If you have an eyesore of a vehicle sitting in the yard leaking oil and collecting bird dropping, you may be sitting on a little bit of extra money that you could have in your pocket. But before you just accept the scrap offer that is being paid by your local salvage yard, you may be able to get double the value out of your car, by just taking a few simple steps.
Sell The Parts Separately
If you are handy with a wrench and have time on your hands, you may want to consider taking your car apart and selling the pieces of it individually. You may be surprised on what you can get for the following parts:
- Working batteries
- Light assemblies and more
You can list the parts you have on re-sell sites, social media, or in your local newspaper. The price you receive will depend on the make, model, and the condition of the parts you are trying to sell.
Some places that buy cars for cash, actually prefer for you to dismantle them yourself, especially if they are buying cars for cash to sell for scrap metal.
Shop around to get the most cash for your car. You may be surprised to find out that a salvage yard on one side of time is paying twice as much as a salvage yard on the other side of town. Consider calling salvage yards in a few surrounding towns as well. If your calls span a few days or weeks, the differences in prices may be due to the daily fluctuation in the scrap metal prices. This can often be a very volatile market with huge price swings.
Most salvage yards will use one or two methods to give you a price on your vehicle. They may offer you a flat rate for the vehicle. This means that they would pay a certain dollar amount, no matter the make, model, or the condition.
Other yards will give you an appraised value on your vehicle. The appraisal is usually based on the following:
- Current Price of Scrap Metal
Based on these factors, they will decide what to offer you for the car you are trying to get cash for.
Determine The Value Of Your Car
Sometimes simply knowing the value of what you have can increase the amount that the salvage yard will give you. While they may not be willing to give you the full price that you have determined through researching Kelley Blue Book, they may be willing to negotiate a higher price if they know that you have performed your homework.
Take It There Yourself
Be willing to get the car to the salvage yard yourself. While they may be willing to come and pick it up for you, the companies that purchase cars for cash may subtract the cost of the tow or transport out of what they pay you. With the average tow company charging $35 - $100 hook up fee and then $2.50 - 5.00 per mile, the cost can quickly eat up your profit. If the car must be winched onto the bed because it is not running, your cost can be even higher.
Even if you do not choose to do any of the above, do not allow the car to languish in your yard. Not only is it an eyesore to you, but it is to your neighbors as well. Call one of the many salvage yards that will pay cash for cars and see what they are willing to pay for yours.