That rusted piece of trash in the driveway could be worth hundreds of dollars in parts and scrap metal. Isn’t it great to get rid of the old junk and receive a nice cash prize in return, even if it’s only worth a few hundred dollars? After seeing how much you get for scrapping a car, you may be more motivated to scrape it. To start your road to big financial gain, let’s take a look at how to calculate the value of a car wreck and find out how much your old car wreck is worth.
Top factors to determine the value of a scrap car
The most important factor in calculating the price of a car wreck is the type of vehicle. The current market value of the car is determined by the year, make and model of the vehicle. You can find the average value of your used car from the Canadian Black Book, however, scrap cars are valued differently, especially if they have several issues that are preventing them from running. Car scrapping for a maximum value of one third of a used car. If the car is still in good condition and running or the damn for its parts is high, you can get this offer.
ُ The price of scrap metal is the second most important factor. This isn’t something that most car owners take into consideration, but it plays a significant role in determining the value of a scrap car. According to the World Steel Association and The Aluminum Association, 60% of the average body structure of today’s vehicles is steel and 16% is aluminum. Even cars that are not recoverable can be recycled into scrap metal and turned into new items.
The condition of the car is another factor that buyers of car wrecks are considering. They can decide whether to recover the car, resell the car or its parts, or destroy and recycle the car. If your junk car has only a few problems, you can expect a better deal than a dead car. If the entire cost of repairs to get it running again is greater than its value, the buyer of a scrapped car is unwilling to recover the car and will demolish it, therefore; the offer you get is based only on the scrapped value of the car.
Location is the last factor that has an impact on the offer. This has less impact on determining the value of a car wreck. Although most auto scrap removal companies offer free removal, they do include transportation costs in the offer. Therefore, the closer you get to the scrap yard, the higher your chances of getting a better price. Furthermore, the price of scrap metal can vary from region to region.