That rusted-out piece of trash in the driveway could be worth hundreds of dollars in parts and scrap metal. Isn’t it great to get rid of old trash and receive a good cash prize in exchange, even if it’s only worth a few hundred dollars? After seeing how much do you get for scrapping a car, you might be more motivated to scrap it. To get you started on your way to a great financial gain let’s look at how to calculate a scrap car value and find out how much your old scrap car is worth.
Top factors to determine the value of a scrap car
MAKE, MODEL AND YEAR
The most key factor that goes into calculating the price of a scrap car is the type of vehicle. The current market worth of the car is determined by the year, make, and model of the vehicle. You can find your used car’s average value from Canadian Black Book, however, scrap cars are valued differently, especially if they have several issues that prevent them from operating. Scrap cars worth a maximum of one-third of a used car. If the car is still in a good shape and running or the damnd for its parts is high you can get this offer.
SCRAP METAL MARKET PRICE
ُScrap metal price is the second most important factor. This isn’t something most typical car owners consider, yet it plays a significant role in determining the value of a scrap car. According to World Steel Association and The Aluminum Association, 60 percent of the average today’s vehicle body structure is steel and 16 percent is aluminum. Even cars that aren’t salvageable can be recycled into scrap metal and turn into new items.
The condition of the car is another factor that scrap car buyers are taking into consideration. They can decide whether to salvage the car, resell the car or its parts, or shred and recycle the car. If your junk car only has a few problems, you can expect a better offer than if it’s a dead car. If the entire cost of repairs to get it working again is higher than its value, the scrap car buyer is not willing to salvage the car and is going to scrap it, thus; the offer you get is only based on the scrap value of the car.
LOCATION OF THE CAR
Location is the last factor that has an impact on the offer. This has a minor impact on determining the value of a scrap car. Although most scrap car removal companies offer free removal, they consider transportation fees in the offer. Therefore, the closer you are to the scrapyard, the better your chances of getting a better price. Plus, the price of scrap metal may vary region by region.