What is the value of my junk car?
The value of junk cars is typically between $100-$1,000. It’s dependent on several factors such as make, model, age, condition, mileage, and location. There are different ways to scrap a junk vehicle. Finding the best option will depend on the research you put into it. In most situations, expect between 20-40% of your car’s resale value when you scrap it.
Learn more below as we dive into what exactly we take into consideration to determine the value of your junk car.
If you’re tired of seeing a junk car in your garage, it’s time to sell it. However, knowing how much a junk car is worth can be challenging. Even most junk car owners are unsure whether someone will pay cash for their scrap.
Junk cars have value, and the values are evaluated based on factors like size, weight, and current market price. Continue reading as we discuss all you need to know when it comes to how much your junk car is worth.
If you want to find out how much your junk car is worth quickly, fill out our instant quote form online and in under 2 minutes you’ll get an offer.
What is the actual worth of my junk car?
One of the most common questions we get asked is, “what is my junk car worth?” First and foremost, the current prices of scrap metal in the marketplace usually determine the value of your scrap car.
If your junk car has no usable parts, then it will be recycled. You’ll get paid for the weight of the metals in your car. The largest part of your car is made of steel. The amount of steel on an average vehicle ranges anywhere from 2,000 to 2,500 pounds. The total weight of the vehicles depends on several factors.
In addition to steel, today’s vehicle also has copper and aluminum but in small quantities. An average vehicle has between 200-300 pounds of aluminum, copper is available in a smaller amount. You can probably make a little more money if you can separate the metals and sell them separately.
A recent report on scrap prices found that the ongoing rate of scrap steel is valued at $208 per ton. That’s about $0.10 per pound.
The current rate is $203 per ton or $0.10 per pound. So you can evaluate your car through its weight. The price of a scrap car is between $150-$300 for medium-sized cars.
Smaller cars could cost as low as $100. You might see a larger truck or SUV between $250-$450. Let’s further explore how we calculate these numbers.
Calculating the price of scrap cars
We calculated the prices above based on the current prices of pure scraps. You can evaluate your car by multiplying its weight by the current market price of scrap cars. For instance, your car may have scrap steel of 2,000 pounds, aluminum of 200 pounds, and copper of 30 pounds.
Since aluminum is about $0.50 per pound and copper is about $1.00 per pound, your midsize car can still be valued at $350. Keep in mind that not all junkyards will have the time to dismantle the parts like that. So you can sell off usable parts of your car or part it out on your own. Parts like catalytic converters can rake in a few more hundred dollars if they can be removed because they are expensive.
You can receive up to 40% of the value of your junk car’s part from a salvage yard. Keep in mind that the longer a car stays without sales the less its value. The useful parts may rust or become useless and lose value. So if you want to get the best deal for your vehicle, sell them sooner.
If the wheels on your vehicle are still good enough for use, you can sell them for a few hundred dollars. Other important parts of a car are the rims, electric motors, car batteries, alternators, radiators, and catalytic converters. A properly parted out car can rake in $1,000 or even more. But you need to spare some time and also know how to remove these parts. A scrap car value calculator can also help.
How prices of scrap metals affect junk car value
As aforementioned, the price of scrap metal plays a major role in the price of junk cars. You may be wondering, “how much does my scrap car worth” or “how much can I get from my scrap car.”
Well, it comes down to how scrap metals are valued in the current market. The price of scrap metal has dropped drastically over the past years, and this is caused by many factors.
First off, some countries produce their steel, and they no longer depend on American steel like before. Just like in the economic world, when demand reduces, the price drops.
The case is not exceptional with scrap car prices which is why their prices are lower than in the past.
Because scrap cars are typically made up of scrap metal, they have a related price. Therefore when the price of scrap metal drops, the price of scrap cars automatically drops. On a similar note, when scrap metal prices increase, scrap car prices also increase.
When markets are at an all-time low, it is your choice to decide if you’ll wait till the price goes up again or not. Waiting can eventually reduce your car’s value especially if you’re selling usable parts. But if you want to sell the parts and the price goes up, you could make more money.
The current condition of the scrap metal market
The covid-19 pandemic has influenced the scrap metal market to become volatile in the past years. When the pandemic began, the price of scraps reduced drastically.
Prices went down when countries like Canada started to make their steel without depending on the global market.
In addition, the pandemic also made the global demand for scrap reduce drastically. This affected the scrap market grammatically. Prices dropped to an all-time low although they’re coming up a little.
The pandemic effects are skyrocketing into the global supply chain. Product demand is rising. There’s a surge in demand and price for new and used automobiles. The global supply chain is facing shipping and transportation problems, and getting raw materials to the right locations is now more difficult. Because of this, the scrap metal process is beginning to surge again.
