Image by woody1778a via Flickr
For many people, the old car has become a dear friend. While it is not shiny, new, or even extremely reliable, it is laden with good memories and kind affections. Eventually, most people decide it is time to move the well worn vehicle to a new resting place. Just how to go about disposing of it can be a dilemma. There are a few options to consider once the decision to get rid of the car has been made.
Sell it for whatever the market will bring.
Determining the price for a used vehicle can be tough. An old car is rarely worth as much to the potential new owner as it is to you. The dents, squeaks, and quirks that you are accustomed to can be major deductions from the car’s value to a buyer. Unless you are willing to confront the vehicle’s true condition with some brute honesty, it can be hard to find the right selling price.
Try not to dramatically overprice the car initially.
The problem with overpricing a used car is that when buyers begin to make low offers, you will be pressured to lower the price. When a car is priced near its true value, a seller can usually resist the temptation to keep dropping the price until the buyer says yes to the sale. However, with an overpriced used car, the seller’s confidence in the asking price is already weak before negotiations begin. It can be hard not to continue to lower the price until the car is sold somewhat below market value just to consummate the sale.
If the car does not run or has major bodily defects, you may have to sell it for parts.
Selling a used car for parts can be done in one of two ways. You can recognize that the car cannot be repaired, but still choose to sell it as one item. This means that you have to find a buyer who has a similar car that needs parts for repairs or maintenance that is willing to buy the whole car just to be able to cannibalize it for the parts that are needed. Since there are plenty of people who restore and rebuild cars, this is a realistic way to dispose of an old car.
The second choice when selling for parts is to dismantle the car yourself.
In this method, you advertise that you have a variety of parts to fit the particular make and model of the car. You will need to remove the parts and have them available for sale. Sometimes, those who sell a car in this way will allow the buyers to come and simple remove what they need from the car and pay for the part or parts. Generally, at the end of this process, it is necessary to sell the bones that remain for scrap to a salvage yard.
Of course, you can always trade the old car in for the next one.
This is probably the most popular way to dispose of an old car. For the owner, it is simple and quick. Unfortunately, it is also the least profitable. Because dealers have to leave themselves room to profit from the deal, they are forced to give the buyer the smallest possible amount for the trade in value. The dealer will then have similar options to the owner of how to move the car to get money out of it.
Unless you decide to just keep the car as a family heirloom, the salvage yard is the final option for disposing of an old car.
Selling a car to a salvage yard is a way to get something for what seems to be nothing. When the car does not run and the body is in poor or wrecked condition, selling it for scrap can be the only real remaining option. Every car has a huge amount of iron and steel in it. This metal has a value of so much per pound or ton. Salvage dealers know about how much the car will bring when it is crushed. They are willing to buy it for a little less than this amount and pocket the difference. Of course, the salvage dealer will hope to sell of some of the car’s parts for additional profit before selling the metal for recycling.