Smart ways to make money from old Junk Cars
Believe it or not, you can make a good amount of money from your old junk car, the question is how? Basically, you need to do some research before selling your junk car. You need to calculate the value of the car and find out the buyer who is willing to pay more for this.
A car is junk when it’s really old, has serious damages or the repair cost is more than the actual value of the car. If you are going through any of these issues with your car, then selling out will be the best option.
For your information, more than 15 million cars in the US reach their EOL every year and 13 million get sold in the junkyards. So, is junkyards the only place to make money from old junk cars? The answer is no. There are other ways to earn cash as well.
As the goal is to get maximum money from the junk car– in this article, you will get all the details. So, keep on reading.
1. Selling Dismantled Car Parts For A Profit
There are many removable parts in a vehicle that is valuable and can fetch you a profit if sold separately. For example, wheels, axels, stereo parts (sound system), glasses, lights, chassis, and most importantly, the engine. If they are in proper condition, the best way to sell them is by taking pictures and uploading them on e-commerce sites. It may take some time but if you can deal with the situation patiently, a handsome profit will come your way. Selling removable and reusable car parts is one of the best ways to earn profits.
2. Selling the Car’s body In Scrap
After removing all the reusable parts, the only part that will be left in the car is the body. So it’s nothing but junk. You can sell the car body to get money from it. You should know that 25% of a vehicle’s body consists of recycled steel and most of the steel comes from car junk. So, car junk is obviously a big industry and you can earn profit by being a part of it.
There are many companies that deal in the junk car business. Every motor company promises to offer a reasonable selling price. They will quote the selling price only after seeing the condition of your junk car.
The whole process is really easy. Companies will send their agent to your doorsteps to finalize the deal. You would get your money and they will take the junk.
3. Participating in the Cash for Clunker Program
The U.S government launched a federal program known as Cash for Clunkers in 2009 to save the automobile industry from the impact of the recession. The government offered $1000 or more for selling dangerous junk vehicles. The Federal Government assumed that people will purchase new cars with this money. That will result in a huge growth of the auto industry.
Unfortunately, the program did not last because studies show that people spent the same cash (in exchange for their old junk vehicle) on some other expense rather than purchasing a new car. The auto industry was badly harmed for this reason.
However, the Federal Government wasn’t the only authority that launched the Cash for Clunkers program, If you live in California, then you can be a part of a similar vehicle retirement option program called Consumer Assistance Program or CAP. You can cash in on your clunker and make $1000 – $1500 easily with this program. But for this, your car cannot have any missing parts and also have to pass the smog test.
It’s been many years since the Federal Government has withdrawn the Cash for Clunkers program. But the Covid-19 pandemic has left some serious impact on many industries, including automotive because many countries had imposed a lockdown to stop the spread of the virus, it is a possibility that the cash for clunkers program may return in 2022. So, hope for the best.
4. Selling An Old Functional Car to a Car Dealer
The industry of purchasing second-hand cars is growing with each passing day. Given the economical conditions of the society and for several other reasons, there are many people who actually prefer to buy an already used car for a lesser price. Therefore, if you have a functional car that is still in quite a good condition, then you can sell it to dealers who deal in used cars. They would just check all the parts of the car, see if the vehicle is in a proper condition, and would then buy it from you.
It is better to try and choose this option prior to selling the entire car as junk. A car dealer would just check the car and tell properly if they would be able to buy it or not. If they would, then sell it to them after negotiating a price which is better for you. This process would save you some time and be a lesser fuss.
5. Selling an old car to the Parts Pickers
Now, what to do if the car is in such a shape that it cannot be sold to a second-hand dealer and the only way to make money is to sell the removable car parts. You cannot just dismantle all the parts of your car and handle the selling process all by yourself. In that case, selling the car to a part picker is the best option. Also, they are better at handling car parts and the technicalities of it, like disposing of oil and other fluids.
Many people prefer to buy old parts because it costs a lot less, so this industry thrives as well. Therefore it is better to let them handle the car, dismantle it and hand you a profitable amount.
Sell the Car’s Registration Number Plate
There are many people who are always on the lookout for a number plate with unique initials and a catchy combination of numbers, so if you got one too, you might get a handsome amount for it. If you have a car that is total junk and does not function, then you may even sell your vehicle’s registration plate. There are many websites that help in evaluating the number plate and evaluating the number is important to get a fair price.