The price of used cars has shot up 30% since May 2020, setting an all-time high.
Driving the spike is a lack of inventory at auction. Usually, rental car companies and consumers looking to trade upkeep the used car market primed with units. However, with travel and tourism only now hitting their stride and a shortage of computer chips limiting new car inventory, used cars are a hot commodity.
A similar effect has hit the scrap metal market with the price of used metal skyrocketing after the shutdown of steel producers at home and abroad. So your beater car may have hidden value and could be a way to make some quick cash.
In the following article, we’ll discuss how to scrap and maximize the profits on your junk car.
Beater Car or Used?
Before selling your car for scrap, determine if you can get more out of your vehicle by fixing it up. You may already have a good idea of how to sell your junk car if you’ve taken your vehicle in for work or had to get an inspection sticker.
Knowing the mechanical status of your vehicle is important because you want to ensure that what you are selling is safe and that you’ve been forthright with the buyer.
With the price of used cars so high, it may be worth your time to invest in some minor repairs or an inexpensive paint job over scrapping the car.
Don’t Go Crazy
However, you getting the car primed for sale is one thing. You wasting money on a salvage car is another.
Sites like Cash Car Buyer can help you determine if you should junk or sell your used vehicle. You enter the year, make, model, and condition into the site’s web tools, and their algorithm estimates your car’s value. (Learn more about Cash Car Buyer here.)
In many cases, you can get more for the car as scrap than as a fixer-upper.
Sell It for Scrap
The quickest way to get money for your junker is to sell it to a salvage yard. The junk dealer then crushes the car, sells it to a smelter, and the recycled raw metal is used in other products.
There are a few ways to go about selling your junk car for scrap. The easiest is to visit a car buying website and arrange for someone to pick it up.
Another way is to drive it to the junkyard and sell the vehicle by weight. In either event, you should take the time to sell any parts that may be of value before you scrap the car. Alloy wheels, catalytic converters, and after-market radios are popular items to remove and sell before you junk your vehicle.
Also, you’ll need the car’s title as proof of ownership before the scrap vendor accepts the vehicle. So have that ready when you turn the car over.
Lastly, make a thorough check of the vehicle for personal items before your scrap it. Once the car is picked up, there’s no retrieving those items.
Consult an Expert
Paul Newman once said, “If you’re playing a poker game and you look around the table and can’t tell who the sucker is, it’s you.” So avoid not maximizing your profit by doing some research on your beater car.
Talk to a scrap yard, consult a mechanic, or use an online value estimate before you sell or scrap your car. This way, you’ll know the best course of action when scrapping your vehicle.
Did you find this article helpful? Search this website for more on new and used vehicles.