So it’s time -- or even past time –- to sell your junk cars for cash. But you really need a good price for it, even if it's an old car. Maybe you want to put that towards a new car. Or you’ve got another big purchase to make. Or bills to pay off. Or who couldn’t use an extra bit of cash?
But can I get $500 cash for junk cars? Find out below...
Sell My Junk Car for $500 Cash
If you are looking to get $500 cash for a junk car you may be in luck!
Covid-19 caused a shift in what's happening at auto auctions and they are in need of more cars. Therefore they are paying more for the cars they are getting. So the cash for cars industry as a whole is able to buy junk cars for cash and pay top dollar currently.
Junk cars usually don't have much value beyond their weight in metal because they are too old and worn to be repurposed. No one is going to want to buy it to repair it and due to their age there isn't much or any value in the car parts.
Therefore, the majority of junk cars sold for $50 - $200 in 2020 prior to Covid-19 based primarily on the car's scrap metal value and current scrap metal prices.
But now people are holding onto their cars longer. Creating a higher demand for used car parts as well as a demand for more vehicles at the auctions allowing people to sell junk cars for $500 cash or more when they would normally get around $250.
Related Reading: Who Buys Junk Cars?
How Can I Sell My Junk Car for $500 or More?
Have a somewhat newer vehicle to sell
If your car is old and the parts or worn or there aren't similar vehicles on the road then there will be no demand for it's parts and it will fetch a much lower offer, it's basically an unwanted car to most, a scrap car.
Newer cars say 7 years old or less, that are in decent condition can sell for $500 or more because there is a good chance someone will want to buy it for a project car or for it's parts.
Currently in 2020 "junk cars" that are in good condition are selling for much more then usual because there is a lack of vehicles at the auto auctions.
More people are attempting to repair their cars due to the Covid-19 outbreak and the decrease of disposable funds in many peoples banks accounts. Rather than junking a car and buying new people are attempting to get more value out if their current cars.
Therefore, there is a lack of vehicles at car auctions across the country. And the demand for used parts is increasing.
Think about it, more old junk cars on the road then the more need for old car parts.
Make sure you have the title for the vehicle
And make sure that you know where it is. Scrap yards can not purchase cars from anyone but the owner. Also, if there is no title and that needs to be worked around then it will likely cost you more, meaning less for your car.
Determine what the car is really worth
I'm going to be blunt here, no one cares about the sentimental value of your car. You probably think it is worth more then it really is so now is a good time to take a step back and determine what you think the car is really worth. Is this car going to be scrapped? If so you may want to familiarize yourself with the price of steel. Here's a tip; ask some friends / family what they'd pay for it if they were buying it.
Call around for prices or get one online
You're going to want to make sure you are honest with them and upfront about the mileage, condition and the like so you can get a fair honest quote. If you get 3 quotes and they are all less than $500 then it's going to be tough to sell your car for $500+. All reliable junk yards use the same process to determine the price they'll pay for junk cars.
Sell Valuable Parts to Get More
You can sell the valuable car parts to get some extra cash if you know what you are doing. If it's truly a junk car then it's being bought for metal only anyways so see what you can do yourself.
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.
Decide if you are going to sell
If the offers suck and you can hold on to the vehicle a bit longer that may be a good idea. If it's an end of life vehicle then the additional miles or wear and tear won't impact the price. But if the price of scrap steel continues to rise you may be able to junk your car for $500 in the near future.
Offer to drive your car in, if possible
While towers and scrap yards will tell you they provide free junk car removal you will also find that if you offer to drive it in the price they are willing to pay generally goes up. It costs money to send a tow truck and driver to get your car. So offer to drive it in for more cash.
Cash for Junk Cars: You're Likely to Get $50-$300 Cash for Cars
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 junk cars.
We hope you can use this to help give you an idea of how much a junk car is worth.
You'll notice some pretty high 3 digit numbers for cars and that's due to what I mentioned above and the supply and demand shift. Cash for cars companies are now paying more for cars than before because there is a greater need for them.
