Selling your car to a scrap dealer is a quick way to earn some cash. However, you need to remember that some factors affect the value of a junk car. When scrapping your car, you mainly sell the car for its scrap value rather than its trade-in value.
Have you ever wondered what the value of my car is? The answer depends upon where you are selling it, a scrapyard, trade-in or an individual buyer.
In a scrapyard, the value of your car is mainly based on the demand for the metal. The car is made of various types of metals such as iron, steel, and aluminum. Thus the value depends upon the current metal prices.
The demand for the metal is directly proportional to production. Therefore when the production drops, the demand for metal also decreases that results in decreasing metal prices. Salvage yards buy junk cars to sell their metal components, and steel is the primary metal component. Steel makes up around 65% of the car’s weight, which is why steel prices matter the most.
Here are some of the factors that affect the value of a scrap car.
Current metal prices:
The main factor determining the value of your scrap car is the current metal prices. If the metal prices are high, you might get a good deal out of it. Similarly, if the production drops and demand for metal decrease along with the prices, you might not get such a good offer.
Even if you don’t get a high price, you will still get a reasonable price for the car. It is also an easy way to sell your car without any added effort.
The weight of your vehicle impacts the value of your car. You are inclined to receive a better amount if the weight of your car is high. Scrapyards pay you by estimating the amount of metal in the car by weighting it.
Scrapyards strip the car’s metal body and recycle parts that are sold separately to other businesses.
Condition and model:
The year of making, model, and manufacturer are significant factors that come into play when deciding the value of your car. You can get a good amount on a newer model as compared to an older model.
The condition of your car also plays an essential role in determining the value. Scrap dealers make sure that the car they are buying has recyclable parts that can quickly be sold. Older cars often have non-working parts, even though they can be recycled, but the buyer ratio of that market is low.
You can get a reasonable price from scrap dealers on a car that is not that old and is in good condition rather than a rusty car that has way past its 12 years average life span. The salvage value of your junk car can be 40% of its used value. It depends on the model of your car as if it’s popular and its components have a demand in the market, you would be paid more.
A high mileage of a car may indicate that the condition of the components may not be as great. Therefore the higher your car mileage would be, the less money you will get. Scrap buyers would pay more money for a car with less mileage.
Less mileage indicates that the parts of the junk car are in good condition. Junk buyers will pay a reasonable amount for a car with less mileage because they know that the parts can be sold for a reasonable price.
When selling your car to a scrap dealer, it’s essential to understand that you will not receive money based on your trade-in value. The price that you will receive will be according to the scrap price.
The factors mentioned above determine the value of your car. However, if you are unaware of any reliable scrap dealer or wondered what’s the best place to sell my scrap car? Acres Cash For Cars is the right place to be.
Acres Cash For Cars is a reputable and well-known scrap dealer that provides you instant cash on purchasing scrap metal and scrap cars.