No matter how long you try to nurse a car along, eventually, every vehicle hits its limit and becomes junk. Junk cars have more damages than a regular one, making it more difficult to sell. Normal buyers won’t buy one, but car builders and salvage yards will. Prepare yourself to sell this type of vehicle by considering these four factors as you initiate the sale of junk cars.
Before you sell junk cars, determine the value.
A junk car is not worth much on its own. Even so, many car restorers and mechanics are willing to buy the car for parts. If some parts are in excellent condition, but the rest are in bad shape, you can sell good parts that are worth more than the entire car. Know the values first before you determine a fair sale price.
Compare prices from people who buy junk cars.
Know the average prices that go for junk car sales in your city and surrounding areas. Compare prices to avoid selling the car for less than its value. Check if the salvage yard will tow it for free or charge a fee.
A good seller does not go with the first offer that sounds good. Be prepared to negotiate prices with any buyer. Also, consider driving a little farther to get a better deal. If the car isn’t drivable, you may have to accept a lower local offer.
You may not be able to sell a junk car if you still have a lien on it.
It is possible but more difficult to sell your car with a lien as most professional junk companies will not purchase the vehicle. You don’t officially own the car, so you can’t transfer the title to the buyer. You’ll have to provide information about the lienholder to the buyer. The buyer must know that the title is in his or her possession after the debts are paid, and the lien is removed.
Lemon laws mean you have to be honest about the junk cars’ condition.
Pay particular attention to lemon laws when you sell a junked car. These laws prevent you from deceptively selling a vehicle in below-average condition. In the sales description, be honest about every feature that the car does and does not have.
Some laws require the seller to state the odometer reading accurately. Not adhering to the law could result in a fine, lien or even imprisonment. So, know the requirements to sell a vehicle in any condition in your state.
Getting rid of a junk car is easy. However, selling one requires you to know something about the car’s value and local sales prices. Know how to transfer the title, including one withholds, and review fundamental lemon laws in your state. As you sell, follow the law at every step of the way and make sure that you and your customer are both satisfied.
Don't miss out!
Sign up for our Low Income Freebies & Tips (LIFT) messages to get text notifications of new freebies in your area!