Automotive

5 Money Saving Rules for Junking Your Car

bleached-1834945_640Junking your car can be a hassle.  First, you need to know where to go and then you need to know how to get the best price for your heap of junk on wheels.  Well, one of the best things about the internet is that it has made it easier to find information which can save you time and money.  With that in mind, here are five money saving rules for junking your car.Not only will this information save you time when it comes time to bid adieu to your junker, it will also help you make sure you get the most cash.

Rule 1: Take Your Stuff Out of the Car

You would be surprised how many people forget to remove their personal items when it comes time to junk a car.  Not only do these items represent memories, but they also cost money – hundreds or thousands of dollars.  I have heard stories of people forgetting laptops, or other items in their car.  In some cases, they even forget materials they need for business.

The next time I will junk my car I will remember to remove the junk from my car.  I won’t assume the insurance company will replace any personal or business-related items in my car.   I will go through my car with a fine-tooth comb and take out anything which is of value or regret it later.

Rule 2: Make Sure Your Title is Clear

This is another detail which most people don’t think about.  But if you don’t get your title in order then you might run into issue when trying to junk your car.  Even worse you could have a problem with your bank.  Either way, you want to make sure the status of your title is in order.

To do so, you will need to return your license plates, cancel your insurance policy, and you contact your bank to make arrangements to pay off any balance due on your auto loan.  This will make it much easier to transfer the title of your car to the junkyard.  While you can sell a car without the title, the process is harder and, in most cases, you will need to prove that the car has not been reported stolen.

Furthermore, if you do junk your car without the title, you could run into issue later as you will still be considered the legal owner.  Potential problems include property tax liabilities or fines for improper disposal.  In both cases, the authorities could go after you and the fines could amount to hundreds of dollars or more.

Rule 3: Parting Can be Profitable

When your car finally does die, you might want to consider dismantling it and selling off the parts.  Often this can be more profitable than selling your car for scrap.  In fact, most junkyards will part out your car anyways.

Why should they get all the profit?  If you are handy with a wrench, then it is rather easy to take your car apart and sell the components.  This can include selling the parts on eBay or other online marketplaces.  Doing so opens a whole new market for the parts from your car, and if you know what you are doing can help you get hundreds, if not thousands, in profit.

Rule 4: Empty Your Gas Tank

We all know how much it costs to fill up your tank.  Why would you leave valuable gas in your car when you junk it?  In fact, junkyards make A LOT of money just from the black gold people leave in their tanks.

Normally, you don’t want to drive around with the fuel light on.  My wife even freaks out when then gauge is below the half-way point.  But to scrap your car without siphoning off whatever gas is left is wasteful.  Take the time to empty your tank so that you can use the gas in your new car.

Rule 5: Don’t Settle

Junking your car does not mean calling the first junkyard in the area and taking their opening offer.  Instead, you need to make a list of the junkyards around you and call them to see how much you will get for your heap.

This will also help to protect you from some of the common scams run by junkyards.  From there you can decide which yard will give you the most cash.  Don’t settle, be prepared to haggle and try to get the best possible deal for your car.

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James

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