Did you know there are times when your insurance company won’t pay you if your car is totaled? This could include accidents when you were at fault, actions which our outside of your policy, or if your car has a major mechanical issue which renders it useless. You might think there is no way you can get cash for cars with problems like these, but you would be wrong. In fact, here are five tips for getting the most for your wrecked car.
You would be surprised how much an auto dealer would be willing to pay for a car, even if it cannot run. In some cases, it is just because they are desperate to make a deal, while in other cases your car might be more valuable for the parts.
Anyways, the moral is to not exclude car dealers when you are thinking about selling your junker. They generally have plenty of options and are more than willing to take that car of your hands.
Even though a dealer might not give you top dollar, when you factor in the cost of selling or parting out your car yourself, a trade-in might not be such a bad option. Just be prepared to haggle to get what you want.
For Sale by Owner
This could include selling your car online, in the classifieds, or just putting a ‘for sale’ sign on it and parking the wreck on your front yard. Just remember most states have Lemon Laws.
These laws govern the sale of used cars, including failing to disclose whether the car you are selling has serious mechanical problems. While this is not a problem if your car has been in a major accident, it might come to play if car can still run but has mechanical issues which are not easy to identify.
The plus to selling your car by yourself is that you have more flexibility in how much you will get as you don’t need to share with an agent or a dealer. However, this also means that you need to spend more time and energy trying to find a buyer. As such, selling your car is only a good option when your care remains in relatively good condition or can be easily repaired.
This is one of the most popular destinations for wrecked cars as junkyards are in the business of buying and selling worn out cars. Often, they will buy a car, part it out, and then sell what is left for scrap. While there is nothing to stop you from doing the same thing, the challenge is the time required to take a car apart and then sell the parts.
As such, junkyards are an easier way to get this done. Just keep in mind, that the cheap prices you find for parts in junkyards are a direct result the prices they pay. So, be prepared to haggle. Don’t sell your car to the first junkyard you talk to, but reach out to several in your area to get the best price possible.
Parts are Worth More Than the Sum
If you are handy with a wrench, then parting out your car might be the best option for you. Often the part from a wrecked car are worth more than the car itself. As such, parting out your car is a great way to get the most for your wrecked car.
Parting out your car can be time-intensive. Not only do you need to be able to take your car apart; you also need to know where to sell the parts and how much everything is worth. While this option can deliver the most money, it also requires an in-depth knowledge of cars. As such, it is not for everyone.
While a junkyard might by your car for scrap, there are also scrapyards which will buy based on the weight of the steel, aluminum, and other materials in your car. In this case, they are not interested in the parts.
Instead, a scrapyard wants to dismantle your car to metal down the materials. This way the steel, aluminum, and other materials can be sold back to industry to make more cars, or buildings, or other things.
Scrapping your car is not always the best option but it is one you should consider when all other options have been exhausted. One way to get the most for scrapped car is to part it out first and then scrap whatever is left.