Every car eventually reaches a stage where it can be classified as an end-of-life vehicle. This may be due to the car being majorly damaged in an accident, lacking fuel efficiency, having severe flood damage, or being declared as a total loss by the insurance company. In such circumstances, people generally find it hard to find potential buyers to sell their car since it usually doesn’t have a market value as the cost of repairs is higher than the value of the car.
If you are in a similar situation, we recommend considering scrapping your car for cash as it is the most financially lucrative and environmentally friendly option to get rid of a junk car.
A common misconception, however, is that scrap car prices are low and therefore the vehicle owner will not get a fair price for it. In fact, the scrap value of a car, which refers to how much your car is worth, is dependent on several conditions and there is no standard or fixed price for a scrap car. In most cases, the scrap price actually gives you the most bang for your buck and may be the optimal course of action to dispose of your damaged car.
In this article, we provide a detailed look at the scrap value of a car and provide you with the top tips to help you get the most cash for your junk car.
How Scrap Prices Are Determined
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When it comes to determining scrap car prices and how much money you can get from selling your old car at a junkyard, you need to keep the following factors in mind.
Weight of the car. Usually, the heavier the car, the higher the scrap price since it will be more valuable in terms of the metal found in the car. This is sometimes referred to as the weight of the car in scrap metal. Remember that dealers tend to place a lot of emphasis on the scrap metal price of the scrap vehicle. This is because they extract, recycle, and resell the metal for use.
Current scrap metal prices. The average price of metal is dependent on global market forces including supply and demand for scrap metals such as steel and aluminum in the scrap metal market. The current scrap prices are likely to fluctuate from year to year or even month on month and may vary with local market conditions. The scrap metal prices for cars will have a direct impact on junk car prices.
The make of the car. Some cars are generally more valuable than others, depending on the brand and year they are made in.
Model of the car. Certain cars, due to their model and features, can fetch a higher scrap price compared to other cars.
Condition of the car. It goes without saying that the overall condition of the car plays a crucial role in determining the scrap car price. Generally, if the car is in good condition and can be up and running with a few repairs, you can hope to get a high price. However, for junk cars that have a higher cost of repair compared to their fair market value, the scrap price is going to be low.
Demand for parts. Certain cars, either because they are in vogue, or are vintage, are highly sought after due to their valuable car parts. If your car fits the bill, you can be sure to grab a good price for scrap car parts and other materials. For this reason, always get a valuation of your car from a trusted and professional mechanic to get a good idea of the valuable parts of your car.
Location of the car. The location of a vehicle refers to the popularity of certain cars in a particular geographic area, which can factor into determining the worth of the scrap car. Those cars that are popular, and therefore in higher demand, tend to fetch a greater price.
Title of the car. The car title, which refers to the proof of ownership and contains the vehicle registration and ownership information, is quite important when it comes to determining the scrap value. Scrap yards generally will tend to pay less for cars without a legal title so it is in your best interest to apply and secure either a physical or electronic copy of your car title prior to selling your scrap yard.
What Price Will I Get To Scrap My Car
One of the most common cash for cars questions when it comes to car scrap prices is how much money the owner of the vehicle will get for selling their car. For this purpose, it is best to make use of a scrap car value calculator to determine how much you will get to scrap your car for cash.
A scrap car value calculator works by multiplying the metal weight of the vehicle with the price of scrap metal in your local market. This gives a fairly good estimate of the price you can get from scrapping your car. When using a car scrap value calculator, make sure that you know the vehicle weight and prices of different types of metal that make up the car, such as aluminum, steels, copper, lead, and brass. Each will have a different weight and price per pound, which will go into calculating the average scrap price value of the junk vehicle.
Prior to selling to a scrap car buyer and using a car scrap value calculator, it is a good idea to study the market for local prices of scrap metal for a period of four to six months. This can give you an idea of the price trends and allow you to calculate prices at different points in time so that you can sell your junk car at the best time of the year and get a good offer for it.
Most Valuable Parts In Junk Cars
Now that you know how scrap car prices are determined and how to calculate the car scrap value, it is helpful to also have knowledge about the most valuable parts in your junk car that can grab you cash for cars and car parts.
Start by doing a quick research about the fair market value of your car by consulting a trusted source such as the National Automobile Dealers Association which allows you to find out the retail price of your car. This is a good strategy to equip yourself with all the information you may need prior to approaching a scrap dealer.
Next, find out the metals used in your car by consulting a professional mechanic. As stated above, cars use previous and expensive metals that can drive up the value of your car. Additionally, other valuable parts of a junk car that can either be sold for parts or drive up the scrap price of the car include the air bags, air conditioning unit, built-in GPS system, bumper, car batteries, catalytic converters, doors, engine, fender, mirrors, radio, tires, wheels, windows, and windshield wipers.
In fact, some of the best cars to pull for parts at a good price can be found in these junk yards. So your scrap car and its parts may just be worth a lot to someone involved in restoring cars or looking for car parts on the cheap.
How To Find The Best Scrap Car Prices
When it comes to finding the best scrap car prices, there are two important things that you should keep in mind.
Firstly, make sure that you contact your local scrap dealer to get an instant quote online from the local scrap market. Alternatively, you can also pay a visit to the scrap yard and discuss the price with them. Remember to always approach at least three different scrap yards so that you know that you are getting a fair price for your junk car. Also make sure that they are legally registered, have all the necessary infrastructure to scrap your car in an environmentally friendly manner, and abide by the rules and regulations of the Environmental Protection Agency.
Second, avoid dismantling the car yourself in hopes of first selling the car for parts and then selling the remainder to the scrap market. This runs the risk of further damaging your car, particularly if you are not skilled and experienced in pulling apart the car or don’t have the right tools to safely remove the car parts. Moreover, it can also be dangerous and hazardous to the environment if you don’t dispose of substances and materials such as fluids and oil in an eco-friendly way.
The Bottom Line
When deciding to scrap your cash for cash, it is essential to get acquainted with the car scrap prices in order to get the best deal for your junk car. Regardless of what condition your car is in, you need not lose hope as you can always make some extra money by selling your car to a scrap yard dealer.
So take advantage of your local scrap yard and get in touch with them if you want to dispose of a car that you can no longer drive on the road. Lastly, always remember to ask for free towing service since most dealers will be happy to have the car picked up from your stated location.