentation stating that price. If you have the title, the dealer will likely pay cash. If you don’t have the title, you’ll likely be paid with a company check.
Don’t hand over the keys until you’ve been paid.
Notify the DMV and Your Insurance Company of the Sale
You need to notify the local DMV that you traded, donated, or sold your car. This can be done by contacting them by phone, going to a customer service center, or checking out their website.
You also need to tell your insurance company about the sale. Make sure that you remove your plates from the junked car before you give it over.
Using This Guide for Scrapping a Vehicle
Hopefully, you’ve learned a lot about scrapping a vehicle from this guide. The most important thing to remember is that you need to do your research and make sure that you are working with legitimate dealers.