If you’re here reading this then we bet you’ve been on google for hours trying to find an answer to the question “how much is my car worth scrap?”. Firstly, congratulate yourself as you’ve taken the first step to getting rid of your junk car. Many have memories attached to their possessions thus making it quite difficult for their owners to sell.
However, the reality is quite different than what you would expect. You’re not asking the right question. Nobody on this Earth can tell you off the bat the price your wheels might fetch as there are different factors that impact the selling price of a junk or scrap car.
In today’s tutorial we are going to be discussing some of the factors that directly impacts the answer to your question “How much is my car worth scrap?”.
As a car owner, you need to know the factors that affect the sale price of your vehicles. This is important as many junk car dealers who buy junk cars for cash might give you a very low price in the hopes of making huge margins. Knowing what affects the price of a junk car will definitely bring you in a negotiating position which might result in a higher sale price than initially offered.
So, let’s start with some of the important factors that affect the sale price of junk cars before you can ask the question “How much is my car worth scrap?”.
Indirect factors that affect the price of junk cars
We’ve segmented the factors into direct and indirect. Indirect factors, in this case, are the ones that influence the price of the junk car without having any relation to the car itself.
Location, location, location
You might be asking yourself what’s location got to do with the price your car fetches? Well, basic economics dictate that if there is one seller in the market and multiple buyers, the demand for a product or service pushes the price up.
So, what does that mean? It’s simple.
If you’re residing in an area where there are many junk car buyers then that creates a level of competition. All the junk car buyers, determined to buy your junk car, will engage in a price war pushing the value your car might fetch upwards.
Location is also important because some junk cars might fetch a great price in certain parts of the country than others. If you own a junk car that is quite popular among junk car buyers in the area, it will increase the value of the car. However, if you sell the same junk car in another state it might go for a lower price.
Price of scrap
Price of scrap is dependent on demand and supply so you might see the scrap price fluctuate over the months. This has an indirect impact on the selling price of a junk car. A junk car buyer will never give you a rate higher than the current price of scrap at the time. We recommend keeping an eye out and tracking the price of scrap if you want to fetch a great price for your junk car. Sell the junk car when you feel the time is right.
Direct factors that affect the price of junk cars
Direct factors are the ones that are linked to the car itself.
Age plays a vital role
Older vehicles get cheaper and cheaper as new offerings make their way into the market. The same is applied to junk cars. Most of the junk cars that are sold cross the ten year ownership mark, some even longer. A relatively newer junk car might get sold for a better price. For example, a 15 year old car might fetch a higher price than a 17 year old junk car.
A junk car buyer doesn’t buy an old junk car so that they can put it back on the road. Repairing a junk car and paying premiums to have it running on the road will set anyone back by thousands of dollars. Many junk car buyers purchase junk cars for the sole purpose of reusing spare parts that might still be working.
Junk cars that have been driven extensively might not have reusable spare parts or the parts might be past their expiration date. This will drastically impact what the car fetches. A junk car with a lower mileage, say 50,000 km will be more interesting to a junk car buyer than a car that’s gone above 200,000 km mark.
Here’s a sales 101 lesson for you. Many buyers will find faults in your product to bring the price down. It’s an ancient negotiating tactic that might’ve been passed down from one generation to the other but we’ve passed it on to you.
A junk car dealer might not give you a good price for your junk car if they realise that the car is not in running condition. It might not even have anything to do with their business model but is used as a bargaining chip. If you’re able to get your car running, it will definitely make the transaction even more intriguing for the junk car buyer.
These are some of the important factors that will help determine and even answer your question “how much is my car worth scrap?”. There are other factors like the physical condition of the vehicle, purchasing power and more.
Still wondering the answer to the question “how much is my car worth scrap?”. It’s difficult to put a finger on what price you can expect as you are required to understand the junk car market.
There are many junk car ballers that will lowball you and get a great deal for themselves. The average rate for a junk car is typically in the range of $100 to $500. We recommend that you do your research and head to as many junk car buyers as you can before settling for the one that gives you a great rate.
Alternatively, you can avoid the hassle and save yourself time by letting us take care of that headache for you. Simply contact us, cash today for junk cars, and we will help you get the best price possible for your junk car.