Did you know that there are about 5 million car accidents in the US every year? While some of these accidents cause only minor damage to the vehicle that has little impact on the price of the vehicle, there are others that can ultimately cause serious damage or result in total damage to the vehicle.
If you have a wrecked or badly damaged car, or a lemon, you may be asking yourself:
“Can I still sell my car?”
This can be a frustrating situation. You have already spent money on the car itself, and now it can hardly be used, if at all. You want to make money selling your car, but you don’t know if you can sell it at all.
And if you can find a way to sell it, you might ask yourself, “Is it worth it? How can I find out what the real value of my car is? ”
That’s why we put together this guide. Once you learn to appreciate your car – be it an old car, a damaged car, or a car you’ve built – you can finally sell it and make some money. Read on to find out more.
Once you get the average retail and wholesale value, you can use it to calculate the replacement cost of your vehicle. To do this, contact your insurance company. When you call them, ask what percentage of the market value they use to determine the cost of disposal.
Usually this percentage is 75%. However, it can be different, so be sure to call your insurance company. The more information you have about the cost of recycling, the more bounced you will get from the sale of your vehicle.
To find out the cost of scrapping your vehicle, you need to use the remaining percentage. So, for example, if your insurance company uses 75%, you will use 25% in the next calculation.
In this case, you must multiply the number obtained in the last section by 0.25, or 25%. Once you have that amount, you can start figuring out if you can make money selling your car. It all depends on whether this amount is more or less than you will spend on repairs.
If your repair costs are higher than the amount you calculated, then it is not worth doing the repairs because you will be investing more money than you end up getting from the sale of your car. However, there is no need to lose hope for now.
Apart from the cost of repairs, there are other factors to consider in order to understand if your vehicle is suitable for sale.
Even if after you have considered all these considerations it is not eligible for sale, you can still sell your car for parts or sell it to a warehouse. Let’s take a look at these considerations now.
Now that you have read this article, you know what the answer is to the question: “Should I sell my car or rent it for scrap?” If you need help finding a buyer for your vehicle, or you still can’t figure out what price to sell it for, we can help you. And if you need to scrap your car, we can help you too.
At Cash Auto Salvage we are experts when it comes to cars and can help you with any part of the process. We also buy junk with cash. Get an offer for your vehicle in 90 seconds or less.