So, you have finally decided that it’s time to say goodbye to your old car. If you’re getting a new one, that’s great news! But what do you plan to do with the old one? Before you decide just to let it gather dust in your garage, have you ever considered selling it? That’s right. Even if you think it’s just junk, there are yards that buy cars for cash, and you might be surprised by how much your “junk” can still sell for.
You should know, though, that different junk cars bring in different amounts, too. So if you know someone who has sold theirs for a sum that sounds either too big or too small for you, know that yours won’t get that same amount anyway. There are certain factors that contribute to the price of your junk car, and in this post, we’re going to talk about those factors:
The Make and Model of Your Car
This may be the most basic determining factor that affects the price of your old car. You can check online to see how much your vehicle’s particular year, make, and model is selling for these days. Of course, you have to remember that junk cars are going to be valued differently – more so if they can’t be considered road-worthy anymore. The truth is, it’s possible that your junk car will only fetch 20% to 40% of the model’s used value.
The Current Rate for Scrap Metal
You might not have thought of this because you don’t really think about your car like that – scrap metal. But knowing the current price for scrap metal will give you an idea of how much your vehicle will be worth when you sell it. Scrap metal’s price fluctuates now and then, depending on things like supply and demand. For instance, if there is an excess of aluminum or steel on the market, the supply is considered high, and you can expect a lower price for your car.
The Condition of the Car
This is another major consideration made by the yard when assessing the value of a vehicle. As you can probably guess, the better the condition of the car, the higher amount it can fetch. If it still runs well, you can get more for it. Of course, if it has some issues or if it requires significant repairs, those will impact the total price of the car.
The Location of Your Car
This might not be a factor that you’d think of because it isn’t that obvious, but the location of your car also affects its value. It’s because scrap metal’s price varies from one state to another. Also, certain types and models of vehicles are more popular in some regions, which can also dictate the market rate not only for the car itself but its parts, too. Additionally, how far your car is from the yard plays a role because you might have to pay extra for towing.
As you can see, several factors are considered when determining the price of a junk car. The good news is, no matter the condition of your vehicle, where it is, or its make and model, there are auto salvage yards that buy junk cars for a fair price. And that is still better than just letting it sit in your garage.