Whenever a car has depreciated in value to the extent that the owner wants nothing but have it sold as scrap metal, there are plenty of things that they neglect to consider before accepting whatever is offered by the scrapping company. We want you to get the most from your car, be it used or not. That said, we are going to share a thinking process for you to play with even before making the call for someone to come and tow your car away to the scrap yard. Brace yourself.
Related article: How Scrap Car Removal Companies Recycle a Car
Know Your Current Car’s Status
Even when you’re sure it will cost more to repair the car than to buy a brand new vehicle, you ought to do a thorough look around the vehicle so you know its exact state. By this, we mean to ask how much of a rust bucket is it? The more rust it has on the metal surface, the fewer metals can be salvaged for reuse without a chemical process required to reverse the rusting. If your car is squeaky clean of rust, put a smile on and know that most, if not all of it will be put to good use.
Share The Car’s History in Full
When someone comes over to value the vehicle along with the towing vehicle, be geared and ready to share what you know about the car in order to get a better deal. For instance, knowing that some parts will be removed and resolved after some refurbishing, you should tell them which parts are in working order. This way, unlike a case where an assumption is made that the total unit is a wreck, there can arise the option to resell in the mind of the buyer. Which could, in turn, raise the money you get from the vehicles?
Related article: How to Get the Most Money Out of Your Scrap Car (in Toronto)
Know The Market Selling Price Beforehand
Tying the point above with the current market, a car that can be saved will get you more especially if someone is looking for such a vehicle. Remember, the guys buying the car have hoards of spare parts lying somewhere only waiting for a way back into the humming body of a moving car. Knowing how much a car of the same year and make is going for gives you a percentage acceptable for your old one, even in a deplorable state. Industry rates are that you should accept upwards of a fifth, to 40% of what a good condition vehicle is asking.
Research Into The Scrap Industry
You must know exactly what is going to happen when the car leaves your yard. Not to the extent that you look to start a car recycling plant, but enough to have a smooth conversation with the guys buying the car for scrap. In essence, which parts are they looking to turn back into useable metal and how much of those parts are on your vehicle. This way, when throwing an offer your way, they feel less capable of swindling you out of value.
The actual prices of the various metals that make up your vehicle are in constant flux, so don’t spend countless hours following the numbers on CNBC looking to squeeze the most from your dear car. Remember, that would only happen because the actual value in your mind is compounded by the many times you drove out of your driveway to have fun in the car over the years. If the car is still new but damaged beyond repair, such that the only option is scrapping, you should not worry much because insurance should bear most of the heavy burden of getting another one.
Related article: Car Scrapping Services: How does it work? (in Toronto)
Summary: The Takeaway
Say you are oblivious of all the data points we touched on above, this is how a general transaction would go when you settle for scrapping. You convince yourself that there is no value in the vehicle and that you’d be lucky to get anything at all from well-wishers. Heck, you might even be willing to pay someone to take the car away from your property because real estate guys are telling you that it is chewing into your property’s value. You call the first people that pop up on a search for scrap companies. They come over and make you pay to tow the car away (when it should be free), if you don’t show any interest, they will throw the least amount of money your way and you quickly accept wanting them to rush off before they change their minds. You’d have lost a dear friend, and some money to make it all worth the pain of separation.
Related article: Scrap Car Removal vs Selling Used Cars in Toronto