There are a few approaches you can take to selling a junk car. First off, you can try selling it to a private buyer. If you go this route, you’ll probably post an online classified ad in the hopes of finding a serious buyer quickly. Unfortunately, this is rarely successful when it comes to the world of junk cars. Why? Well, most private buyers aren’t interested in paying cash for a beat up old rust bucket. They’re looking for something newer, or at least something that runs well. They’re not going to pay serious cash for a junk car. Selling to a dealer is even less likely to work: they’re not interested in buying an old clunker.
Your other option is to work with a junk car buyer, scrap yard, or junkyard. Opting to work with one of these types of buyers can make the process of selling a whole lot easier. However, if you call around to different buyers, they may quote you slightly different prices. Sometimes, the difference can be dramatic. And, if you got a quote a while back (months or years ago), you might find that the quote you received then is dramatically different from what you’ll get now.
Why is this? What causes these prices to shift?
The price of scrap metal
Your junk car has multiple components that are valuable to a junk car buyer, junkyard, or scrap yard. Obviously, any functioning parts can be removed and sold as used replacement parts for other vehicles. However, even an old rust bucket without a single functioning part is still worth something. How? Because it can be broken down into scrap metal, and sold to a steel refinery as scrap.
So, when you go to sell your junk car, a large portion of the amount you’ll receive is often dependent upon the price of scrap metal. You see, scrap metal fluctuates in price on the international market, just like any other commodity. It responds to the law of supply and demand, the same as anything else.
What is scrap metal worth in 2017?
A decade ago, certain types of scrap metal sold for as much as $500 per ton. In 2015, the bottom fell out from the market. By the end of the year, even the most valuable types of scrap metal were worth less than $170 per ton, with some varieties of scrap worth as little as $50 per ton.
In 2017, things are better. The market has rebounded somewhat. Now, shredded auto scrap is worth roughly $270 per ton, and continuing to slowly climb back up. That said, you may still not receive top dollar when trying to sell your junk car to a local scrap yard or junkyard.
If you’re ready to sell your clunker, your best bet is to work with a national company that keeps up with current scrap prices. Junk Car Traders is able to beat other offers precisely for this reason. We know what the current value of scrap metal is, and we always pay our customers as much as the market will bear. In Oklahoma we work hard to get you the best quote possible. Head to JunkCarTraders.com to learn more.