Did you know you can cash in that junk car sitting idle in your yard for a substantial amount?
Junkyards pay top dollar for junk cars so they can dismantle them and sell the pieces as spare parts. You only have to research different junkyards in the area, value your vehicle, and get a buyer.
Here are a few tricks to help you sell your junk car for cash.
1. Prepare Your Car for Sale
Before you exchange your junk car for cash:
- Take inventory of the vehicle. This step will help you assess the possible value of the car depending on how old and damaged it is.
- Check if the car has valuable items you can sell separately, such as the GPS, alternator, and stereo.
- Write down the details of your observation to give the junkyard a specific description.
You can also use the Kelley Blue Book to determine your car's approximate value. The book is an excellent resource for vehicle valuation and can help you value your junk car. However, the actual value will be less than what you get with the Kelley Blue Book because the metrics in the book are for valuing a new car. Ask a mechanic to help you calculate the potential repair cost and subtract it from the blue book valuation to get a rough estimate of its worth.
You also need to find your car's title as proof of ownership. You can only sell a vehicle to a junkyard if you own it or have an abandoned car title. Check with local authorities to get an abandonment title if you need one.
Before you call the junkyard to sell your junk car for cash, remove all personal items. Check if you have documents in the dashboard compartments or other personal items.
2. Compare Offers From Different Junkyards
Call different junkyards in your area with a detailed description of your car and get their quotes for the vehicle. Ask the junkyards about their payment structures and if they will collect the car from your home. Compare the prices and settle for the buyer with the most friendly offer.
Some junkyards pay more if you can deliver the car or dismantle it at home and have them collect the parts. However, towing or dismantling an immobile car can be hectic if you're not an expert. In this case, let the junkyard deliver and dismantle your vehicle at their premises.
3. Return the License Plate
Protocol requires that you surrender the license plates of your junk car after you sell it. You must also cancel your DMV registration to avoid future legal issues.
Ask the junkyard for details on returning the plates and canceling the registration. Alternatively, Google the DMV website for your state and find the instructions there.