Are you having an old junk car and wish to get rid of it? Here is the good news! You can sell your damaged car in exchange for cash. It is an easy way to add money to buy a brand-new car in the market.
Vehicles that have long since passed their recycling are sold as scrap to junkyards. If your car is quite old and has parts severely damaged due to natural calamities like a fire or a flood, disposing of it off is the right choice.
To sell your car as junk, you may need to surrender the title of ownership and license plates and get the DMV junk slip.
In the following article, you will understand the steps to sell your junk car for cash and what to do with your plates.
Check Your Vehicle’s Condition and Market Value
The automotive recycling industry boasts more than 140,000 people in the industry. It reports sales of around $32 billion annually.
The first step towards selling your car to a salvage yard is to check its current condition. Depending on how heavily it is damaged or what parts need replacement, you can arrive at the best price for your vehicle.
It is equally essential to check the current market value of your car based on the model and the year of manufacturing. Once you know these specifications, you can calculate the right amount to ask in exchange for your car.
Clean and Keep the Car Ready
Once you have finalized to sell your car for cash to a junkyard, you should get it ready for them to dispose of it. It is essential to remove all your personal belongings from the vehicle. You must check the storage compartments, under the seats, and trunk and clear off all the unwanted things.
Take Out Valuable Components
Some components of the car can fetch you extra money than selling it off to a junkyard along with the vehicle. Some valuable parts include alloy wheels, a new battery, electronics like a stereo system, and other attached devices.
You can put this list up for sale on sites like eBay and Craigslist. You might strike a good deal in return.
Find a Local Junkyard
Now that your car is ready for disposal finding a junkyard in your locality is the next step. You need to provide details about the vehicle and the damage level.
Every automobile junk company will have its rates and service charges. You must find a company that buys cars that match your model to get the best price in return.
You can check online websites for quotations and finalize the one that suits your requirement. You must check the junkyard permit and sell your car to licensed dealers.
Keep the Documents Ready
After you have finalized the deal, you must keep all the paperwork ready for selling the car.
You must submit the buyer’s title transfer proof, purchase details, and insurance papers.
Remove the License Plates
Before selling the car to a junkyard, you must remove the license plates from the vehicle. In many US states, you must hand over the plates to the state authorities to transfer the ownership to another title.
You must submit the plates to the local DMV office. You will get a DMV junk slip in return.
It is essential to protect yourself from violation charges in the future.
Inform the Insurance Company
Once you sell your vehicle to a junkyard, you must cancel the insurance policy. If you scrap the car without canceling the policy, you may still have to end up paying premiums for the automobile.
Arrange for the Junk Removal Service and Get Paid
The last step in disposing of your damaged vehicle is calling the junk removal company to visit and tow the car away. Once your car is taken, you will get paid by a cheque or cash in return immediately.
What Should You Do with the License Plates?
You must take the license plates off when you decide to sell your car to a junkyard. You must submit the plates to a local Department of Motor Vehicles (DMV) office.
In some states, like California, you can apply to transfer personalized plates to a new vehicle. You must fill the transfer and release of liability forms and submit them within five days of the sale.
You will get the DMV junk slip from the state authorities when you submit the plates. If your car registration has expired, you should pay some penalty to get the junk slip.
Each state differs in its rules regarding license plates for scrapping a car. You must check out the rules in each state and contact the government office for further details.
These are some easy steps that you can use to sell your junk car for cash and the points on what to do with your plates.