How Much Is My Junk Car Worth?
One of the first questions that people ask themselves when trying to sell their car is “how much is my junk car worth?” This is a difficult question because there are so many different things that go into the valuation of vehicles. What your car is worth will depend mostly on who you’re selling it to. The current market demand for the car and the car’s condition will also be taken into account. Keeping these three factors in mind will give you a realistic expectation of what to price your car at. It will also allow you to set your expectations for cash offers.
Who Buys Junk Cars?
There are countless options for businesses and companies that are willing to buy your car for cash. The most common are those looking for junk cars. A junk car is a car that is usually not running or close to it, has severe wear and tear, and is a less than desirable model. A safe rule of thumb is if your car is falling apart, is an early 2000s model, or has severe mechanical or electrical issues; it’s safe to assume that it is a junk car that will be desirable by the businesses listed below.
Junkyards
How much do junkyards pay for cars? Well, junkyards are usually focused on parts or scrap metal. This means that the heavier your car is, the better your offer will be. Also, these businesses aren’t very formal so don’t expect consistency in offers as they use prior experience to determine their cash offer.
“Pick-a-part” Businesses
How much does Pick-a-part pay for cars? Pick-a-part businesses buy cars that have valuable parts and store them in a yard with many other junk cars. Then builders, car shops, etc. will come by, pick and remove the parts they need from cars and then pay per part. This means that the model of your car will make a big difference in their offer, or if they’re interested at all. Rare cars, classics, or even extremely popular commuter cars; will do better at these places because of the demand and scarcity of their parts.
Scrappers
How much money can you get for scrapping your car? Scrappers, while like junkyards, focus on the metals themselves rather than parts. For example, car models with specific catalytic converters can drive up the price for your car. There are many other valuable metals that cars are composed of and this is what scrappers are after. Research your car and leverage your knowledge to get a better deal.
On Average, How Much Cash Can You Expect?
As stated above, your cash offers will vary from place-to-place. Very few companies are open about their offers in fear of not being as competitive as other companies. It is important to not take it personally if their offer doesn’t match what you think your car is worth. Many businesses want your car so shop around and see who will give the best offer.
Most people can expect somewhere between $300 and $500 for their cars. This is the standard for junk cars. $500 cash for junk cars might seem low, especially for what you probably paid for it. It’s important to remember that cars depreciate dramatically from the time they’re built to the time they’re torn apart and recycled. If you think companies buying cars for $500 cash is ridiculous, we provided a few valuation tools to see what the fair market price for your car might be.
The Market Value of Your Junk Car
There are many different valuation tools available on the internet to determine the fair market value of your vehicle. These are estimates and do not reflect what someone will offer you for your car. These companies that provide evaluation tools also offer instant cash offers for your car. Everyone wants a good deal which is why you should never expect market value for your vehicle.
Focus on using the standard evaluation tools:
- Kelley Blue Book
- Edmunds Car Value Appraisal Tool
- National Appraisal Guide (NADA)
When using these three appraisal tools back-to-back, you should get a rather realistic expectation of what your car is worth and whether the online cash offers for your car are reasonable or you’re being lowballed.
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