Sometimes people go a little too far to keep a car going, and the amount of money sunk into new parts for their vehicles is lost when the car just requires more and more. If this sounds a lot like the situation with your own car, it may be time to let the "clunker" go. If you want to get most of your money back, here is what you should do.
Break Down the Vehicle for Parts
Take apart your vehicle and put up the auto parts for sale. Sell all of the parts "as-is" on online auctions or through local classifieds. If you charge just below fair market value, you should be able to sell all of the parts and get a good bit of money back. This includes everything from the steering column to the water pump, to tires and car doors. Sell it all in pieces to maximize your profits.
Find One of Those "Money for Junk Cars" Buyers
There are lots of advertisements out there for "money for junk cars." The ads are for private buyers who pay you for the scrap metal, then turn around and sell the cars to a salvage or junkyard in the form of "metal tonnage" to maximize their profits. Most of these individual buyers pay a fair price, but they do not often pay what a salvage yard would.
Salvage yards will definitely buy your clunker. You will have to call all the salvage yards in your area to find out what they will give you. Some will pay less to pick up the vehicle. Others will give you more money if you can drive the vehicle to the yard. The metal prices are extremely competitive, too, which is why you need to call around and find out who is paying what for junk cars.
Choosing a Method of Disposal
So, out of the three ways of junking your clunker and getting your money back, all of these are based on how fast you can get rid of the vehicle and make some money. Writing classified ads and parting out the vehicle takes the most time, but it usually makes the most money. Selling it to an individual buyer gets rid of the whole thing faster, but you may be losing money. Selling it to a salvage yard is equally as quick as your second option, but you might make more money.