Tag Archives: Junk Car

The Price of Scrap Metal

The price of scrap metal is the highest that it has been in years. This means that the demand for scrap metal is also high, as is competition for junk car buyers. Junk car removal companies have been forced to increase the price that they pay for junk cars. There is so much competition amongst junk car removal companies that some companies are offering so much money for junk cars so that they can eliminate competition, but because these companies are offering so much money for the junk cars, the companies themselves are making next to no profit for the vehicles.

Not only are junk car removal companies experiencing competition with other junk car removal companies, but they are also facing competition with fraudulent junk car buyers. Legally, junk car removal services are required to have a business license. However, there are junk car
buyers/towers out there who do not have a license and who continue to buy/tow junk vehicles. These people are not the only competitors.

There are yet other people who, rather than buying and selling vehicles whole to the junkyard, take car parts and sell them individually. Often, these people are crooks who go around and rob car parts off of vehicles and sell the individual parts to the junkyard. The plus side of selling parts individually is that you do not need paperwork to show ownership of the individual car part. (When a vehicle is being sold as whole, the title is required. If. However, the vehicle is at least 10 years old, the registration and copy of the registered owner’s license can be accepted.) So, people go around stealing parts like catalytic converters off of vehicles and bring them to a junkyard to receive some immediate cash.

During hurricane Sandy, junk car removal companies rounded up tens and hundreds of flooded vehicles and packed them into yards so as to round up as many vehicles as they could before other competitors bought the vehicles. Crooks were going around to these yards and stealing car parts to make quick cash. It goes to show you the extent certain people will go to make a quick dollar and that the scrap metal business is extremely competitive.

From eyesore to profit

If you have an eyesore of a car in your garage, why not look for channels to turn it into profit? Here are a few ways to turn that so-called trash into gold:

Consult an expert

If possible, look for more than just one specialist to help you out in this endeavor. First, get your trusted mechanic so that he can inspect your junk car first. By inspecting the car and getting key advice, you may seek out the best price available. Talk to your friends who may be involved in this trade. Seek the advice of recyclers or owners of salvage cars as well.

Assess the car

If a mechanic is not available, you may have to inspect the car yourself. Observe the parts of your junk car, noting any damages. Check out the engine, tires, and paint since these all have bearings on how much you can actually sell your car for.

Make that decision

“That decision” is the choice to either repair any damages that you may have noticed or to sell the junk car as it is. You may be spending more money initially if you decide to repair the car. If you think about it, though, you can sell it at a much higher price. All of this is up to you and your potential buyer.

Find a buyer

This is often the most difficult part as most clients or customers are meticulous in checking possible purchases. Always be open for questions and offer help when needed. There may be buyers who would want only your precious spare parts, so it’s up to you to gauge on whether you will have more profit in selling the junk car as a whole or by selling its parts. As mentioned, always ask around so that you will be able to compare prices as well and not miss out on the many possibilities out there.

Look for a Licensed Salvage Car Buyer

Searching for “Junk My Car” services is easy. What is difficult is picking the right service that maximizes the cash that you get from the sale while making sure that everything is legal and properly handled. This is particularly hard because there are so many interested buyers out there, and many of them just want to make a quick buck without caring if you get in trouble or not.

Remember: only do business with a licensed salvage car buyer. If the buyer-company cannot prove that it is licensed, leave that buyer and choose another one. Take note that only a licensed company can process the title of your car so that it is very clear that you do not own the vehicle anymore. Your state will mark your scrap car as a “salvage car,” thus protecting you from liabilities that may show up through your former vehicle.

A licensed junk car removal company will remove all the plates and stickers off your car as well as all other marks of its registration. These pieces of information will then be destroyed to protect you as a seller. If the junk car removal company you choose fails to do this, the potential consequences can be dire and extremely expensive.

To illustrate, let’s say that you sell your vehicle to a company that gives out cash for junk cars. You do not read any reviews and just go by your instinct to find a buyer on the internet or look up something in the old yellow pages. The transaction seems like a success, and the buyer patches up your salvage car here and there before selling it to another buyer, who then sells it again to yet another buyer. Unfortunately, the most recent buyer of the vehicle is in an accident and hits a family that was crossing a street, resulting in severe injuries–even death. The authorities contact you—why? Because it turns out the title has not been properly transferred, and you are still responsible for the tragedy because that old clunker you sold months ago is still in your name.

Avoid being the next victim of these unscrupulous, crooked buyers who just want to make a quick buck off your junk car without taking care of the sale’s legality; read junk car removal company reviews thoroughly before choosing the company that you want to sell your vehicle to.