How much is My Junk Car Worth?
Junk Cars
There could be a multitude of reasons for a junk car that is just setting around. Perhaps it no longer runs or it was involved in an accident and is no longer safe to operate; perhaps a former acquaintance left it sitting in your backyard and abandoned it years ago. No matter what the reason is, there comes a time when it needs to be moved and gotten rid of. Since there are many options for disposing of junk cars, the owner is going to eventually ask the question of how much the junk car is actually worth. The answer will probably depend much more on how the owner chooses to dispose of the junk car than it will on its actual worth.
Selling a Junk Car
There may be a few people who can manage to sell their junk car for a thousand dollars or so if they are really lucky and do hours of research. It is possible to get top dollar on a junk vehicle through some of the online resources such as Craigslist or eBay as long as the owner has unlimited time and energy to invest in such a venture. Just the metal by itself can bring in a couple hundred dollars at a local salvage yard if the resources are available to remove the broken vehicle. Sometimes the car can be sold at a scrap metal facility for a small amount of money. Then again the owner must be able to take the nonworking vehicle to the scrap metal company in order to get the monetary benefits. These prices are known to fluctuate with the going economy so what metal may be worth today may be substantially different tomorrow. This again will take a lot of research to ensure that you can get the most out of the junk car.
Donating a Junk Car
Another option may be to donate a junk car to a charity. This can yield at least the value of the vehicle in a tax deduction even though its worth is not realized in actual cash. However, in 2005 the tax laws on deductions to charities changed and an owner no longer gets the blue book value of the car as a tax deduction, they only get what the charity was able to sell it for. It is possible to donate the old car to a charity that will either use the car or its usable parts in another vehicle. In these cases the entire value of the vehicle (as listed in Blue Book) would be tax deductable. Depending on the year and make of the car and its actual running condition this could mean several hundred dollars to the owner.
The Bottom Line
Junk cars have varying worth depending on the overall condition of the vehicle. A reputable and licensed salvage yard can purchase the vehicle for a couple hundred dollars or the scrap metal place can give the owner the cash for the value of the metal that is in the car. This can be a good deal and yield a few hundred dollars unless the scrap metal market is on a down swing. In some of the best situations, a junk car might offer a few hundred dollars off on the taxes at the end of the year.
Selling a Junk Car
There are also many reputable businesses that purchase junk cars. They have the resources to ensure that the vehicle is recycled. They will come and view the vehicle and offer a price based on the condition of the car and then tow it away. This can be the best way to make money on a junk car since most owners can bring in a few hundred dollars and not have to deal with the hassle of finding a place for it to go.
Selling a Junk Car
There may be a few people who can manage to sell their junk car for a thousand dollars or so if they are really lucky and do hours of research. It is possible to get top dollar on a junk vehicle through some of the online resources such as Craigslist or eBay as long as the owner has unlimited time and energy to invest in such a venture. Just the metal by itself can bring in a couple hundred dollars at a local salvage yard if the resources are available to remove the broken vehicle. Sometimes the car can be sold at a scrap metal facility for a small amount of money. Then again the owner must be able to take the nonworking vehicle to the scrap metal company in order to get the monetary benefits. These prices are known to fluctuate with the going economy so what metal may be worth today may be substantially different tomorrow. This again will take a lot of research to ensure that you can get the most out of the junk car.
Donating a Junk Car
Another option may be to donate a junk car to a charity. This can yield at least the value of the vehicle in a tax deduction even though its worth is not realized in actual cash. However, in 2005 the tax laws on deductions to charities changed and an owner no longer gets the blue book value of the car as a tax deduction, they only get what the charity was able to sell it for. It is possible to donate the old car to a charity that will either use the car or its usable parts in another vehicle. In these cases the entire value of the vehicle (as listed in Blue Book) would be tax deductable. Depending on the year and make of the car and its actual running condition this could mean several hundred dollars to the owner.
The Bottom Line
Junk cars have varying worth depending on the overall condition of the vehicle. A reputable and licensed salvage yard can purchase the vehicle for a couple hundred dollars or the scrap metal place can give the owner the cash for the value of the metal that is in the car. This can be a good deal and yield a few hundred dollars unless the scrap metal market is on a down swing. In some of the best situations, a junk car might offer a few hundred dollars off on the taxes at the end of the year.
Selling a Junk Car
There are also many reputable businesses that purchase junk cars. They have the resources to ensure that the vehicle is recycled. They will come and view the vehicle and offer a price based on the condition of the car and then tow it away. This can be the best way to make money on a junk car since most owners can bring in a few hundred dollars and not have to deal with the hassle of finding a place for it to go.