If your vehicle doesn’t have much resale value as a used car, don’t give up on it yet – you might be able to sell it as a junk car! It isn’t a matter of making money from the scrap metal; it’s more about what’s inside. Companies like Cash for Cars are paying more than ever before for junk or used cars, regardless of what condition they’re in. You could even make money from a car that hasn’t run in years, or one that’s missing a few parts. It could be an outdated suburban that failed its last inspection because of worn-out tires, or an ancient ranch vehicle that can barely manage 20 mph on a good day. Whatever the make, model, age, or condition of your vehicle, it probably still has potential as a junk car. Plus, many companies will give you a quote over the phone in just a couple of minutes, so if you’re curious about what your car might be worth, maybe it’s time to make a couple of calls!
What makes a car a “junk car”, anyway?
Contrary to what the name sounds like, junk cars aren’t always rusty old vehicles that have to be pried out of the dirt before they’re hauled off to be taken apart and sold in pieces. While it’s true that they’re often used for spare parts, they usually still have a lot of potential. “A junk car” refers to a vehicle that wouldn’t pass inspection, or that would cost more to repair than what you could sell it for. By that definition, an old Ford pickup truck with a damaged windshield could be a junk car, even if it still runs reliably.
Is there any advantage to selling a junk car on your own?
In general, you’ll probably get a better deal selling to a company that buys junk cars; they offer things like free towing and a low-hassle title transfer process that you may not get with other buyers. Here’s what you might end up dealing with if you sell your vehicle on your own:
- Trailer and hauling supplies – Assuming your junk car can’t be driven to the buyer’s location, you’ll be responsible for getting the car onto a trailer and ready to be transported on public roads. This will involve heavy-duty ramps, straps that are rated for a specific weight, and anything else your state might require for transporting a stationary vehicle on public roads.
- Title transfer – If the buyer wants to make sure everything is done by the book, you’ll need to have a clean, clear title. This means that you may have to replace a lost title, get consent to sell the vehicle from someone else if their name is on the title, etc.
- Towing services – This could eat up all your profits, or it could be the least of your worries. Companies that buy junk cars often offer to tow your vehicle for free, but if you’re taking care of it yourself, it could cost hundreds of dollars if you don’t check on the expense beforehand. If you hire a towing company that charges too much, or if you’re getting the car towed to a location that’s outside your general area, it could cost more than it’s worth.
- Storage rental – If you’ve found a buyer who can’t take your car right away, it might end up in a storage facility, and you could be asked to pay for it. Make sure you work out the logistics beforehand as much as possible, so you won’t end up with surprise storage fees.
How much is the average junk car worth?
The selling price of a junk car can vary wildly; you could get $30, or $3,000. If you’re selling a car that’s definitely a lemon, the average price would be $300 – $400.
If you want to understand it a little better, here are some of the factors that could influence how much your car is worth:
- Overall condition – Does it still have wheels and windows? How far away is the car from being able to start? One thing to consider is that some repairs could get you more for the vehicle, while costing less than whatever gets added onto the price tag.
- Location – The car will obviously have to go from buyer to seller, so if there’s a fair amount of distance between the two of you, that might make the buyer less eager to pay top dollar if they’re also going to be paying for transport costs.
- Make/model – This may be the single most important factor in how much you’ll get. For example, a 10-year-old Mercedes-Benz will bring more than a 25-year-old Volvo.
- Mileage – This is directly related to the vehicle’s condition, so it’ll probably be one of the first things that the potential buyer asks you about. A recently made vehicle with high mileage might end up having the same value as an older car with low mileage.
Why is 2022 the best time to sell a junk car?
People in general may not be in the market for junk cars, but guess what they are looking for? Used cars. The used car market has exploded ever since the pandemic; supply shortages have led to reduced availability for new vehicles, so increasing numbers of people are opting to buy used cars. What about the cars that need repairs before they can be sold, though? Junk cars can supply the right parts, and this helps keep the used car industry going during times of high demand. Plus, a lot of junk cars can be fixed up and sold as used cars; in a market with this much demand, it’s a highly cost-effective strategy.
There’s no doubt that you could get a good price for your junk car; the main question is, how long will you wait before you sell it? Junk car values are likely to go up in the next few years, but then again, there’s no time like the present!