How to Get Cash for Junk Cars

Find the best price for a junk car by following up on these tips for getting instant cash for a junk car. First of all, selling a junk car for cash, there are several questions you need to ask yourself. These include: what is the estimated price of a junk car? How much is my junk car likely to fetch me? Can I sell my junk car on cash price?

What is a junk car?

A junk car is an unwanted car whose life has come to an end and it is no longer in use. The following are some criteria used to define a junk car.

  • How old is your car? In some states, a vehicle is considered to be junk if it is more than three years old.
  • In some countries or states, if a car has broken or missing parts, then it is a junk car.
  • Also, your car is seen as a junk car if it has been in parking for long or it is dysfunctional in that it cannot move.

What are the options of getting cash for your junk Car?

When deciding what to do with your junk car, these are some options you can consider.

  • You can decide to sell it to a verified site where you are sure to get a lot of responses daily.
  • You can also choose to trade in the junk car with a new one. It is an option that most people don’t prefer because they don’t like dealing with dysfunctional cars.
  • Finally, you can decide to sell your car to a junkyard. You can research in your location to familiarize yourself with junkyard business.

What are the steps to getting cash for junk cars?

1: Get a good title for the car

The first step, ensure you come up with a good title for the car. Give actual details of the junk car and its location. Junkyards barely buy junk cars from other people apart from the rightful owners. When you leave out this information, it is likely to cost you more. Getting cash for junk cars without titles is not an impossibility though, it will simply get you less money.

2: What is the actual worth of the car

The second step, determine the actual worth of the junk car. To get a reasonable estimate of your junk car, try first by asking your relatives and friends how much they would pay for the vehicle. Familiarize yourself with the price of steel. Then compare prices from your friends with the cost of steel.

3: Get a quote for you car

The third step, get prices from dealers or check online. Give the actual condition and mileage of the vehicle. Determine the average quotation from junkyards, and if it is less than $500, you will have difficulties selling it above the average price. Junkyards use the same criteria to determine the price of a junk car. Find a list of junkyards near you on the following map.

4: Decide upon price

The fourth step, decide if you want to sell the car. Consider the following factors in determining whether to sell or not to sell the car. If you feel the prices are too low and the car can give you additional mileage, be patient for a while. If the cost of steel is increasing, don’t sell it until when the price is appropriate to sell it, it could fetch you $500 or more.

5: Sell the junk car

The fifth step, take the junk car to the junkyard by yourself. When you agree with a junkyard to pick the junk car from its location, it will cost you more which will reduce the overall amount you agreed. Therefore, get a means by yourself to drive the junk car to the junkyard.

How to estimate the price of a junk car?

The following are questions you will ask yourself to estimate the value of your car.

  • What is the condition of the car?
    If the car requires a lot of repairs, then you can get its book value and then deduct the amount it will cost to make the repairs. Also, consider depreciation over the number of years it has been in operation.

  • Where is the car located?
    If the vehicle is far from the junkyard, it will cost you more to tow it to the junkyard. You can choose to haul it at your own cost or ask the junkyard to tow it for you which can be more expensive.

  • What is it’s the model, make and year of manufacture?
    If it is not an ordinary car; it can bring you more cash. Also, if the year of manufacture is recent, it will bring you more money.

  • Are the parts on demand?
    The higher the demand of the parts, so is the price. If the parts are on high demand, then they will bring you more cash.

  • What is the price of scrap metal?
    If the price of steel is retailing at a higher price, then you should sell the car at a higher price.

After considering the above factors, ask several junkyards to estimate the value of the vehicle and then compare the prices. Some junkyards are known to take advantage of buyers and sellers. Therefore, it is critical to work with good junkyards.

What other means can increase cash for junk cars?

Every businessman wants to get an extra dollar whenever he sells a junk car. To get that extra dollar, consider selling parts individually. It will help you get value for that part you never thought will bring an extra dollar. Also, drain fluids from the junk car. Junkyards charge for the service which will, in the long run, reduce your income. Be honest while describing the car to junkyards. Mention any broken or missing part or parts with corrosion.

How do you know genuine junkyards?

Doing background research is critical to know good junkyards. Look for several junkyards online and then look at the buyer’s reviews. You can then call them and ask a few questions. Be careful especially during the spring season when scammers are many. Do not allow anyone to offer you help to take the junk car without paying.

When you agree on the price, do not lower the price when the junkyard comes to tow the vehicle and request you to reduce the amount. Also, don’t fall for vague prices and do not sign any paper or accept to haul your car before you have received payment. Ensure the towing cost is included in the agreed price to avoid other charges for towing. Finally, ensure that the junkyard is licensed.

Robin is one of the founders of FiFi Finance. He is our financial expert on loans, savings, wealth growth as well as our political and economic analyst. He is a former financial journalist and has been a web-editor for more than 20 years. Read more about the whole editorial team at FiFi.