The cars that are not functional due to significant damage to the body or mechanical damages are referred to like junk cars. When people have a vehicle older than ten years, they do not get it repaired if it malfunctions due to higher costs in repairs and then such cars become junk cars. Scrap dealers and other car dealers purchase these old junk cars for the body, chassis, or any of the functional parts.
So, if you have an old junk car sitting in your garage, you may wonder how much junk car is worth?
The value varies from car to car as it is dependent on many factors.
- The year and model of the car.
It is a crucial factor that determines the value of your junk car. These cars are priced differently than the second-hand market. The year and the model contribute to determining the current price of the vehicle along with its parts.
Moreover, the popularity of specific car models matters as well. If it’s driven by a larger population, then that junk car may be valued higher than others. Ordinary cars are valued higher as there is already a demand for their parts.
- Price of Scrap Metal
The price of scrap metal is volatile and fluctuates over time. A non-functioning car with bad quality parts can be sold off as scrap metal. The metal extracted from cars can be recycled to make newer parts for cars. Over 2000 pounds of steel and 300 pounds of aluminum can be extracted as scrap metals from a junk car.
- Vehicle’s Condition
The condition of the vehicle decides the fate of the car. If the car is in good condition with minimal rust to the body and chassis, then the buyer might buy the junk car to restore it. At the same time, vehicles in the worst condition are often scrapped or stripped for spare parts.
- Demand for parts
Old cars are often not worth repairing owing to higher costs and less availability of spare parts. Selling parts separately often brings in more money than selling the car altogether. You can sell everything in a car if it is in working condition. If you have a rare junk car with working parts, then it is more valuable. The higher the demand for the parts, the higher will be the value. Certain parts such as headlights, chassis, suspensions are worth more. So, evaluate the condition of the parts in your car; if most of the pieces are in a working condition, then separately selling the parts makes more sense.
- Location of the Vehicle
The price of scrap metal is highly volatile, changing from time to time, and is different for each city. In addition, the popularity of that model in a particular region affects the value as well. If a specific car is more common in an area, it will be valued higher and vice versa.
How much a junk car is worth mainly depends upon the above factors. However, in some cases, junk cars value more than new cars if it is a limited edition or sports car, or pop culture memorabilia.