Knowing what goes into your junk car’s value is essential to getting your money’s worth. Today, we’re going to examine the 5 most important factors that affect your junk car’s value. These 5 factors affect every junk-car seller.
Read on to learn more—and find out how you can get the most bang for your buck.
1. The Demand for Your Car’s Parts
The demand for your car’s auto parts will affect its overall value.
Some auto parts are rarer, cheaper, or more costly than others, so junkyards will always look at what kind of car you have and the value of its parts before giving you an offer.
If yours is a rarer car—such as a foreign make—you can expect the price to be higher because the parts will be more in demand. Likewise, if you have working tires, suspension, lights, or other parts that can be recycled, that will also give you a better bargaining position.
Pro Tip: If you’ve replaced or added parts to your car, be sure you make it clear. Maybe you replaced the alternator. Maybe you put on a set of used tires a few years back. Either way, those little things can add up big.
2. The Price of Scrap Metal
The price of metals can fluctuate according to market conditions. Steel can go up, and it can go down. Aluminum can go up, and it can go down.
When selling your junk car, it’s always important to consider the current price of scrap metal. On average, a car contains 2,400 pounds of steel and 300 pounds of aluminum, so that metal is worth a hefty chunk of change.
Pro Tip: To see the current price of scrap metal in your area, use a tracking app like the iScrap App. You can also contact local junk car buyers to find out the going rate. At Imperial Towing Inc, we’re always happy to answer inquiries about local metal prices. If you’re in the Tampa area, don’t hesitate to give us a shout.
3. Your Vehicle’s Condition
Is your vehicle a total dud or a hidden gem? Can it be restored to working condition? Or is it beyond repair?
Questions like these will inevitably arise when selling a junk car. If your vehicle is beyond repair, then the buyer will simply be looking to scrap it for parts to the nearest bidder. But if your vehicle just needs some tender love and care or some components replaced, you should expect to sell it at a much higher price.
Not all junk cars are destined for the scrapheap. If a vehicle can be repaired, it can be resold at a higher price. That said, some repairs are just too costly to turn a profit. When that’s the case, a buyer will usually only care about a car’s value as auto parts and scrap metal.
Pro Tip: Don’t wait to sell your vehicle. Generally speaking, your junk car will only depreciate in value if it’s sitting around collecting dust and rust. The more you wait, the less money you’re likely to get.
4. Your Car’s Year, Model, and Make
A car’s year, make, and model are arguably the most important factor affecting its value.
Older vehicles, classic cars, and particularly rare vehicles tend to fetch higher prices—even if they’re not in working condition—because demand for their parts will be considerably higher.
Commonly driven vehicles will also sell for more, since there’s consistent demand for their parts.
While many vehicles may appreciate in value over time, some won’t. Vehicles that have been discontinued and aren’t too popular won’t see much demand for their parts, making it hard to recoup the costs. As a result, junkyards tend to offer less money for those not-so-in-demand vehicles.
Pro Tip: To get the most money for your vehicle, it needs to be in one piece. It doesn’t matter if it’s the rarest, most in-demand model in the area:
5. Your Vehicle’s Location
That’s right: Believe it or not, your junk car’s location can affect how much it sells for. And probably in more ways than you’d expect.
There are several reasons your vehicle’s location matters:
- The price of scrap metal varies from region to region.
- Your distance from a towing company or junk car buyer may affect costs.
- Certain vehicles are more popular in certain regions.
Some vehicles (and therefore some vehicle auto parts) are more easily found in some states than others. For example, Honda vehicles are more common on the coast, whereas Chevrolet wins out in the Midwest.
It’s not just a matter of local culture or personal preference. It also comes down to climate. Here in Tampa, and in the southern United States in general, there are significantly more Ford Mustangs on the road than there are in the north. That’s because cold, snowy winters can be tough on a compact two-door performance vehicle, so northerners don’t drive them as much.
These geographical variations can affect the supply and demand of certain auto parts, in turn affecting how much you can make off an old junk car.
Pro Tip: This isn’t to say you should tow your junk car across the country to sell your car in a more competitive market. It’s just to forewarn you that your vehicle may fetch more or less in different parts of the country. Always speak to a reputable buyer who can offer some guidance on such issues.
Need to Sell Your Junk Car? Get the Best Deal in Tampa with Imperial Towing Inc
Imperial Towing Inc is a proud junk car buyer and vendor serving the Tampa Bay area. We offer competitive bids on all makes and models of junk cars. And no matter what your vehicle’s condition, you can rest assured: We’ll buy it in cash—and at a fair price.
Discover how much your old rust bucket is worth. Call us at (813) 900-6024 to get a free quote today.