Have you recently been in an accident and are now dealing with the burden of owning a wrecked car? You may feel like your options are limited and your once prized vehicle is now worthless.
But did you know there’s a way to make money from your wrecked car? It’s true! You can actually get cash for your damaged vehicle using a few different options.
In this article, we will not only discuss how to make money from a wrecked car. We’ll also cover how to maximize the return from your damaged vehicle.
So if you have a totaled car taking up space in your driveway or garage, read on to find out how you can turn it into extra cash.
Understanding Your Options
Source: cashcarsbuyer.com
First things first, you need to fully understand the specific damages and how your vehicle is classified.
Typically a wrecked or totaled vehicle is one that has been written off by your insurance company.
For these vehicles there is no point trying to repair them as the cost of doing so will be worth more than the vehicle itself. In this case, your only real options are selling it as is or stripping it for parts to be sold individually.
If on the other hand, the damage is not too severe, you may be better off paying for the repairs and selling it once repaired. You could also try selling it as is, but you will need to advise the buyer of the issues and will have to sell it at a lower price point to account for this damage.
Who Buys Totaled Vehicles?
For a truly wrecked car that has been given a totaled classification by your insurance company, you may find it almost impossible to sell privately. Such vehicles have no demand unless they are collector’s items or have very valuable parts.
So who will buy it as is then? Luckily you always have the option of selling to a salvage yard no matter the damage to the car.
If you don’t already know, salvage yards are places where broken-down vehicles are bought, dismantled, and sold for parts. They can also be referred to as junkyards, auto wreckers, or cash-for-cars services like this company.
Basically, these businesses specialize in buying wrecked vehicles and extracting their usable components for resale. They also recycle large masses of scrap metal.
How to Sell Your Wrecked Car to a Salvage Yard
Source: cashautosalvage.com
Once you’ve decided to sell your car to the wreckers, the next step is to find a reputable salvage yard in your area.
Start by asking friends and family for recommendations or checking online reviews. Then contact the salvage yards with any questions you may have about their services and how they handle wrecked cars.
Finally, once you’ve chosen a salvage yard, arrange to either bring your car in to be inspected and appraised. Alternatively, ask them to come to you so they can inspect and make the purchase onsite. This is ideal if your vehicle doesn’t run or is out of registration.
What Salvage Yards Look for When Buying Cars
When considering whether to buy your vehicle, salvage yards will look for certain factors, such as the make and model of the car, its condition, and any usable parts that may still be intact.
They also consider how much it will cost them to acquire the car and dismantle it. If they determine that making a profit from buying your damaged vehicle is possible, they will make you an offer.
Dismantling The Vehicle Yourself
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if you don’t mind getting your hands dirty and learning some new skills along the way, then taking apart your car yourself can be another great way to make money off of it.
By doing so, you’ll be able to keep all of the profits from selling any valuable parts or scrap metal yourself instead of having to pay someone else for their services in dismantling your vehicle for you.
Plus, if done properly and safely, dismantling a car can provide an excellent opportunity for learning about automotive mechanics firsthand.
Where to Sell Car Parts
If you plan on dismantling your vehicle and selling the parts online, there are numerous websites where you can list and market them.
Popular sites for this purpose include eBay Motors, Craigslist, Car-Part.com, PartsGeek, CarParts.com, and Amazon Auto Parts & Accessories. Otherwise, local classifieds in print or online can also be used to get the word out about the parts you’re selling.
You can also try selling car parts in person at local auto repair shops, junkyards, scrap yards, and even through private buyers. Also, consider community events like flea markets or swap meets where you can set up a stall and advertise your parts for sale.
Maximizing the Value of Your Damaged Vehicle
Source: danielrrosen.com
If you’re hoping to maximize the value of your wrecked car, there are a few things you can do.
First, it’s important to do your research first. Make sure that the buyer knows exactly what type of vehicle or parts they are buying. For instance, if you have an old classic car, let them know so they can prepare themselves for the project ahead.
You should also try to be as honest and upfront about the condition of your car or the parts, even if it’s not in great shape. Salvage yards understand that cars can get totaled from time to time, and they will take that into account when making you an offer.
Finally, it helps to know how much your car is worth before you start negotiating with any prospective buyer. You can look up the Kelley Blue Book value for your make and model, as well as research what similar cars are going for on websites like Craigslist or eBay Motors.
Armed with this information, you’ll be in a much better position to get the best price for your wrecked vehicle.
Conclusion
Selling a wrecked car can be a great way to make some extra money and avoid the cost of towing it away.
However, it’s important that you do your research in order to get the best price for your car. Start by finding a reputable salvage yard with good reviews and then negotiate from there.
If you’d rather keep the profits for yourself, then consider dismantling your car on your own. It can be a rewarding experience, and you’ll have the satisfaction of knowing that you got the best return for your damaged vehicle.
