So should you keep of sell your junk car? If you have an old junk car sitting around, you might be wondering whether you should sell it or hang onto it. To help make that decision, there are many things you should consider. Will you have any use for the car down the road? Do you need some fast cash or extra money? Selling a junk car can also be difficult, so you should think about how you would perform the sale if you decide to go that route. If you need some help making your decision, then keep reading.
Do You Use The Car?
One of the first and most obvious considerations is whether you still use the car. Do you drive it every day or does it just sit around and collect dust? If you still drive the car on a regular basis and need it for transportation, then you likely already know your answer. However, if it is truly a junk car, it might not even run or drive. If that’s the case, then it probably just sits in your driveway taking up valuable space. This is space that could be much better used for something you enjoy instead of an old junk car.
Consider The Timing
Junk car prices are greatly affected by the scrap metal market, and that market is currently quite low. Just like the stock market, it changes frequently, but the current prices are very low. However, the longer an old car sits outside in the elements, the lower the value typically goes. This is because any usable parts from the car get old and become unusable. While you might have been able to sell trim pieces or windows, those pieces become brittle and broken over time. A car with usable parts is worth more than a scrap vehicle, so allowing a car to sit around until it is total scrap while waiting on the scrap market to go up might not be the best idea.
How Much Money Do You Need
If you need some extra money in your pocket from that old car, then selling it for cash is probably your best route. Even if it is total scrap, you can likely get a few hundred dollars for it. That extra money could go a long way toward paying bills or putting a down payment on a new ride. If your car has usable parts, then you might be able to get even more money for it from a salvage yard. Continuing to hang onto it will only decrease the value unless it is an extremely desirable collector’s vehicle.
Location, Location, Location
They say that location is everything, and that is also true when you have a junk car you need to sell. Selling a junk car to a private party buyer can be difficult especially if you are in an area with a lower population. This simply decreases the number of potential buyers out there. That does not mean that you should just hold on to that junk car forever though! There are car buying services out there who make selling a car anywhere in the US easier than ever before. You can have cash in your pocket in no time no matter where you are located.
If you are considering selling that old junk car of yours, then the items outlined above should help make that decision a little easier. While it might make sense to hold onto that car in a few cases, you will usually be better off selling that junk car. It will typically only decrease in value further the longer you hold onto it and selling now could put some much needed cash in your pocket to build a custom car.