14 May 2018

How To Earn Good Cash Value On Your Old Scrap Car?

by Dave

Determining the cash value of an old scrap car can be difficult – what exactly would be a fair price? And how do you know when you’re getting a fair price? When it comes to determining value, particularly of older vehicles, there are a lot of factors that need to be considered. It should also be noted that the value is never fixed – it can vary from dealer to dealer.


Why would you want to know the cash value?

The cash value is how much the car is actually worth at the time of the assessment. It can be useful if you’re thinking about selling the vehicle, as it will let you know whether you’re getting a fair price or not. Even if you’re not quite ready to sell, knowing the current value will give you an idea of how much you’ll get if you wait to sell (unless it’s a collectible, the value will only go down).

What factors affect the cash value?

As we’ve already mentioned, there are a number of factors that could potentially affect the cash value of your scrap car:

  • Age – Did you know that new vehicles will lose as much as 30% of their value the moment they’re driven out of the dealership? If a new vehicle loses that much value in a single day, rest assured that the older it is the less valuable it becomes. Age is one of the biggest deciding factors.
  • Condition – Do you regularly maintain your vehicle to ensure it’s kept in tiptop condition? Or has it been a while since it’s had a service? Regular maintenance can make all the difference when it comes to the vehicle’s value; as such, condition is the second biggest deciding factor.
  • Model – Different models will fetch different prices. Whether the vehicle is being scrapped for parts or someone is actually going to drive it, the make and model set the foundation for its value. At the end of the day, some models are simply worth more than others.
  • Accidents – Keeping your vehicle accident-free is a sure-fire way to increase its value. Even a single accident can significantly reduce the value, especially if you’re hoping to sell the car for someone else to drive (in these cases, you’re better off selling it for parts).

If you’re hoping to receive a good cash value on your scrap car, we hope that the information provided above has given you plenty to go off. It is important to remember that a number of factors can affect the overall value of a vehicle, so going in with a set amount in mind can backfire if you have overestimated its condition or how much the model is worth.