Have you ever tried to sell a junk car? If so, you might have worked with a scrap yard in the past. If you haven’t, you likely know someone who has.
Scrap yards can be intimidating places: piles of metal and junk cars everywhere you look, and sometimes a less than friendly staff. More often than not, you’ll find that they quote you a price for your junk car without explaining any of the details to you. How exactly do they arrive at that number? Where does the figure come from? Why is it based on your vehicle’s weight? Don’t they care about your car’s condition?
Most scrap yards calculate your car’s worth based on its weight, because this weight corresponds to the amount of scrap material available on the car. If you’re ready to sell your junk car, it’s a good idea to learn more about how the whole process works. As an educated junk car seller, you’ll have a better sense of what the situation is, and whether the offer you’re getting is reasonable or not. With this information in hand, you can decide whether working with a particular auto salvage company is a good idea.
Here’s a straightforward guide to scrap metal prices and how they impact the auto recycling industry. Read on to learn more.
The prices for your vehicle’s scrap materials change daily. If you’re looking to scrap your vehicle, it’s worth checking out the trends for these prices. If they’re at an all-time low, it might not be the best time to sell. If they’re higher than usual, then you’ll want to sell your junk car right away.
The reason behind changing prices
Scrap prices can change for a number of reasons. The market price can fluctuate based on a wide range of factors, just like the stock market. Demand coming from other industries can have a big impact on price: higher demand will drive prices up, and less demand will mean lower prices. Additionally, the time of year can have an impact on the market, which will affect the price that you’re offered for your vehicle’s scrap materials.
Lock in a price
Some junk yards will try to scam you: they’ll offer you a price one day; then, a week later, they’ll show up to haul away your junk car and try to pay you something different, “because scrap prices fluctuated.” Your best bet is to work with a junk car buyer that locks in their initial quote, regardless of changes in the market. Barring this, make sure that you check scrap prices yourself: if they haven’t really shifted much, then the junk yard may be trying to rip you off.