Do you have an old car that you no longer use? You may consider disposing of it, as it is probably taking up some of your valuable driveway or garage space. If cars sit for a long period of time, their value can be significantly diminished, making it vital for you to seek out a way to get it off your hands. Before you can do that, however, you need to know just how much you can get from scrapping your old vehicle. This question is quite tricky because there is no solid number for a given model – it can change all the time. Moreover, the price is dependent on different variables, which means doing some investigative work in order to get the best deal.
Scrap price estimation
The actual scrap price is hard to determine because scrap prices depend on the condition, quality and quantity of metals in your car along with the condition and size of key parts like power train, engine, exhaust system and vehicle’s axles. However, you can get an actual estimate from a scrap dealer, and they will give you an estimate value. If you are happy with the figure, the dealer will collect the car and pay you.
Price Determinants
Scrap price is applicable for vehicles that are no longer used in the roads, and these cars are usually stripped of their useful parts, and then recycled. The scrap price of your car is determined by three major factors; catalytic converter, weight and re-sellable parts. The amount of recyclable metal is the largest contributing factor and the heavier the metal, the higher the scrap price. Newer cars have parts which are usually valued higher than older parts unless there are mitigating circumstances. Some of the parts include alloy wheels, body panels, gearboxes and engines. The catalytic converters plays a bigger role in price determination because it is made of precious metals such as platinum and silver which are refined to make expensive consumer items.
Total Scrap Cars
These are vehicles that are literally sold for scrap metal. For instance, a car that is over 20 years old is likely to be sold as scrap metal only. In extreme cases, total scrap cars barely run, lack Blue-Book value and repairing them would cost more than their actual value. They are usually sold as scrap metal and recycled, with their price being determined by the weight and the current price of their materials on the open market.
Scrapping the car for parts
It is common to have relatively old cars with certain parts that are worth a few dollars. In this case, it is better to sell the parts separately rather than weighing the entire car and selling it at the current per-pound value. To scrap your car for parts, you can either sell its parts to a used car parts company or strip the parts yourself and sell them on auction sites such as Ebay, Amazon and Craigslist. The choice here is usually dependent on time value as well as the state of the parts.
When you have a car that no longer runs or one whose repairs are higher than its value, then it may be good for you to consider scrapping it. This is usually the last resort but it a great way of disposing your ailing old car and getting some extra cash in your pocket.
