Has your car seen better days? Does it have a face only a mother could love? Whether it was finished yesterday or has been sitting in your driveway for months. If your daily-driver is reaching junk status, it may be time to think about getting rid of it. Who buys junk cars for the most money?
Luckily, in this article we’ll review the entire process of selling a junk car. Including how to price one, who buys them, and what to do if you don’t have a title.
The first question asked by most thinking of selling a wrecked vehicle is, “How much is my junk car worth? “Fortunately, with online pricing tools like Kelly Blue Book (KBB) and NADA Guides. It’s easy to find out the answer.
Kelly Blue Book
First, enter the make and model of your car. As well as the trim level, number of miles and zip code of your area. Once you’ve done that, you’ll see a list of scores ranging from fair to excellent. Each relates to the extent of problems (cosmetic defects,mechanical problems, etc.).
The great thing about KBB is that it looks for relative cars in your area and factors them into the crowd. How does this help? It makes sure you are fairly valuing your car AGAINST something similar nearby.
They also work with local dealers. That is, if there are any that participate in KBB “Instant Cash Offer” pricing. It’s as easy as walking in with a printout.
NADA is similar to KBB in many ways in that you enter the specifics of your vehicle and get a list of values. The big difference is that NADA is more retail and trade-in based. Rather than private party pricing.
A good rule of thumb when pricing a car for private sale is to subtract $1,000 from the NADA sale price. Why? Because it accounts for the lack of dealer benefits. Like an interior and exterior detail, certification and warranties.
Regardless of whether you choose NADA or KBB. As long as you value your junk car based on the shape it’s in, you should be able to find someone willing to pay for it.
How a salvaged title affects value
Unfortunately, when you price a salvaged car, the amount you can sell it for goes down by a large margin. How much? As much as 80% less. That is, if NADA or KBB shows an amount of $10,000, a reconstructed title drops to $2,000. You can always try more, but the moment the buyer realized that he was saved, you will find a lot of resistance.
For this reason, selling a car to a private party or selling it to an online junk car buyer is rarely worth it. Fortunately, CashCarsBuyers makes it easy. After a quick 1-minute quote, we schedule an inspection at your home. If everything matches, we’ll pay you cash on the spot and tow it away for free.
Now that you have a better idea of how much you can sell a junk car for. Let’s take a look at who buys junk cars locally.
Who buys junk cars near me?
Dealerships might be the first place you think of when you wonder who is buying junk cars in the area. But, the truth of the matter is that if you call your car junk, they probably do too. There’s a reason you see older cars for sale more often from private sellers than on many. Because prominent dealers don’t sell “as-is” units for liability reasons.
Does your car have engine problems? A dealer must fix it before offering it for sale. Does it have body damage? If it’s too bad, they need to fix it before anyone thinks about looking at it. When you get an offer, you know they’ve probably deducted a remarkable amount from the value.
Some dealers focus exclusively on selling “as-is” cars, but they are few and far between. Not only that, but they rarely pay much because they have access to cheap outside sources. Like junkyards and auctions.
As mentioned earlier, private buyers buy junk cars for the most money. Unfortunately, closing the sale can take a while. For the best chance of finding a buyer, be as detailed as possible in your listing. If it has engine problems, mention them. You should also include any offers you may have received from a store. Which will allow you to justify your prices.
If there is body damage, it is best to disclose it with several high quality photos. The last thing you want to do is waste time. By showing any wear and tear. You reduce the likelihood that someone will decide against taking it off your hands.
If you are familiar with a computer, try listing your junk car on Craigslist. Not only does it get an average of 50 billion page views per month, but it only costs $5 to list a car for sale. Be sure to check out our previous article for a detailed guide to selling a car on Craigslist.
In the last section, we described how to price your car show for sale using online pricing tools. If you recall, a salvaged vehicle is worth up to 80% less than one with a clean title. The sad truth is that salvage yards take their offers a step further. Instead of relying on KBB or NADA values. Scrapyards determine the value of your car by how much it weighs. Why? Because they intend to scrap it. That is, they sell all the working parts separately and melt the metal for reuse.
Because of this, the bigger your car, the more it weighs, resulting in a higher bid. How do you get ahead? By doing the” scrapping ” part yourself. By this, we mean removing all the valuable parts and selling them yourself. Some of these include exhaust systems, navigation screens, and wheels. Sounds like a lot of work? It is. But when you’re selling junk, your options are limited.
Plus, a junkyard doesn’t offer free towing. So if you’re hoping to make out with a few bucks in your pocket, you might end up with just breaking even. Be sure to monitor the current price of scrap metals like aluminum, steel and copper. If they are currently at low levels, it may not be a bad idea to let your car sit for a few more months until they increase.
Who buys junk cars without title?
Title of ownership
In most cases, you need a title in your name to sell a car. For junk cars, no title is not a problem as long as you have your driver’s license and a copy of your registration. If these are not met, you will need to go to a DMV office and apply for title.
Proof of insurance.
Most states require you to keep a car covered, even if you’re not driving it. Fortunately, you can cancel it once you transfer ownership to another person.
Some states require you to disclose mileage at the time of transfer. However, in other cases, you only have to list it on the title when you transfer. The purpose is to make sure there are no discrepancies in mileage. Which is usually shown on a vehicle history report.
A Bill of Sale is an additional way to document a transaction. Prove ownership was transferred to someone else. Be sure to include the date, amount of sale, names of both parties and a description of the vehicle. Once completed, have it notarized to make it official.
Once you’ve gathered the right documents, selling a junk car is easy. But selling isn’t the only option – you can also donate it. Let’s check.
If you haven’t had any luck finding someone to buy cars and trucks with problems, consider donating it. While you won’t get cash in return, they offer free removal, as well as a receipt you can use during tax time. Typically, you can expect up to a $500 deduction.
Make sure you only donate to real charities that are registered 501(c)(3) organizations. Otherwise, you risk being scammed by places looking for a free car.