You probably know how much you want to get when you’re looking to sell your car. Junk car buyers may make you a low cash offer for your junk car, but you may not know why. The good news is that even junk cars have some value, and junk buyers will buy your car if they want the body or other parts that are still working. Several factors can affect the value of your junk car when you sell it. The following factors often have the most significant impact on the value of your vehicle. While at it, you’ll learn more on how to sell you old use car at a reasonable rate.
- Cost Of Recycled Metals
Note that the supply and demand for scrap fluctuate every other day, which in turn affects the cost of scrap. Steel and aluminum make up the majority of a vehicle’s total mass. Therefore, the value of your scrap car depends heavily on the prices of these two metals. Apart from that, the state of the world economy, fluctuations in energy costs and natural disasters are other factors that affect the metal’s price.
In addition, prices vary depending on geographic location. For example, a country may increase tax rates on imported aluminum or steel, forcing companies to source these metals from local recyclers to avoid additional costs. Also, whenever there’s a global decline in production, local companies pay more money for scrap metal. In such situations, the value of your junk car will be high.
It is in your best interest to sell your scrap car when there is a demand for scrap metal. Before looking for deals, take advantage of the many websites that monitor metal prices. Even if current prices are cheap, do not assume they will stay the same forever.
- Model And Make
In the scrap car market, specific makes and models of cars are more in demand than others. You will have to pay more for reliable vehicles with parts that are in demand. You can also expect reasonable prices for more current models, such as relatively new cars in the production year. It is because salvage yards prefer the latest generations, as they often repair and sell them. Remember that certain modern vehicles are no longer made from aluminum and steel but more environmentally friendly polymers. Therefore, modern cars may contain less metal than their predecessors.
However, you do not have to own the latest model to take advantage of fantastic discounts. Even if your vehicle was manufactured in the mid-2000s or earlier, it has components that are still reusable. Also, do not be afraid to recycle your old car because its components could still be in demand for classic car enthusiasts.
- The State Of Your Car
The condition of your old car is another factor that affects the final price and influences what a salvage company will make of it. The salvage yard’s ability to repair and resell a vehicle that is still mechanically sound with all major parts intact drives up the price of your car. However, if the cost of repairing your vehicle is too high, the reseller may decide to recycle the components instead of repairing the vehicle.
The value of your vehicle may go down if some parts are missing, especially if you have removed valuable components like the transmission, engine, and steering. These parts are helpful as scrap metal, so removing them will reduce the overall market value of your vehicle.
You can extend the life of your vehicle’s parts by repairing minor dents and dings. Rust, for example, reduces the metal value of the components over time. Also, it’s in your best interest not to leave junk cars in the garage for too long, as the vehicle’s condition will only deteriorate over time.
Prices of junk cars depend on various factors, such as the demand for specific vehicles in different regions. For this reason, you can make more money if there is a large market for parts for your car in your area. Remember that towing costs can add up quickly, especially if you live far from a salvage yard of your choice. Therefore, when looking for scrap dealers, it’s best to stick to nearby salvage yards to keep transportation costs as low as possible.
Boosting Cash Offers For Your Car
Taking proper care of your car is one of the best strategies to increase sales proceeds. Used vehicles with minor defects are more valuable than the interior, exterior or engine problems. Cars with regular oil changes and scheduled maintenance also fetch a higher price.
Removing any functional and valuable spare parts or accessories that can fetch you extra money is advisable when disposing of junk cars. It is essential to know that most junk car buyers purchase cars primarily by weight and not by condition. You can expressly state that your vehicle is in working order so that the buying service provider inspects it before giving you an estimate. Instead of recycling the car as a spare, they can repair it and sell it.