Wondering “how much can I get for my junk car?” In this post, we’ll talk about what the going rate for junk cars in 2020 is and what can you expect to get in terms of cash for junk cars.
Current junk car prices for 2020 range from anywhere between $50 and $20,000, but heavily depend on multiple factors.
In most cases, the price for junk vehicles fall within the $100 – $500 range.
Getting rid of your junk car isn’t a complicated process, but determining how much it is worth and taking the proper steps to getting the most value can be a little confusing.
Unfortunately, there is no one-shot formula for appraising a vehicle’s value, but all appraisals, at least from many salvage companies, have these factors in common
- Location of vehicle
- Year, Make, Model
- Condition of Vehicle
- Current Price of Scrap Metal
It’s with these factors that appraisers will estimate the value of your vehicle, which ultimately determines what they can pay you for your junk car.
Keep reading to see why and how prices are determined!
Determining the true value of your junk car
Any junk car, even those that have one or more components that make them unsuitable for driving, is worth something. That’s why you need to figure out its true value before proceeding to, well, the selling part.
The sales value of a junk car is more or less based off of its current market value for that same vehicle in used condition, with a catch. The amount you will receive for a junk vehicle is based loosely off its diminished value, which is based off the total cost of repairs that may make the vehicle a working vehicle again, along with the market value for the same car.
One of the most important things you need to do before selling your junk car is finding how much that junk car costs. The true value of your junk car essentially determines how much you can get out of the vehicle. After all, you don’t want to sell your junk car and later discover you didn’t get as much as you could out of the car.
After you determine the value of your vehicle, you can start shopping around for appropriate junk car salvaging companies — and we’re glad to help anyone who is interested in using our service.
So, how do you get the most for your car?
According to Kelley Blue Book, most salvage cars cost as much as 20 to 40 percent of a car’s used value, but again, certain factors also play a role in determining the going rate.
As mentioned above, where the vehicle is located, the condition of the car, what year/make/model it is, and the current price of scrap all play a major role in creating an accurate appraisal.
Here’s a breakdown of how these factors play a role in your determining your car’s junk value:
Location – Where you live plays a huge role in what you’re able to receive for a junk car. Your proximity to a salvage yard and regional price of scrap play a role in how much you can receive for your vehicle. The popularity of certain vehicles in an area may also affect how much money you are able to make, as certain junkyards will pay more for specific models.
Year/Make/Model – While there are still many older vehicles on the road today, the demand for parts is not always consistent. For example, hundreds of people still drive Dodge Neons, but the demand for those parts is relatively low because most of the Neons that are taken off the road are truly at the end of their life. Another thing to consider is how cars change from year to year, and as vehicles become more fuel-efficient and environmentally friendly, more plastic may be integrated into the bodies, which decreases the metal weight.
Condition – This is pretty simple to understand, but it’s worth mentioning. If you are driving a pristine, clean, and smooth running junk car, you’re more likely to get more cash for it. If you’re really driving a rusty clunker, then it’s going to be bought for its scrap value, rather than the value of its parts.
Current Price of Scrap – This is probably the most important factor in how much you receive for your junk car, if only because most salvage companies are buying vehicles for the metal value, rather than the parts. If the price of scrap is down, generally you will not be able to receive a high payout for your vehicle, even if it is in generally good condition.
These factors are not the end-all for determining your junk vehicle’s value. With some vehicles, you can potentially get even more depending on the individual components. What we mean is that sometimes the components of a working vehicle can make you more cash than an equivalent junk car that isn’t working. Keeping all of this in mind, it’s important to do your research before selling your junk car, so you can receive the best price possible.
You may also want to read: 10 things to do before junking your car
Looking to get cash for your junk car? Try our junk car value calculator!