You'll also notice some lower numbers still and that's just because when a car is purely and end of life car it is bought purely for its weight in metal and the scrap metal market is still down. The cars that fetch more have parts that can still be used, even if heavily worn.
The going rate for junk cars in 2020 is about $350 on average.
Here's More Reasons It's Tough to Sell a Junk Car for $500 in 2020
Many auto recyclers across the United States are still struggling from the downturn in prices that occurred during 2016. A great deal of yards went out of business even.
- Exports are down: The U.S. used to export a lot of scrap metal overseas. A LOT. To the tune of about 20 million metric tonnes each year. As recently as 2011, that number was 24 million. Not too shabby. But after that peak, the amount kept dropping until it was only 15.3 million tonnes in 2014. And that brings us to basic economics: when demand is low, prices are, too.
- The U.S. dollar is up: U.S. currency is on an upswing. Sounds great, but one effect is that it’s more expensive for other countries to buy American goods. And when products cost more, importers often buy fewer. That leads to, well, see #1.
- Canada is hot: The U.S. is importing more Canadian steel. Canada’s steel industry is shrinking, so they have more to send over the border. And if the scrap is in a city close to American steel mills, it can be cheaper to import metal than to transport it from somewhere else within the United States. Add a weak Canadian dollar to this mix, and imports are where it’s at.
- China is cold. The Chinese economy has slowed down, and that extends to the steel industry. We used to sell lots of scrap metal to China. But if they won’t buy it, we can’t sell it.
- Increasing imports of steel: China produces steel comparatively cheaply to sell to other countries, including the U.S. Because of this, other steel-producing countries are losing business. Where do they go then? To the U.S.! As more and more steel is coming in from other countries, American steel mills are not doing well. Since demand for their product is lower, they don’t need as much scrap.
- The Internet: Makes it easier for others to compete for cars and it's lead to a globalization of auto sales. There is now greater competition from countries all across the World, most of which have less regulations.
- This will all lead to a volatile market so be cautious.
- Learn more about some facts and statistics behind the industry.
Depressed yet? Sorry, we didn’t want to kill your buzz after you declared, “I want to sell my junk car for $500” Believe us; we’d like to. We’d love to. But right now, the market isn't there and we aren't sure when it will be exactly.
Too bad Junk Car Medics can’t cure it. But we will give you a fair price when you are looking to get cash for clunkers if you choose to junk my car. It just might not be the number you hope for your junker. But it will be competitive and we'll provide a smooth process that is quick and easy when we are buying your car.
Junk My Car for $500
If you want to sell your car for cash without the hassle, Junk Car Medics is the way to go and pays the best price. We buy cars for cash with no hidden fees or scams.
Get an instant offer in 1-2 minutes and sell your car for cash in 1-2 days.
We Buy Junk Cars Nearby For Top Dollar With Free Junk Car Removal
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.
- Our junk car buyers 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 pick up the vehicle.
- Our car removal service will pick up vehicles for free and offer free towing, free junk car removal!
- We recycle cars the proper environmentally way.
- Our car removal service offers friendly representatives and smooth process.
- Top-rated with 1000's of positive reviews online.
- Sell your car fast and hassle free! Offers in 1-2 minutes, have it sold in 1-2 days.
Junk Car Medics makes 10's of thousands of cash offers to buy junk vehicles 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.
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 make 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 to sell their junk cars for cash each month and why you should, too. Get a free quote now.
This article was originally published in 2015, updated in January 2018, then again in 2020 to show the decline in the market and the impact of Covid-19. When originally published, the automotive scrap market was at the lowest of lows. Salvage yards were going out of business left and right, the ones who buy junk cars at least.
Things are getting better. So we felt the need to update this post to properly align with the market. And when it comes back fully we will come back and update it as well. So that we can keep you as best informed as possible. Until then We ask you that when you are calling around to places that buy cars and expecting a very high number to not get your hopes up. Instead, get creative. Find ways to make your car more valuable. This post highlights 5 things you should be before selling your junk car. You should read that next.