Selling an old or wrecked junk car is an excellent way of making fast cash. Instead of leaving the vehicle to waste away, you can sell it to a junk car buyer who dismantles the car and sells it for parts. However, whether you are approaching a junkyard or car removal company, it's essential to understand the factors that determine how much you will make from the sale. With this in mind, here are three crucial things to know when selling a junk car for cash.
Distinguish Between Junk Value and Use Value
Before selling a junk car, you must understand the difference between junk value, use value, and the value the prospective buyer places on the vehicle. Junk value refers to the value of the dismantled car parts, usually the metal components. Conversely, use value refers to the value of the vehicle, including its parts. When selling a car for scrap, factors, such as mileage, model, age, and general condition, may not matter to some buyers.
If your buyer wants to dismantle the vehicle and sell the scrap metal, they may not pay top dollar just because the car is the latest model or has low mileage. Therefore, when approaching prospective companies, find out from the beginning how they will value your car. Will the sale price be based on the scrap value or the use value? Knowing this beforehand will help you determine the best way to sell your vehicle.
Junkyards Prioritize Metal Value
Junkyards prioritize car scrap metal over other components. Therefore, they will pay you depending on the weight of the scrap metal and the prevailing market prices for scrap metal. Quality seats, a functional stereo system, or a new transmission won't earn you extra money from the scrapyards. However, some car removal companies will pay for the value of the car, including any parts and components that are still in excellent condition.
You Can Sell Parts Separately
You can make more money from your junk car by removing the parts and selling the remaining scrap to junkyards. While this process can be time-consuming and exhausting, it allows you to sell every usable part in your vehicle. Some valuable components that will earn you good cash are the transmission system, tires, battery, GPS, doors, fenders, bumper, and air-conditioning system.
Check the engine, steering, suspension, and transmission system to see if the parts are working. If the components are in good condition, you can sell them to vehicle owners looking for a replacement. However, if they are damaged beyond repair, leave them in the car. The scrappers will dismantle, weigh, and value the metal parts just like any other scrap metal.
Keep the above things in mind when selling your junk car for cash. If possible, sell working parts separately to increase your profits from the sale.