Media post: It’s Time to Break Up: Sell your Junk Car
Sooner or later there comes a moment when it’s time to part. Even if it’s hard, you can do it with the least moral and material losses. Are you no longer using your car because it has broken down or isn’t working as it should? You can make good money if you decide to sell your junk car in Queens.
How do you know when it’s time to sell?
Time spares nothing, and with an increase in mileage, the condition of the car changes for the worse. This happens, both under the influence of the driver’s actions, and for reasons beyond his control. You can get into an accident or damage the car when parking; you can become a victim of criminals — burglars or thieves; you can use it correctly, but time is inexorable — the metal rusts, the units break.
By and large, you can assess the condition of the car in three categories:
- external damage
- internal damage
If you doubt your own competence, contact the car service specialists. But, let’s be honest, when the car has left its own, it becomes obvious.
What’s more profitable — to rebuild or sell?
The best car is your own. If you have become soulmates with the car, instead of selling, the first thought would be: to rebuild. Perhaps this is indeed a way out, but you need to consider:
– the reason for the rebuilding: self-using or sale?
– how does the cost of rebuilding compare with the value of the car?
– how much will the resource increase in relation to the current situation?
There remains another option, rather unpleasant for a soulmate: disassemble for parts or scrap. And the worst thing is that in this case you still have to calculate (remind you, this isn’t about a car, but about a faithful comrade):
– how much can you pay for parts?
– how much is this in relation to the value of the car?
– how much is this in relation to the restoration of the car?
Let’s say you still decide to sell your junk car.
First you need to prepare
It’s said that junk cars are very often sold at auctions for a fair price. This is true. But the fact is that scrapyards often act as buyers at auctions. With their price. But in any case, now you definitely can’t do without a specialist from a car service. You will also have to deal with official documentation and deregistration.
1. How do you want to sell and do you really want to sell?
Finally select the method of sale, for example: with restoration for the auction. Compare the cost of the transaction, including all taxes associated. And consider another possibility.
You can donate a car to a charitable organization or for volunteer needs. But that doesn’t mean there won’t be any money. If the organization sells the car, you will have to report it on your tax return. The sale amount can be credited as a deductible, except up to $500. For example, if the appraised value was $700 and the car sold for $400, your deduction is still $500.
But even if the charity doesn’t sell the car, you can claim the documented market value as a deduction. To do this, you’ll need a copy of an expert assessment or customer reviews.
2. Carefully collect official papers
Any parameter of the junk car must be documented. Therefore, the collection of documents is an important stage of the sale, it directly affects the price. Also, the number of papers and their objectivity have a positive effect on the reputation of the seller.
In each case there will be a set of documents, but the main parameters for all — must have:
– the ownership
– the vehicle identification number
– distance traveled
– condition of the body and units
– make and model
If you are unsure of any data or if it’s lost, you’ll need to replenish or renew it before selling the vehicle.
3. Terminate your insurance
The second thought after the decision to sell the junk car is to remove it from the insurance register. Since the sale is obviously a money-making operation, it should serve to improve the financial situation. As well as saving on insurance. But don’t rush to start it.
In this case you’ll not receive compensation for damage from natural disasters or the actions of thieves. It’s not certain that this will happen, but it’s also not certain that it won’t. There may be costs instead of benefits due to an accident or force majeure. Whether it is worth removing the car from insurance immediately or is it better to wait until the end of the sale?
To help answer this question, let’s imagine a real situation. If you’re using a car that was bought on a hasn’t been paid off loan, the lender is likely to insist you to have insurance up to the point of selling the car. Although — it all depends on the policy of the lender.
4. Consider a turnkey solution
As you can see, in order to profitably sell a junk car, you need to know well not only mathematics, but also local laws. In addition, you need to have connections with specialists in various fields. If you think that one cannot do it, contact complex specialists. Such as the guys from JunkCarsUs who offer to sell it in Queens, NY. They buy all kinds of vehicles:
– sedans, hatchbacks, station wagons
– commercial vehicles, minibuses, minivans
– trucks, vans, buses
JunkCarsUs has examples where a Nissan Altima 2015 went for $12,500 and a Ford Taurus X 1990 — for $1,100.
Take a step forward
If one thing ends, something else will surely begin. You may have plans to buy a new car or invest in a business. Selling junk car in this case will be a good help and a financial base. A suitcase without a handle is hard to carry, but you can get a lot of use if you sell it.