If your car doesn’t run, it’s taking up space and costing you money. Unfortunately, you usually have limited options for getting rid of an old junk car, especially if your vehicle has a relatively low list value. Here are a few steps to get as much cash as possible from an old, non-working vehicle.
Assessing Value
You can try looking up your vehicle on an online valuation website like Kelley Blue Book, but remember that valuation websites focus on working vehicles. You’ll have to determine exactly what’s wrong with your car in order to accurately assess its value, but Kelley’s Blue Book and other tools can give you a good place to start.
To determine what’s wrong with your vehicle, either take it to a mechanic or use diagnosis websites like CarMD.
Stripping Parts
The best way to get value from a junk vehicle is to sell parts one at a time. Make a list of your vehicle’s working parts and share it online. Consider taking out an ad in a local paper or two. You’ll have to look online to decide on an appropriate value for each part. If you’re not mechanically inclined, stipulate that the buyer must remove the parts after purchase.
Car Donation and Other Options
If you’re not up for stripping your car yourself, you can sometimes sell it through an online ad or a classified ad, particularly if you have an older vehicle. A local mechanic might need parts or might want to restore your vehicle as a hobby project. The buyer usually sets the price in these transactions.
Some junkyards will offer cash for junk cars, but in most parts of the country, junkyards will only pay for towing costs. However, you can still call around to see if a local yard buys non-working vehicles. Look online and have the vehicle’s title on hand when you call around to try to find a buyer.
If your vehicle isn’t worth much, you can always donate it to a local charity. Many charities take vehicle donations and provide donation documents that can lead to a big tax deduction at the end of the year. However, the federal government limited available tax deductions for car donations several years ago, so speak with your accountant before taking this step.
Your old vehicle isn’t necessarily a iability. By establishing your vehicle’s value and by exploring all of your options, you can often collect some cash to put towards your next car.
Dane Thompson recommends Craig’s Cash for Junk Cars.
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