Having a junk car to sell is exciting. Whether it runs or not, it is worth a certain amount of money! If selling a scrap vehicle it is something you are considering, it is important to learn some helpful facts before jumping into the auto salvage scene. These facts will help you choose a quality buyer and make the most for your junk car. Continue reading to do just that!
Junk Car Selling Facts:
Do not wait too long to sell your vehicle. The longer you wait, the more the vehicle depreciates. Selling sooner can render a higher profit.
You must have proof of ownership to sell a junk vehicle to a professional buyer. A title is best, but in some cases, a junk car buyer will accept other forms, such as a registration. You can also apply for a duplicate title with the BMV.
A junk car does not have to be insured in order to sell it for cash. If the car is still insured, you will need to contact your insurance company to cancel the policy before you sell it to a junk car buyer.
Abandoned cars can be sold directly to a junk car buyer. If you are involved in an accident that renders your car totaled, you can contact a junk car buyer who has an in-house tow truck. They will pick up your totaled car and pay you cash on the spot for it, so long as you can provide proof of ownership.
If you can drive the vehicle to the scrap yard you wish to sell it to, you can expect a much higher profit. If the vehicle is still driveable, or the engine still runs, a junk car is worth more money. If it is not operable, you can expect a lower profit.
Junk car profits are based on the current market values of scrap metal. Junk car buyers are in the business of refurbishing used car parts for resale, or dismantling vehicles for their scrap metal. For this reason, the value of a junk car is usually based on weight and scrap metal prices.
Beware of fly-by-the-night junk car buyers. These scammers will take your asset and never send you the check they promised you. Instead, always make sure you choose a quality junk car buyer that is established in your city.