Like everything else, cars have a lifespan too. After reaching a certain age, they begin to experience some mechanical issues that can be very expensive to fix and often aren’t worth it. Before you know it, your ride is sitting in your garage for many years and developing rust in which case you should definitely start considering selling it.
However, selling a junk car isn’t an easy task. There are many things you need to consider, all of which can affect its overall value and how much you can get for it from the sale.
The good news is decrepit cars are actually worth something. In fact, you’d be surprised to learn that there are some buyers who are willing to pay a good amount of money for inoperable, wrecked, and totaled vehicles.
But the price you will get for yours will depend on various factors. In this post, we outline the four main factors that determine the value of a junk car.
Demand for parts
If your junk car still has functioning parts, then you can certainly make extra money this way. These parts can be wheels, tires, airbags, GPS systems, or even engines, all of which are typically high in demand and can help you get paid instantly.
You can remove the car parts yourself or take your ride to a local salvage yard to do it for you. If you choose to do the latter, make sure you look for a reputable one in your area that offers the best rate for your car’s parts.
For example, if you live in Philadelphia, shop around for multiple salvage yards near you or search online for something like “sell junk car Philadelphia” so you can get the most money for your junk car.
Your location
Where you live can also significantly affect your old vehicle’s overall value. Two factors that are taken into consideration, in this case, are the current price of scrap metal in your area and how far you are from the nearest junkyard.
For example, scrap metal prices are very important in determining a junk car’s value because companies typically buy cars for their metal worth rather than their parts. Even if your ride is in good driving condition, but the scrap price is currently low, then you should not expect to get top dollar for it.
As for the latter case, your distance from the junkyard can affect towing costs especially if the company doesn’t offer these services free of charge.
Your car’s condition
How well you have maintained your junk car during its lifetime can also have an impact on its market value. A drivable car with still functioning parts can fetch a really good price because it allows junk buyers to repair it and put it up for sale later on.
On the other hand, cars that have developed rust and are in poor working order will most likely be purchased for their scrap value rather than their components.
Therefore, if you want to get the most from your clunker, consider engaging in some minor car repair projects and fixing anything that can increase the usability of your car’s parts. These repairs may cost you a bit, but they will certainly pay off when you sell your junk car.
Your car’s make and model
The type, make and model of your junk car can also determine its current market price. The more in-demand your ride is, the more money you will get for it when you decide to sell it.
For example, car brands that can fetch a really good price for recycling are Toyota, Nissan, and Ford. These types of car models are most commonly found at salvage yards and have one of the highest resale values.
However, you don’t have to own the latest car model to get paid. In other words, if your ride is from the mid-2000s or older and still has valuable parts, you can also receive a good sum for it.
Also, if you have a vintage car, consider recycling it because its parts can be very popular among classic car enthusiasts.
Photo by Shukhrat Umarov from Pexels
Final thoughts
When it comes to selling a junk car, there are many factors you need to consider to get a good price for it. The great news is no matter what condition your vehicle is in, where it is and what type of car model it is, there are auto salvage yards that buy decrepit cars and are willing to pay a fair price for them.
For more information, refer to our post and read about the deciding factors that determine the value of a junk car.