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Can you sell a junk car for $500 cash in 2020? In past years there was a pretty good possibility, but that is not the case currently.
That's not even incorporating the coronavirus; that's just in general.
But now with the coronavirus impacting our nation the price of scrap metal is tanking and junk car prices are way down. While you may not follow that market, a similar one you may relate to more is the oil market. At times they go hand in hand. Gas used to be $2.75 per gallon only a month ago in many areas. Now it's less than $2.00, even creeping more towards $1.70 in a lot of places.
Remove the virus from the equation and it's still pretty hard to sell a junk car for $500. Prior to all this chaos, the scrap metal prices were still low enough that getting $500 for a junker is nearly impossible unless you are selling a newer car. The majority of junk cars are bought as scrap cars. Cars that'll be parted out and stripped and drained and then crushed for its worth in metal. The scrap metal market is way down from years past.
We get into that in another post about scrap car prices here.
Let's use this post to go over how you still can try to get $500 for your junk car and how it'll take quite a bit of elbow grease to make that happen. Otherwise your more likely to sell your old car for $100 or $200, maybe even up to $300.
Ok, so first and foremost a quick disclaimer. I am writing this post because - sell my junk car for $500 - is a top search on Google and something many turn to when they are looking to do just that. If you are reading this post and some of our competitors' take on the topic, I hope you will agree that this is actually a post with substance whereas they are just writing for clicks.
Price Shock: Getting $500 Cash for Junk Cars Is Tough in 2020
If you got this far you know you can't just sell any old car for $500 simply because of scrap metal prices.
You need to get over the price shock.
The normal junk car on average nets about $180 currently with a service like Junk Car Medics.
But you'll find it's not just us.
Cash for car services (including Junk Car Medics®) didn’t suddenly start taking advantage of you. We’re facing a big problem: the price of scrap metal has plummeted in the past several years. Junk cars that have reached the ends of their lives are bought by auto salvage yards. Those cars are stripped of all materials and fluids and crushed, with the remains sold to a local shredder. We (and other junk car buyers) can't get nearly as much for these cars as we previously could. And believe it or not, it's a lot of work to tow a car, strip it and crush it. As a result, the price we are able to offer to buy cars has been greatly reduced, and you’d be really lucky to get $500 for your junk car.
If your car old, is missing parts, or, is damaged then it will be bought based on its weight. This is what's referred to as an end-of-life vehicle. It's a vehicle no one else is going to want to buy to drive around in because it is unsafe. The useful car parts will be pulled off and it will be drained of its fluids and then crushed and sold for scrap metal. This is what is called a scrap car.
Therefore the price of junk cars is primarily based on the price of scrap metal that the car is made of up and the current scrap metal market is down for the most part.
As you do your online searches you will find other websites listing out these big and long posts about paying $500 cash for junk cars in 2020 and how you can sell your junk car today. They are just trying to bait you into their website to get an offer to junk your car. You have to ask yourself if they will use a bait and switch tactic here will they also do the same after they make you an offer? Will they lower that offer when they come to pick up your vehicle and have it on a flatbed? At that time you may be vulnerable to selling your car for a bit less versus starting the process over. This is a common tactic in the scrap car industry. Watch out.
Again, the fact is that it is not likely to sell a junk car for $500 currently.
You're Likely to Sell a Junk Car for $50-$250 Currently
Below is a list of recent offers made for various cars across America. These are fair market value based on the factors that determine the value of scrap cars.
We hope you can use this to help give you an idea of how much you can sell your junk car for.
As you'll see, most of the vehicles older than 10 years are selling for way less than $500, more like $50-$200 with SUV's and heavier vehicles closer to $200-$500 and newer vehicles that are in better condition are going for closer to $1,000 and up. The bigger the vehicle the more you can expect to receive. So a Chevy Suburban will fetch more then a Toyota Camry would.
Want to read more? Check out our post on how much can I sell my junk car for?
Really Want to Sell a Junk Car $500? Sell The Valuable Parts
If you really want to sell your junk car for $500 or more you are going to have to sell off the valuable parts yourself. Please note this is no easy task and some of the removals are best left for a mechanic, which is why most people choose to sell their car as is. But if you are going to sell your car parts some valuable ones are:
Really want to sell your scrap car for $500? There is still a way.
But, I must warn you. It's not going to be easy.
And it won't be possible for many either.
So how do you sell your car online for $500? Is there anyone still willing to buy junk cars at that price?
Here's how you can junk your car for $500 cash.
If you have the knowledge, time, ability, and inclination to be your own automotive recycler, this is your best chance to get $500 for your junk car.
Scrap car buyers may base their prices on scrap metal prices because they don't think there will be a demand for the car parts.
But if you can find someone interested in them, you may be able to receive upwards of $500 for selling off a junk car in 2020.
Various car parts you could sell include:
- Tires with plenty of tread left (replace with bald used tires)
- Alloy wheels (replace with cheap used rims)
- Battery (sell if it’s fairly new, recycle if it’s old)
- Catalytic convertor
- A/C compressor
- Electronics of value (stereo systems, GPS)
- Windshield and other glass
- Doors, hood, and trunk lid/rear hatch/tailgate
- Headlight and taillight assemblies
If you choose to sell the parts you'll then be left with the car body and the remains. Call a local junkyard to see what they would offer for it in scrap. The price will be a lot lower now that some of the key parts are missing but if you are able to sell the parts and then junk your car you'll likely be able to get $500 cash for junk cars or more.
