Old is not synonymous with useless and nothing demonstrates this more than a car. No matter how run down it might be, you have many choices when it comes to an old vehicle. Some options will take you back a couple of hundred dollars. Others will actually earn you money. Selling the car to a damaged car service like Junk Car Medics is a great option but certainly not the only one. Here’s a look at what you can do.
Trade It In
If there is significant demand for that particular car model in the market, you might be able to trade in your old car for a newer one. The value you receive will be applied to the cost of the new car. You therefore end up having to cough up less cash than you otherwise would have. This is a usually good deal but with some downsides.
First, the car dealer will offer a very low price for your old car since their intention is to sell it for a healthy profit. Expect them to drive a hard bargain even if your vehicle is in excellent condition. Second, if you are buying a new car, the gap between the price of the new vehicle and your old car can be so large that in the grand scheme of things, the relative contribution of the old car is not much.
Perhaps a relative, friend or workmate has shown a keen interest in your old car. Incidentally, they too have an item that you wouldn't mind having. Some good old barter trade may come in handy. Driving and fixing old cars is actually a hobby for many people. What you might think of as trash is actually someone else’s treasure.
Barter has some drawbacks. If either you or the other party later on believes they were ripped off in the exchange and actually received something much more inferior to what they gave in return, you could have ruined a precious relationship.
This is a noble idea. In addition, you get a tax write-off for your gift. However, donating an old car does have some risks. All cars require regular service; if it’s an old car, it requires an above average frequency of service. Some people recommend only donating an old car if it is in fairly good drivable condition and can continue providing service with minimal repair.
The last thing you want is a car you donated adding costs for the recipient. Rising expenses is not an enviable position for a non-profit organization. It won’t make sense to remove an old car from your garage only for it to sit permanently on the organization’s yard because it is too costly to run. Sometimes donating a junk car is not the best option.
There is an enormous market for used parts in the United States. Owners of popular car models will always be looking to replace a faulty or worn out part. If you are handy with cars and know your way around dismantling them, there’s no harm in doing so. You eliminate the cost of hiring someone else to do it and thus get maximum return when you sell.
That being said, the older your car model, the lower the demand for its parts is likely to be. Also, when you opt to sell parts of the car yourself, you don’t have the scale or reach of auto salvage yards. Some of your car’s parts will be bought quickly, the majority will take much longer and some will simply never be sold. Eventually, you may have to sell the remaining shell for much less money than if you had sold it on one piece.
We mentioned this at the beginning but talking to a company like Junk Car Medics is an excellent alternative. The advantage here is that you sell your old car, get some money in your pocket that you can spend on something else, and you never have to think about the vehicle again. It’s out of your hands and you make a tidy sum in the process.
Even if your car is not in a drivable state, there is a good chance that a damaged car buying company will repair it and sell it to someone else. If it cannot be repaired, it will be taken apart and its parts used to repair other cars.
Overall, you have many alternatives when it comes to an old car. The key is in identifying the one that works best for you and gives you the most value.