Many analysts have predicted that prices will continue to increase in 2022. Junk car owners will find this interesting and well new. You’ll get paid higher prices than before for your junk car.
Do the prices of scraps change?
You may wonder if the price of scraps ever changes or how often it changes. There’s no definite answer to this. Scraps prices are just like the stock market prices, it changes every day.
However, the daily price changes may only be by a few cents. The most common occurrence is to experience weekly changes in price. The majority of scrap buyers prefer to update their buyer’s prices weekly. But before that, they usually study the changes in the global market process for some days before they set their price accordingly. Overall, weekly changes are still usually small.
Some scrap buyers only update their buyer’s prices every month. Because price changes in the scrap markets are relatively small, they resolve to monthly updates. But today, the monthly update may not be the best idea because of the volatility of today’s market.
Scrap buyers that continue to update their prices monthly may experience low patronage.
What factors affect the value of junk cars?
Let’s consider a few factors that can influence the value of a junk car.
Type of car
Remember that the first information a scrap buyer will request is the type of car you want to sell. They’ll first request to know the make and model of the car before negotiations. Scrap buyers ask this question because there’s a specific type of car they prefer to buy. Is your vehicle’s part hot in the demand market? You’ll probably get a great offer.
The condition of a car is another important factor. Keep in mind that the condition of your vehicle will determine what your buyer will use it for. Is the car good enough to be stripped and sold? Or will the buyer just convert the car into scrap and resell it?
Note that even if your car does not operate easily, some important parts may still be in decent working condition which means they’re still valuable to the buyer. For example, damaged cars with new doors will be valuable to a buyer who needs a new door. Conversely, if your junk car is rusty or has flood or fire damage, you may not expect a really good deal.
A junk car buyer may also request information about your car’s manufacture year. Hence, your car’s age will also play a crucial role in the price. If you’re not sure of the year your vehicle was manufactured, try to find out before you get in touch with a scrap car buyer.
This may sound unbelievable, but your location plays an important role in how much you’ll get paid for your junk car. For instance, proximity to a salvage yard or a junkyard, and the scrap’s regional price will play an important role in the price of your junk car.
Scrapping your vehicle for more profit
It’s interesting to know that you can get paid more than the typical per-pound rate if the important components of your car are in good condition. For instance, if the engine and the transmission shifts are in good condition, expect more cases for your vehicle.
To be able to get the best offer for your scrap vehicle or junk cars, go to a junkyard or scrap yard selling parts of a used car. Then, ensure that the car is in a presentable condition – charge your batteries, change the oils, etc.
Other important factors that affect your scrap car’s value
The scrap value of your car depends on several factors. We give you a breakdown of the different factors that affect the scrap value of your car below.
Besides the weight of your car, current market price, age, location, etc, other factors affect the value of your junk vehicle. They include:
Dismantling the vehicle
To remove, dismantle, crush, and take off the usable parts of your car is a lot of hard work. So cash for cash business owners will need to pay the staffs who take off this hectic work.
Document and paperwork
Before a car can be scrapped, certain paperwork must be completed and all necessary documents filled out. In addition, there’s also the process of title transference.
Although junk car buyers offer free towing, they also pay a towing service to get your car towed from your location to their location.
Tow driver’s fee
Apart from the towing cost, the tow driver will be compensated too. Whether it’s an hourly rate or a one-time fee, the driver will also get paid for transporting the car from one location to another.
Besides the towing fee, the tow driver will also have to pay for gas to transport the junk car to its final destination.
Value of my junk car? – Final thoughts
Zippy Cash for Cars makes the process of selling a junk, dented, damaged, and unwanted car easy with an instant quote. You don’t have to go through that footwork or switch from one dealer with a lowballing offer. We’re the top junk car buyers in the US.
Of course, you can sell your vehicle online. But you have to go through the hassles of uploading photos of your car, writing a description, etc. Is it worth it? Most online car-selling marketplaces will charge a fee whether or not you sell your vehicle. So where do you sell junk cars? To a Junk car buyer. You don’t have to go through the stress of creating ads, writing descriptions, and marketing them online. There’s the risk of dealing with a potential scammer.
Zippy Cash for Cars purchases all types of cars, including junk, damaged, or old cars. We’re in the business of removing junk cars from customers’ hands in exchange for money. We typically pick up within 24-48 hours and pay on the spot. Our goal is to provide a fast, safe, and smooth service for our customers. Find out how much your junk car is worth today and sell your car to one of the nation’s leading junk car buyers. We offer competitive junk car prices in your city. We’ll beat the average price and even current scrap metal prices. Don’t waste time with a scrap yard – we buy all types of junk vehicles.