But, you'll need some elbow grease for the above two steps.
Also please note that the price will may be a lot lower now that some of the key parts are missing, but if you are able to sell the parts and then junk your car you'll likely be able to get $500 cash for junk cars or more.
Here's how you can junk your car for top dollar in 2020.
Find a company that buys junk cars
If you're not able to part the car out yourselves then your first step will be finding a company that buys scrap / junk cars. Compared to the parting out route, this is the hassle-free option.
Through our network of auto auctions, salvage yards, and more across the country, Junk Car Medics can offer you money for your vehicle. It’s not actually as difficult as it sounds, as you’ll see in the next few steps. We've been told we make the process easy, quick, and painless.
If you'd rather shop around we put together a comprehensive list of who buys junk cars. Check that out or the short version is this. You can sell your junk cars to:
- Junk Car Medics
- Other online car buying services
- A local junkyard
"But how do I sell my car online?", you ask. Do a simple Google search for cash for cars buyers in your area or "near me".
Estimate your car’s scrap value
When you sell a junk car or scrap car they are generally bought for scrap car prices. The reusable car parts will be pulled and the car will be crushed and sold for its weight in scrap metal.
Currently, the price of scrap metal is down making it hard to sell a junk car for $500 cash in 2020. $300 is even a stretch.
While there is some variability in the process, here's how to get a ballpark idea. A large part of this relates to how much your car weighs. Subcompact cars will weigh the least, while full-size pickups and SUVs will weigh the most. Here are some guidelines:
- Search for your car’s curb weight – around 2/3 of that will be iron and steel
- Add 300 lbs. of aluminum
- Add the value of the catalytic converter
Using the current market prices for these items, you can get an approximate value for your car’s scrap metal content. Remember that these are post-processing prices, so you will not get that much for your unprocessed vehicle. It takes time and some complex heavy equipment to break down and separate your car into chunks of reusable metal, and that costs the scrapyard money.
Locate the title for your vehicle
The title isn't needed in all cases but is in the great majority. There are ways around selling a car without a title in certain states. But having your title makes the process a whole lot smoother and faster. You'll need to sign it over so making sure you have it should happen before you get offers.
So go ahead and look for it to make sure you have it and it is in your name.
Submit your vehicle info and accept an offer
Like anyone buying something, we want to know what we’re actually getting. Junk Car Medics will ask for a few vehicle details, such as your car’s year, make, and model as well as some other basic questions.
You can simply fill out a form with basic information on your car in 1-2 minutes and have the whole process complete in 1-2 days.
Things you'll need to enter include:
- Year, make, and model of your car
- Any missing parts?
- Your location
Shop around, prices will vary
We can’t emphasize this enough – shop, shop, and then shop some more until you find an option that gives you the best price! There can be huge differences in junk car prices and what various junk car buyers will offer you, so don’t stop after one or two. And remember to include Junk Car Medics on your list – our junk car prices are excellent, and our service can’t be beat!
Track metal prices – if you can wait
Scrap metal prices go up and down. It’s a fact of junk car life. If you are one of those people who likes to “sell high,” you don’t need the money from your junk car immediately, and you have a place to store the vehicle, this might work for you. Just don’t wait too long – a big pile of rust is not worth much!
You can keep an eye on the daily price fluctuations of the scrap metal market, selling your junk car when the prices increase to a level you are satisfied with. Junk Car Medics also tracks scrap prices, and that means we will give you more when junk car prices go up!
Prepare for Junk Car Removal and Scrapping
If you want, you don’t have to do a darn thing and you can let Junk Car Medics deal with the good, the bad, and the ugly of your vehicle. Clean it out if you feel like it, but make sure that you’ve removed all personal possessions before it's towing time.
You should also remove the license plates. In most states you'll need to return these plates to the DMV or mail them in.
But make sure to find junk car buyers that are experienced, trusted, pay top dollar, and offer free junk car removal. You don't want to pay extra for towing.
Get Paid Top Dollar For Your Junk Car
While you may not be selling your junk car for $500 you can rest assured that you are getting the most money possible in the current market. As the best way to sell your car online, Junk Car Medics pays top dollar and likes to take the stress out of selling a car for cash by making the process quick, easy, and painless.
Most transactions can be handled in 2 - 48 hours and you can get an offer in just over a minute. Not to mention, junk car removal is a breeze. Find out why thousands choose Junk Car Medics each month and why you should, too.
We Buy Junk Cars For Top Dollar - Fastest Growing Cash for Junk Cars Service
If you want cash for your junk car without the hassle, Junk Car Medics is the way to go and pays the best price. We buy junk cars for cash with no hidden fees or scams.
Why Should I Sell My Vehicle to Junk Car Medics?
- Nations premier cash for junk cars program buying 1,000's of cars every month.
- We pay top dollar for cars, trucks, minivans, SUV's and crossovers.
- Simple process and instant quotes in 79 seconds or less online.
- You will get paid by check right when we pickup the vehicle.
- We recycle cars the proper environmentally way.
- Friendly representatives and smooth process.
- Top rated with 1000's of positive reviews online.
Junk Car Medics makes 10's of thousands of offers to buy cars for cash (vans, trucks & SUV's too) all across America and has a hand in the purchase of 1,000's of cars every single month.
This lead to us being the nation's largest cash for junk cars service.