Have you decided to finally put your old car out of its misery and junk it? The good news is that every junk car is worth something. You’re probably wondering how much a junkyard will pay for yours.
Not every junked car will bring in the same amount. Fortunately, assessing the value of your junk car may be easier than you think.
By understanding these five factors that go into determining the true value of a scrap car, you will be sure to get the highest price possible for it.
1. Going Rate for Scrap Metal
This is a factor many car owners don’t consider. The current price for scrap metal plays a significant role in estimating how much a junk car is worth. Consider this:
- The current price of scrap metal fluctuates from year-to-year depending on supply and demand. If there’s a great deal of aluminum or steel on the market, supply is high and prices will be low.
- Each vehicle has a different weight. The average car contains 2,400 pounds of steel and 300 pounds of aluminum. If your car is heavier or lighter, this will affect how much you will get for it.
2. The Vehicle’s Condition
If your vehicle still runs, you can get more cash for it. Exactly how much cash depends on its specific condition. Does your car have just a few issues or will major repairs be needed? If the cost for repairs is high, the car’s value will be lower.
3. Vehicle’s Location
Your car’s geographic location can also affect its value. For example:
- The price of scrap metal varies from state-to-state.
- Certain vehicles are more popular in certain regions. This determines the market rate for the car and its parts.
- The vehicle’s distance to the junkyard also plays a part. If your car doesn’t run and it is not near a salvage yard, you should factor in the extra cost for towing the vehicle to the yard.
4. Demand for Parts
You might have an old car that’s not worth refurbishing. But its parts might still have value. Everything from the tires to the battery to the radio can be removed and resold.
The value of these parts depends on the market for them. If other people with the same car frequently need repairs and parts are hard to find, demand is high. On the other hand, if your car’s parts aren’t often sold, your junk car will be worth less.
5. Determining the Type of Car
The final determining factor is the most basic — the car’s year, make, and model. Kelly Blue Book is a good source to find the value of a vehicle. But it’s important to keep in mind that junk cars are valued differently, especially if they aren’t road-worthy. In fact, junk cars may be worth only 20 to 40 percent of that same car’s used value.
Do Your Homework to Get the Best Rate
If you want to get the most money from your used car, be sure to do your homework. Don’t just call the nearest junkyard and ask them to pick it up. By equipping yourself with as much information as possible, you will be ready to negotiate a fair price for your junk car.