Learn How to Make the Most Money Off of a Junk Car

Do you have a junked vehicle that no longer serves a purpose? Perhaps you’ve been working on a “fixer-upper”, but financial hardships have prevented you from being able to finish it. Or maybe you inherited an old pickup truck decades ago that is starting to become more of a potted planter in the backyard woods. Regardless of your junk car situation, there is no need to let it continue going to waste. A junked car, truck, van, boat, trailer, camper, tractor, bulldozer, forklift, golf cart, and any other motorized commodity is worth money. That is, if you find the right type of buyer.

You can double your advantage by making a profit and getting rid of space-consuming junk, all at once! However, it is important to know your options so that you can make the best decision for your junk car. There are two primary options for selling a junk vehicle. The option you choose will depend on your personal preference and available resources, and render a different profit level. Continue reading to learn your options for making the most money from your junk commodity.

Sell it For Parts

If you want to make the highest level of profit possible for your junk car, you can choose to sell it part for part. However, you will need a true car mechanic that has the tools and knowledge to disassemble your vehicle, piece by piece, without jeopardizing their value or performance level. They will need to start by inspecting the vehicle to determine which parts are still functional and which are junked. Then they must take it apart while preserving each piece.

The downside is that you likely have to pay a mechanic to do this, which takes away from your total profit. Furthermore, you would have to take the time to post each part for sale, as well as, manage each individual transaction yourself. This is time-consuming and somewhat inconvenient. For others, this is a fun and exciting project that is totally possible to accomplish. It all depends on your personal preference, resources, and availability.

Sell it as a Whole

The most common way to make a profit from a junk vehicle is to sell it as a whole. Although you make less than selling it part for part, it is the preferred method for a reason. Not only is this much easier and more convenient, it saves a lot of time while still rendering a decent profit. It is important to find the right buyer if you want to make as much as you can from selling your entire junk car. Find a junk car buyer who has the technologies capable of assessing the true value of your vehicle. Electronic platform scales are something you want to look for in a junk car buyer. These buyers usually pay cash on the spot, and will even pick up your car for free. Just be sure to ask which amenities they offer, how much they are willing to pay you for your vehicle, and how soon they can do business.

First Time Car-Buying Tips

Buying your first car is an exciting step – but it can also be overwhelming and stressful and is never filled with as much uncertainty as it is the first time. If you take the time to do a little research before visiting the dealerships, your first car-buying experience can be a lot less stressful and a lot more fun! Being a good first-time buyer won’t be easy, but if it’s worth doing – and it is – it’s worth doing well. We’ve come up with some tips to help with the process.

Establish a realistic budget. This figure is generally based on what you can afford per month. Look at your cost of living – mortgage or rent payments, food, insurance, social activities. Once those are calculated, the remainder could be spent on a car payment, fuel, car insurance and maintenance.

Visit your credit union to get pre-approved for financing. Before you fall in love with a car you may not be able to afford, go to your local credit union. Their lenders can get you pre-approved for financing at a great rate that fits your lifestyle and budget. You’ll also know exactly how much you can spend, which will give you added negotiating power at the dealership.

Do your research. Informed shoppers are smart shoppers, so gather some information before you start shopping. Resources like Consumer Reports, Edmunds and Kelley Blue Book offer helpful vehicle reviews and pricing information that can help you determine a fair price for the car you want.

Take a test drive. Nothing is more important in your decision process than how you feel behind the wheel. Take at least half an hour on your test drive, while trying stop-and-go, freeway merging and freeway speeds. If the sales person does not have time then take the time to find another dealership.

Bring a wingman or woman to the dealership. It’s always best to work with a partner. They can help you decide what car to buy and what to pay.

Negotiate your price. Price negotiation is probably the most overwhelming part of the car-buying process, but it is important for you to stick to your strategy. If you’ve done your research, you’ll have a good idea whether the dealer’s offer is fair. Keep in mind that the dealer’s first price is rarely their best price, so don’t be afraid to reject the initial offer. If the dealer can’t meet your target price, walk away. Buying a car is a big step and the transaction has to be right for you.

Buyer beware. Before signing the final contract, ask the dealer to explain each item. Dealers have been known to include extra charges for items like “fabric protection,” “paint sealant” or “rust proofing” that may not be necessary. If there are charges you’re not comfortable with, don’t be afraid to point them out.

First-time buyers should also be wary of financing deals that sound too good to be true. Offers like “0% dealer financing” may sound good, but as a first-time buyer you may not qualify for these attractive specials.

Most importantly, enjoy the process. We know the tips referenced above can make buying a car seem daunting, but with low financing rates, and hundred of cars and trucks to choose from, your options are amazing (especially in the first-time buyer category). So take your time as you move through the process and you’ll be astounded with the outcome.

With a little advanced planning, a solid negotiating strategy and appropriate financing, buying your first car can be a fun and a stress-free experience!