Should You Sell Or Scrap Your Car?
When getting rid of a car there are two options: sell it or scrap it. If you want to make money from your old car, then selling and scrapping are really the only two options. But which is the better option?
If your car’s still in good condition, then selling is likely to be the obvious answer. However, if your car has a number of faults (either from wear and tear or an accident), knowing whether to sell or scrap may not be such an easy decision. The following post lists a few things to consider that could help you to make the right decision.
How much is your car worth?
The first thing you should do is to work out the value of your car. You may be able to work out a price by comparing your car to similar used models for sale online. Alternatively, you can look for sites that are able to calculate a used car value depending on the age, model and mileage.
In most cases, you’ll be able to ask more for your car by selling privately than selling to a dealership. If you plan to sell and want to maximize your return, this is something to consider.
Does your car need repairs – and if so how much will they cost?
Once you’ve worked out the value of your car, you need to consider if there are any faults. While you may be able to sell your car with minor issues like scratches or a faulty warning light, it will be much harder to sell your car with major faults like a broken clutch, multiple worn tires or a cracked windscreen.
Work how much repairs are likely to cost you by getting a quote from a repair centre. It’s possible that you may be able to shop around for repairs (you may even know a qualified mechanic personally who can offer mates rates). Just make sure to only get quotes from people you trust will do the job right.
If repairs cost less than half the value of the vehicle, it could be worth getting them done and then selling the vehicle. Alternatively, you could consider reducing the price to compensate for the fault - however you may find that there are still few buyers willing to purchase a vehicle that needs major repairs.
If your vehicle is worth less than $1000 and repairs cost more than half the value of the vehicle, you may find that it’s more profitable to scrap your vehicle. You can find scrap quotes online - most scrap yards will be willing to pay a few hundred dollars and will collect your car from your home. Visit the scrap yard’s website, like Scrap Car Cardiff, and work out if the price of scrapping your car is likely to be more than the price of selling your car after repairs.
How quickly do you want to get rid of your car?
You should also consider just how quickly you want to get rid of your car. If you’ve recently got a new car, you may not want to be paying insurance for two vehicles. Selling can be a long process - particularly if you go private. Scrapping tends to be much quicker - in some cases, you may even be able to get someone to collect your car within the same day. For this reason, you may also choose to donate your old vehicle instead. This process will also be quicker than trying to sell it, and the charities will not be as picky as a potential customer.
If time isn’t an issue, then you may not mind waiting to get repairs and then selling your car. You may even be able to get away with pricing your car a little higher than what is recommended - it may take you a few weeks to attract a buyer, but you’ll make more money.
