Is it better to sell your car to the junk yards or to salvage it?
Junk yards differ from a salvage yard in a way that they are willing to buy used cars. If some parts of your vehicle are still in working condition, it’s a bonus for the junkyard. Your vehicle will get dismantled, and its usable parts will be removed. These parts can then either be sold as replacements in other cars. In contrast, salvage yards are only interested in cars that are beyond the scope of repair. They won’t pay you an extra penny for its parts. They are only interested in the metal part of your car and will dump the remaining body. Your choice will depend upon your car’s condition and the amount of effort you wish to put up into the sale.
Tips to earn the best deal for your car
Earning a good deal for your car requires a sincere effort on your part. Since you don’t have any prior experience, you need to be well prepared in advance. Here are few tips you can follow:
Research the market
Knowing about the market price and demands in various locations is essential to target the right buyers. For that, you will have to visit websites that provide relevant information. You can also get free quotations for your car by filling out a form mentioned on the websites. Though the websites will only offer you an approximate price, it will still be helpful for you to set the right selling price.
Do the preparatory work
For prior preparation, make sure you have all the documents with you. These documents include the title, warranty papers, service records, etc. Having these documents comes in handy during negotiations. It puts a good impression on the junkyard buyers, and they readily accept the price you demand from them. Also, make sure that your car is in presentable condition. Do wash it if it’s dirty. You can also apply wax on the surface to add shine.
Meet in person
Once you have communicated on phone or email, ask the junkyard buyer to meet you in person so that you can discuss all the details of the sale. Face-to-face meetings help in better understanding as both parties can know about each other.
Get payment in cash
Cash payments are safest as you don’t have to worry about the buyer’s credentials. The worst-case scenario can be that you receive fake notes, but if you are careful, this won’t happen. Sometimes, the buyers request partial payments and promise to give the remaining amount in installments. However, such promises are only short-lived. The buyers may take some time to complete the payment.
Inform your insurance company
Remember, even if you sell your car to a junkyard buyer, you will still be considered liable for insurance payments unless you inform the company. You need to contact the person concerned and request to cancel your policy. You may have to pay a penalty for that. However, if you buy a new car, you can transfer the policy and save yourself from such payments. Also, contact your local department of motor vehicle and ask them to cancel your registration. This way you won’t be having any liabilities in the future.