How to Make Money From Your Junk Car
Junk cars an eyesore at least in the sight of your neighbors. You may have every intention of fixing your car and getting it back on the road or perhaps you realize that the spot it occupies in your driveway or backyard should be freed up.
Before you toss your junker, clunker or otherwise malfunctioning car to the wind, consider this: it may be worth money. That’s right, your decrepit old jalopy can put some cash in your wallet if you put who buys junk cars some strategy in place to get rid of it. Read on and we’ll look at some options you have to selling that old car.
1. Get online. First things first — you’ll want to determine what the value of your car is. Even if it isn’t running or has some major problems, it could be worth a few hundred to a few thousand dollars. Check with Kelley Blue Book or NADAGuides to find out what your car is worth.
2. Contact salvage yards. Some call them junk yards, while others call them salvage yards. Whatever you call them, they’ll be one possible repository for your junk car. Explain to the yard operator what vehicle you have, its condition and answer his questions. You should be given an estimate of the car’s worth. Write down that amount, but don’t make a deal just yet.
3. Advertise your car. If you’re not satisfied with the offers from the salvage yards, you may be able to make more money by selling it directly. You can advertise on Craigslist or some other website, giving details about your car. Include photos and be honest about the car’s condition. Put down an asking prices such as $500 or OBO for “or best offer” and wait for people to contact you. One man’s junk is another man’s treasure — you could be holding a classic that would be worth a mint once it has been restored.
4. Make a deal. Whether sold to a private party or to a salvage yard, you’ll want to strike a deal. Come up with a price that satisfies both parties and complete the transaction. Likely, you’ll have to sign a lien release and you’ll also have to sign over the title. Remove the license plates, registration, insurance information and your personal effects. Accept a check or cash for your car.
You’re now done and richer for it. Maybe not much richer, but you now have money you may hot have expected to receive. At the very least your clunker is gone and now your neighbors are no longer mad at you!