The worst global pandemic for over a century has affected practically every industry, including automotive recycling. What does this mean for the value of your junk car?
Covid-19’s Impact on the Value of Junk Cars
Here are some of the reasons why COVID-19 led to a significant increase in the price of junk cars.
- People realized from the start of the pandemic that the global economy was going to be hurt. With all of the uncertainty about the future, more car owners decided to find inexpensive ways to repair their cars instead of junking them. As a result, the purchase of new cars went down, as did the supply of junk cars on the market.
- People traveled less during the pandemic, resulting in fewer cars on the road and fewer accidents.
- Global automotive factories shut down temporarily because they had to comply with new COVID-related safety measures. This caused a decrease in the supply of available parts, leading to an increase in the value of junk cars.
Is Now the Right Time to Sell My Junk Car?
If you are looking to sell your junk car for scrap, the prices are among the highest seen in recent years. Industry experts are mixed about whether scrap metal prices will continue to rise over the coming months.
As they say, “a bird in the hand is worth two in the bush.” Selling your junk car now while the prices are high may be a smart decision.