If you have an old junk car sitting around taking up space in your yard, you might think that it is worthless. However, that is not true! Even scrap cars have some value due to the recyclable materials found in them. Steel, aluminum, and other metals found in that old car are worth a little money, and many services will pay you cash for that old clunker. The price you can expect depends on several factors that we will discuss here. So, if you need a little extra money, that old junk car might be just the ticket!
What Affects Scrap Car Values?
One of the biggest factors for scrap car prices is the scrap metal market itself. Believe it or not, the scrap metal market fluctuates much like the stock market. Supply and demand of scrap metals causes their prices to change frequently. Currently, scrap metal prices are quite low for a few reasons.
First, many countries outside the United States have started producing their own steel. This lowers the demand for U.S. steel, thus lowering the prices as well. Demand is also being driven down because China’s economy is in a downturn. China is typically a larger buyer of American steel, and their economic downturn has hurt the demand for steel. Finally, there is a high supply of scrap metal available right now, so this drives prices lower as well.
The value of scrap car prices is also affected by the age and condition of the car.. If it is so old and junky that it is only good for scrap metal, then the value will be lower. If it still has some usable parts that could be sold, then you can expect to receive a higher price for it. The longer a car sits and deteriorates, the less money you will likely receive for it. If you are considering selling an old junker, then the sooner you sell the better!
How Much Money Can I Get for a Scrap Car?
Most cars contain somewhere around 2,000 pounds of steel and 300 pounds of aluminum. Larger cars and trucks can contain over 3,000 pounds of steel. However, with the current price of scrap steel only about $0.01 per pound, an extra thousand pounds only adds about $10 to the value. The aluminum and copper inside the vehicles is much more valuable as it is worth nearly $0.50 per pound.
On average, a scrap car should bring about $100 – $200 in today’s market. If you have an SUV or large truck, you might even get $300 – $400. If your car is in decent shape and some of the parts can be salvaged, then it is possible to squeeze $500 or more out of it. Remember when you sell to a salvage yard that they also need to make a profit, so you can likely expect to receive only about 30-50% of the true value of the parts.
How Do I Sell a Scrap Car?
There are a few ways to sell that scrap car and put some money in your pocket. First, you could try the local junkyards in your area. Give them a call and see what they are willing to offer for your vehicle. Just know that you will have to find a way to get the car to them. If it does not run, that means paying a tow truck to pull the car to their location. This could eat up every penny of your money just to get the car moved.
Another option is by using a nationwide car buying service who will come to you and remove the car at no charge. These services will make you an instant offer to buy the vehicle based on the information you provide them. Most of them provide free towing, so you will get to keep the entire offer without worrying about a hefty towing bill. Their offers are often competitive with the local junkyard, so your net profit is much higher.
Whichever method of selling you decide on, be sure you call around and get multiple offers. This can ensure that you get the highest possible price for your vehicle, and it allows you to consider all factors such as towing and other issues. Keep an eye on the scrap market so that you can sell when prices are high. These prices can fluctuate daily, although it is more likely that you will see weekly changes. If it is time to get rid of that old junker, then be sure you let it work for you and put some cash in your pocket instead of just dumping it.