Is your car beyond repair or so old that you simply do not want it anymore? If you are in that situation, your next question might be, how much can I get for my junk car? Read on to learn more about how to get the best deal from your scrapped vehicle.
Do Your Research
The market of junk car buyers is packed with people who will offer you much less than the usual market value, so you want to make sure to do your homework. Research the market and try to get a fair idea of what your junk car can be worth. Additionally, determine if your car qualifies as junk. If it doesn’t, you will get a much better price at a used car dealership as compared to a junk car buyer.
A junk car is one that’s written off as a loss. It is so damaged that it’s better to sell it off than repair it. A vehicle qualifies as junk when you have left it unused for several years. However, if your car can still run on the road after a few repairs, it is not junk. You can sell it to a dealer for a better price.
Another option is to approach us. If you are seeking a new car loan and wish to reduce your monthly payments, a trade-in is the best option. We can help you get a great trade-in value for your vehicle, and you can avoid all the hassle of approaching different buyers.
Have an Idea About the Prices
Junk car prices can range from $50 to over $20,000 in the Canadian market. But most owners sell their old vehicles for around $100 to $500. Keep in mind that multiple factors determine the final price.
The year, make, and model are the first factors that come into play. Details like what your car is made of also are considered. If your car has more plastic than metal, expect to get less money. Also, if more cars from your model are currently on the road, it means that the demand for your vehicle is high. This is because the demand for spares also increases when more of that model are currently on the road. Finally, the location, vehicle’s condition, and the current price of scrap metal will be used to determine the ultimate worth of your junk car.
Generally, you will get 20% to 40% of the regular resale value of your used car in a scrapyard. But you should always remember that the minimum value of your junk car should at least be on par with the current price of scrap metal.