The month of October 2021 saw a continued trend of higher than normal junk car prices. Scrap metal prices remain high as does the demand for used car parts and the trend is likely to continue for months, or even years. Let's recap October's scrap car prices.
October Average Junk Car Price: $570
The average junk car price in October 2021 was $570. Compared to last month, prices increased on average by 23.9% and posted a yearly gain of 47.8%, which is an average value increase of $185! It's been a great year for junk car prices.
The 2021 data from Junk Car Medics through October 2021 shows a trend of increasing prices from January through May when the price of the average junk car went from $385 to $557. Prices remained stable through July, followed by a two-month drop which brought the average price down to $459 in September. October saw a strong increase to $570, which is a new high for the year.
Scrap Car Price Trends By City for October 2021:
Junk car prices tend to vary significantly from city to city, and October 2021 was no exception. Leading the list was Miami, which saw average prices more than double in just a month to $1,961. Next came Tampa, which also saw a huge one-month price jump from $849 to $1,884. Los Angeles took third place with an average of $1,223, followed by Austin in fourth with $1,104. Rounding out the top ten are Fresno with $935, Denver with $886, Houston with $864, Philadelphia with $854, Riverside with $818, and Dallas with a $765 average.
The bottom ten cities, with the lowest average scrap car prices, found Memphis in last place with a low $365 average, followed by Springfield ($381), Richmond ($387), Seattle ($392), Omaha ($419), Dayton ($424), Salem ($426), Lexington ($446), Fort Worth ($448), and Lancaster ($468).
Scrap Metal Market Price Trends:
The prices for all four major junk car scrap metals trended to the upside for the month of October 2021, with every one of them posting gains for the month:
- Steel: Shredded carbon steel scrap prices increased steadily, from $397 to $407/metric ton.
- Aluminum: Aluminum rose from $2835/metric ton to $2934 during the month.
- Copper: Copper started the month at $9325/metric ton and ended at $9829.
- Platinum: Platinum rose from $973 per ounce to $1017 by the end of the month.
(All scrap metal pricing information from ycharts.com)