More than 38,000 cars are sold in the United States daily. There is a huge market for cars, with demand creeping higher because of the pandemic.
What if you have a car that is on the edge of usefulness? You might not be able to trade it in, or you don’t want to sell it for parts.
It’s time for you to learn about the junk car buying industry. It might be the best option for you to sell your car and get cash for it.
Read on to learn some of the most interesting vehicle recycling facts and how you can get cash for cars.
1. 20 Million Cars Get Recycled Each Year
With so many cars getting sold every day, you might wonder what happens to all of the old cars. Many of those cars are trade-ins, which get sold as used cars.
Then there are the cars that get recycled. It’s estimated that 20 million cars get recycled a year, with vehicle recycling increasing over time.
2. Most of Your Car Is Recyclable
Your car is made up of thousands of parts. How many of those parts actually get recycled?
About 80% of the weight of your car is recycled. It’s slightly less in Europe, though that’s probably because most cars there are smaller and lighter.
3. There Are Junk Car Laws
Are you one of those neighbors that has a junk car sitting in your yard or on the street? That is a nuisance to your neighbors because it’s unsightly. Of course, they’re concerned about appearances and declining property values.
Many municipalities across the U.S. responded with junk car ordinances. You could get fined if your junk car sits too long in the yard. Your car could get towed if it’s in the street for too long.
These ordinances vary from one municipality to the next, so you need to check what the laws are where you live.
4. You Can Get Cash for Junk Cars
Yes, even cars that don’t work can get cash. There are thousands of auto salvage companies across the company. They pay cash for junk cars.
They usually pick apart the car and sell the parts. The scrap metal gets shipped off for recycling. The remaining parts of the car get shredded.
5. Donations Don’t Always Pay Off
You probably have come across an advertisement to donate junk cars to nonprofit organizations. It seems like a great option because you take care of the car and help a good organization at the same time. The tax write-off is another incentive to donate your car.
If you’re doing it for the tax deduction, be aware that you have to correctly claim the value of the car. It only makes sense to donate if you already itemize your tax deductions.
Be sure to research the company before you make the donation. Some of these companies are third-party organizations, and they hold on to more money than they donate to the nonprofit.
How to Junk Your Car
The first step you should take is to look at all of your options before you junk your car. Does the car run at all? Are there parts that you can sell privately?
Your car might not work now because the engine needs an overhaul. That could be an expensive proposition, but one that you might find is worth it. Take a look at this guide to see how much an engine rebuild costs.
If you think that’s too much, then you’ll want to prepare your car for vehicle recycling. You need to do some research to figure out the value of the car.
You might think that the car is worthless because it doesn’t work, but there are valuable parts there. Remember, 80% of your car can get recycled. Whoever buys your car can make a huge profit if you underestimate the value of the car.
Get Your Documents Together
You have to prove that you own the car and you’re entitled to sell it. You’ll need to present the car’s title and registration to the buyer.
If you can’t find your car’s title, contact the division of motor vehicles and ask for a copy of the title.
Print out the research you did to come up with the car’s value. You may need this if you get a low offer on the vehicle.
Contact Auto Salvage Companies
The junk car buying industry is full of companies that are scams. Your main focus here is to find a reputable auto salvage company.
Many companies let you get a quote online. You should make sure that the auto salvage company offers free towing when they buy your car.
Check the online reviews of the different companies in your area. Stay away from the companies that have a lot of poor reviews.
Clear Out Your Car
Make sure that you completely clear out the car before the tow truck arrives. It’s a very fast process to sell your car for cash.
Get all of your personal belongings out of the car. That includes parking decals and passes, adapters, chargers, and papers.
Check every inch of the car. You should wipe it down and vacuum it out to make sure you get the most value for the car.
Get to Know the Junk Car Buying Industry
Well, did you learn some unusual facts about the junk car buying industry? It’s definitely an option if you want to sell inoperable vehicles.
These facts show it’s a better option than donating the car, and most of the car gets recycled. If you decide that getting cash for cars is for you, follow the tips in this article to get the best deal.
Do you want more car tips? Check out the Automotive section of this site.