If you’re thinking about junking your car make sure you do these things first. Keep reading for 7 key things to do before you junk your car for cash.
Each year, approximately 15 million cars in the United States reach the end of their usable states. About 13 million of those vehicles are sold to junkyards.
While disposing of a car you have had for long might leave you with a heavy heart, junking it might be the most viable solution.
However, before you junk your car for cash, there are some things you need to do to avoid trouble and to get the most value out of the sale. And if you own a rare car like the executive sedan NSU Ro80, better keep it as its value keeps on increasing every year.
Things to Do Before You Junk Your Car for Cash
The following tips will help you get the most out of your car while ensuring you adhere to Federal laws. Read on.
1. Take Out All Personal Possessions
Most of us treat our cars like our second homes. Consequently, it is not uncommon to leave our personal belongings in the vehicle.
Over time, these things accumulate, and one might even forget that they left them there. These might include valuable things such as jewelry and important documents.
Nonetheless, after selling the car to the salvage yard, it is your responsibility to ensure that all your belongings are out before the tow truck arrives.
As such, comb through the usual spots such as glove boxes and bins. Also, above visors, under floor mats, as well as any other spot you like to hide things.
Remember, once the car is gone, you may never get another chance to look for any belongings you might have left there.
2. Remove Valuable Car Parts
When junking your vehicle, your aim is to squeeze every penny you can out of it. If you have already agreed to a price from the salvage yard, you should deliver the vehicle in the condition you described it to be in.
However, if the price you are getting does not reflect anything more than its scrap value, then you are better off taking off the valuable parts first.
After that, sell the car for its true scrap value, and sell off the parts you took off separately to other people.
Focus on parts such as entertainment systems, starter motors, alternators, and any other high-value parts. Sell them to drivers who have a similar car or to retailers.
If you have high-quality wheels, remove them and replace them with balding wheels on cheap rims. Also, If your battery is still in good condition, it can fetch you a good resale value.
3. Get Your Title In Order
Your title is the most important document you need when junking your car. This is because it shows proof of transfer of ownership to the salvage yard. Without it, they might have as well stolen the car.
This is why you should be wary of junk car collectors who do not care if you have a title. Additionally, by not transferring ownership, you can still incur liabilities since you are still the legal owner.
If you cannot find your title, head over to your state’s DMV and replace it.
4. Remove License Plates and Cancel Insurance
Your license plates remain useful even after the car has retired from service. Additionally, it is a legal requirement in several states that you remove license plates when transferring ownership of the car.
Besides, the Department of Motor Vehicles (DMV) is likely going to ask for the plates when you request to cancel the title.
Canceling your insurance will ensure that you do not have to make any more payments before your policy expires.
If you had already paid for full coverage, you are entitled to a refund.
Additionally, even if your coverage is nearing its end and you feel like there’s nothing to lose, notifying your insurer is still important.
It shows you value the relationship you have with them. In turn, they can give you discounts or offers in the future.
5. Look for the Best Deal
Different dealers will offer different prices, regardless of the state your car is in. As such, it is crucial that you look for the best junk cars deals out there.
Nonetheless, since most dealers are always looking to get vehicles as affordable as possible, it is necessary that you polish up on your negotiation skills.
Have as much information about the car, so you can have an accurate description of your vehicle’s true state. Ask your mechanic to give you a rough estimate. Next, call several dealers and compare their offers.
Also, look into offers they might have. For example, some might offer free towing. Compare how much those offers can save on the total overall costs.
6. Ensure They Are Licensed
It is important that you only work with a licensed junk car dealer, regardless of how irresistible an offer might be.
Working with a licensed dealer ensures that you do not face potential liabilities in the future.
For example, if a deal goes south and the dealer fails to deliver on their promise to pay, you might be unable to make a valid claim against them if they are not licensed.
Additionally, you can get into legal trouble for the improper transfer of a motor vehicle. This can end up in huge fines or jail time.
As such, always ask to see the dealer’s license before you junk the car. You can also verify their license number online if your state offers e-services for license checks.
7. Arrange Transportation
While some junkyards offer towing services, others do not. As such, inquire if your dealer does that.
If they do, ask whether it is part of the package or if it is free. If you have to pay for it, look into whether you can save money by paying for an independent towing service.
Disposing of an old car is difficult for many people especially if it is their first car. True, sentimental value cannot be measured in monetary terms.
However, when its time is done, repairing it might cost you a lot more than selling it off and getting another one.
But before you junk your car for cash, ensure that you work with a reputable junkyard to ensure compliance with the law and to prevent being swindled.