Are you looking to sell your junk car for cash or some other form of scrap metal? You may have noticed that the prices you’re quoted change from one instance to the next. You may have also noticed junk car buyers or scrap yards with disclaimers stating that prices are subject to change. But why?
Why is it that someone that wants to sell a junk car in June might get quoted a different amount if they wait until July or August? In short, much like the US stock market, the cost of metal is constantly changing.
Why Are Scrap Metal Prices Constantly Changing?
There are plenty of factors that determine the value of scrap metal and ultimately the reason for the fluctuating rates. Some of the major influences on the price of scrap metal in the US include:
- Market Price – how much are scrap commodities going for in the stock exchange?
- Industry Demand – Is there presently a high demand for scrap metal? If so, which metals are most in demand? Industries such as technology, construction, and automotive can often use scrap metal. When the demand is high in these industries, the prices increase.
- Time – Believe it or not, seasons can also greatly affect when these industries are in demand for scrap metal. During certain seasons when metal is not in demand, the prices and value of scrap metal will drop.
How Often Can You Expect Prices to Change?
Now you know what key factors can directly influence the cost and value of scrap metal. But how often do these changes really happen?
Like gold and silver, scrap metal prices can change within the same day, often even several times. Have you ever tried to sell your junk car for cash? Were you told you’d receive a lesser amount than what you were originally quoted? If so, it could be due to the change in prices.
It is a lot more common to see scrap metal prices change weekly than daily. The changes are generally altered by a few cents per pound. Because of minimal price changes, many junk car buyers check scrap metal prices weekly and adjust their rates then. That is unless the change is drastic and will cause them to lose a lot of money.
Monthly changes in scrap metal are often the most common. They’re also the best sign for the scrap metal industry and car owners trying to sell junk cars for cash. Monthly changes are typically very small which symbolizes a strong and stable economy.
Keeping Track of Current Scrap Prices
If you’re going to sell your junk car for cash, it’s best know some basics about current scrap metal prices. By keeping track of the most current rates, you can determine when you’ll get the most for your junk car. There are plenty of resources you can use to keep track. Here are some listed below:
- Use Applications – There is a mobile application for just about anything these days. If you’re looking for the going rate for scrap metal, check out the iScrap App. This application allows you to look at scrap metal prices based on your location. You can review what other scrap yards are advertising so you can get the best deal.
- Check the Stock Market – If you invest in the stock market you already have plenty of resources to use to determine the going rate in the US on any given day. Utilize those applications or resources to look up the price for the type of metal you want to sell.
- Contact a Junk Car Buyer – When you’re trying to get the best rate possible, you can contact a junk car buyer. They can tell you what the going rates are for scrap metal. Often, they can give you an accurate assessment of how much you could potentially get for your junk car.
- Create a Spreadsheet – Say you don’t scrap metal often and visit junk car buyers or scrap yards frequently. There are still ways to keep an eye on the pattern of scrap metal prices. Create a spreadsheet and make sure that it’s organized well. Write down the specific metals you’re interested in scrapping and the going rate. Try recording new information weekly so that you can get a clear understanding on the pattern of price changes.
Timing is Everything
In the market to sell your junk car for cash and other pieces of scrap metal? The best thing you can do to earn the most money is stay up to date on these changes. While the prices of scrap metal have been down for years, it is really starting to make a comeback, putting more money in your pockets. As you prepare to sell your junk car for cash, make sure that you’ve picked up on the patterns. This will enable you to time it accordingly. You not only want to make sure that you’ve sold your junk car to the best car buyers near you. More importantly, you also want to make sure that you get as much as you can for it. Choosing the right time of year can make all the difference in the world.