When selling a junk car, many sellers are looking to get top dollar for the sale. Luckily, there are several tips to enable junk car owners to find a fair price for their junk car and to avoid any pitfalls when dealing with junk car buyers.
We’ve helped over 100,000 sellers dispose of their junk cars. And we’ve seen it all! From low-ballers to bait-and-switch scam artists looking to take advantage of sellers and cut into their profits. Those looking to make the most money for a junk car should heed these tips and tricks from a tried and true insider that knows what it takes to maximize profit.
1. Locate The Vehicle’s Title
The number one way to make sure you get the most money possible when selling your junk car is to make sure you have the vehicle’s title and that it is in your name.
While junk car buyers can often buy cars without the title, our data shows the average offer amount decreases by over $150. Sometimes this deduction is warranted because buying a car without a title limits what the buyer can do with it. Generally, buyers can only purchase vehicles without the title if the vehicle is old and will be scrapped. Buyers can not purchase vehicles with no title and then resell them. Even so, buyers will offer you less without the title if the car is old or scrap because they know you need to get rid of it.
If you can’t locate the title, look into getting a replacement. It usually only costs about $30-$40.
2. Sell Valuable Parts Separately
If you really want the most money possible for your junk car, you’re going to have to put in some work. If you are willing and able, removing any valuable parts and selling them separately, such as the aluminum wheels, catalytic converter, tires, and battery, will net you more money in the long run. You can then scrap the remaining incomplete vehicle to a junk car buyer or metal facility.
Most junk car buyers purchase vehicles for the salvageable parts. That’s where the money is. Aluminum wheels are worth a premium. So is the catalytic converter because of the precious metals it contains.
However, this takes a special skillset that most of the population is unable to do. If you do go this route, just make sure to line up a buyer for the parts first before you waste your time removing them.
3. Find Your Vehicle’s Weight
When it comes to determining the value of your junk car, it’s important to understand that the weight of the vehicle is the integral determining factor. Junk car buyers will consider whether the car is drivable, whether it has valuable parts that can be salvaged and resold, and the overall condition of the car. Without any of these other factors, the weight of the car in metal determines the amount that it can be scrapped for. This is based on the current going rate for steel and other scrap metal, which can be a volatile industry.
Understanding the weight of your junk car is helpful because it will help you establish the baseline vale of your vehicle once you factor in the local scrap metal price.
4. Determine The Local Scrap Metal Price for Cars
Call local metal recycling facilities to see what they are paying for cars in scrap metal. Having the current scrap car prices in your area allows you to determine its scrap value.
Once you know the weight and local metal price for cars, you can quickly calculate your vehicle’s value.
5. Sell When Metal Prices Are Highest
Now that you know local market prices, it’s time to determine if now is a good time to sell or not. There is a chance you have to sell, no matter the time of the year. Maybe you need that car gone so you don’t collect parking fines, or you simply need it off your insurance.
But if you are able to sit on it for a little while, you’ll want to know if now is a good time to sell or not. Junk car prices are usually highest in the spring and summer months. This is because construction picks up and increases the demand for metal. Therefore, buyers will pay more for junk cars because they will be able to recycle or resell them for more.
6. Collect Multiple Offers
The average junk car owner may not realize there are multiple types of junk car buyers, ranging from the local junkyard down the road to online buyers who may even specialize in specific makes. It’s key to collect multiple offers before deciding on the highest one, which gives the seller more bargaining power to chase a fair deal for their old ride.
7. Confirm Removal is Free
Ask every buyer you are considering if junk car removal is free. It should be. And if it’s not, it will cut into your profits. You don’t want to sell your junk car for a few hundred, only to have to have $50 deducted for the tow. If any buyer is saying they have to charge you for the pickup, tell them thanks but no thanks and withdraw them from consideration.
8. Negotiate The Best Price
Now that you have numerous offers, look them over and determine which one is the highest. Take that offer and call the other buyers back to see if they’ll up their offer. There’s not a lot of profit in buying junk cars so it may be hard to get some to pay more, but it’s surely worth the chance to see if you can squeeze out every last penny from them. Once you negotiate, accept the highest offer from the most reputable place that buys junk cars.
9. Don’t Fall For The Bait-and-Switch
Just because you’ve selected a buyer and have agreed to an offer doesn’t mean you are out of the woods yet. You’ll want to be on your toes when the buyer arrives to collect your vehicle. Oftentimes, less reputable buyers will arrive, hook up your vehicle, and then “claim” that they found an issue with it that wasn’t disclosed. They’ll then say they must reduce your offer and can’t pay what was originally agreed to. At this point, they have your vehicle hooked up and you’ve already invested your time and energy. That’s why it’s the bait and switch. They now have you baited in and take the opportunity to switch your offer. You then have to decide whether to accept it, or start the process over.
PLEASE, start the process over if this happens to you. The bait-and-switch is only done by fly-by-night buyers that are looking to scam you. Please do not sell them your car. Go through the other offers you received and accept a new one while also clarifying with the new buyer what happened, to make sure their offer is guaranteed.
And I must note that while many scam artists try this tactic, there is the occasional time it is warranted. If you don’t disclose an issue with your vehicle the offer could change for good reason. Say you said the car starts, only for them to arrive and it doesn’t. Or you say it has 4 tires but it really has 3. So make sure to be accurate in disclosing any issues the vehicle has upfront. There’s no way to hide it.
10. Collect Payment During Removal
Lastly, make sure you are paid before the tow truck driver hauls your car away. You don’t want to waste time chasing down payment, or even worse, getting stood up. Collect your payment, either in cash or a business check, right there on the spot. This will allow you to finish the process and not have to worry about chasing it down or risk having the check bounce.
Wrapping It Up
We hope you have found this page helpful. Following those 10 steps will make sure you get the most money possible for your vehicle. And that’s important. 9 out of 10 junk car sellers we have surveyed said getting the best price is their #1 priority.
Cheers to profits.
