How Much Is My Junk Car Worth: 3 Considerations

September 17th, 2014 | By | Posted in Uncategorized

Have you made the decision to get rid of your vehicle that’s just been gathering dust and becoming an eye sore to everybody who passes your home? When you’re ready to have us come to your home and haul away your junk car, you’ll probably start to wonder about the value of your vehicle and what you should be receiving for it. There are three things that are taken into consideration when calculating the worth of your junk car:

Market Value

The first thing that you should consider is your vehicle’s market value. Knowing the make, model, and year of your vehicle, you can look up the value of it in the Kelley Blue Book, NADA Guide, or the Edmunds website. It’ll also ask you about the condition of your vehicle: excellent, good, fair, or poor. You can read the descriptions of each to determine which one fits for your vehicle, but the Kelley Blue Book website doesn’t provide information for vehicles in poor condition. Enter the information needed and choose the condition of your vehicle, and it can tell you what to expect for your vehicle. Get the retail value and trade-in value. Add these together and divide them by two to determine the market value of your vehicle.

Damages

The next thing you should consider is the amount of damages. Does your vehicle start? Can it move on its own or will it need to be towed? What’s wrong with it? Consider bringing your vehicle to a mechanic to have him or her diagnose the problem for you. Using this information, do your research to figure out how much it would cost you to repair it. If the cost of repairs outweighs the value of your vehicle, it’s probably not worth trying to salvage it. We’ll review the condition of your vehicle to see how well we can recycle the parts.

Salvaged Percentage

When you call up most companies to take your vehicle, they will offer you less than half of what your vehicle is worth. Contact your insurance company, and ask them what the current salvaged percentage is. The number varies by insurance company, but it’s typically somewhere between 60% and 80%. Take your market value and multiple it by this number to determine the worth of your junk car. You can use this number to try and negotiate a better deal for yourself.

When you want your old vehicle off your property, we’re happy to come take it off your hands and offer you cash or a check in return. Once you’ve calculated the worth of your vehicle, give us a call to talk about what you expect to receive for it. We can discuss the details of your vehicle to help you understand how we arrive at the amount that we can offer you. From there, we can give you a check or cash at the spot, so you have your money before we haul your vehicle away and you don’t have to worry about it anymore.

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