What To Do With Your Old Car

When your old car is no longer a match for your lifestyle or repair costs become too much, your main focus is probably on getting that new car. However, after the dust settles in that area, you will likely want to make a decision about what to do with your old car. There are many different paths you can take. Which is best will ultimately depend on the car’s condition and the amount of effort you are willing to put in. However, even the most dilapidated car can be worth some money—keep this in mind.

Turning Old Cars Into New Value

Let’s clear the air for a moment. Unquestionably, the method that will get you the most money is selling your car privately on a platform like Autotrader or even Craigslist. The catch is that you will have to do the most work to get to this point. Generally, even the oldest car will be able to fetch $2,000-$3,000, though.  While getting your car ready for sale, you will have to make a few decisions. For one, how much money are you willing to put into the car in hopes of getting a better price? If you are forthcoming about the issues a car has to a potential buyer, you may still get your sale if the price is right. Most used-car buyers expect having to make a few repairs to their purchase. However, it falls on you as a seller to be honest so they can make an informed decision. Honesty, in general, is the best way to get a sale, as people are naturally leery when it comes to used car sales. Don’t give them a reason to feel that way.

In addition, you need to do your homework in order to come up with a price that buyers will be interested in. Looking up what other people are asking for comparable cars or using tools like Kelley’s Blue Book is a great start. Of course, you’re still at the mercy of the used car market in your area. All the work in the world won’t get you a sale if there’s no one with any interest. As a result, some people prefer to trade in their car to a dealership. Sometimes, this is done as part of the package of buying a new car. While it’s easier, you won’t get as much money for your own car.

Getting The Most When You Have The Least

However, the reality is that not every car is fit for resale due to age or repairs. The good news is that selling a junk car for scrap is far easier than reselling a car to another driver. In addition, you can help the environment, as roughly 75% of a car’s parts are recyclable, and make less of a carbon footprint than making the parts from scratch. Perhaps most importantly, you put guaranteed cash in your pocket rather than rolling the dice trying to make a sale. Not a bad deal, right?

There are two main avenues you have when it comes to selling your old car for recycling. Many non-profits out there don’t pay you for your car, but you can get a tax write-off for your donation, as well as support a good cause. The other option is selling your car to a scrapping business that takes junker cars specifically for this purpose. Don’t expect to finance your new car this way—as they generally only offer hundreds of dollar for your car. The good news is that age and condition don’t affect your chances, and they will generally take it off your hands for free.

Having a car that you no longer need or can no longer use may seem like a burden at first. Try and avoid that mindset if you can, though. This also makes for a great opportunity to get money for something you no longer want. How much depends on the condition of the car and other factors, but choosing wisely will mean that you will get a final profit, no matter what.