If you have an old car or truck that's taking up space in your driveway, there's no need to let it rust away into oblivion. Although it may not be in good condition, you can still make money from it by selling the vehicle to a junk yard. Before turning it over and collecting your cash, though, here are two important things you should do.
Sell Valuable Components
Most junk car buyers will make an offer on the vehicle based on your description, and you have the option to accept or decline it. If the price you receive on it is equal to or barely above its scrap value, it may be more profitable for you to extract some of the valuable parts and sell them yourself before turning the vehicle over to the scrapper.
For instance, you can sell the car battery for a few dollars to a local auto parts store or an online recycler. The vehicle's radio can be sold to a private buyer, and a used tire store will purchase your tires if they still have some tread on them.
Be sure to tell the junkyard about the vehicle's new condition so it can update its offer. Since 75 percent of a vehicle is recyclable and the company only offered you its scrap price anyway, the amount may not change much. However, you always want to be aboveboard about everything in the transaction to avoid legal problems down the road.
Get Your Papers in Order
You'll need to transfer ownership of the vehicle to the junkyard, so it's essential you have the title and other paperwork necessary to do that. Liability for anything to do with the car or truck will remain with you until the transfer, so this isn't something you want to ignore.
If you lost the title, you can typically get a copy from the DMV. Alternatively, you can ask the DMV if your vehicle actually needs one. Cars and trucks over a certain age may not require a title to transfer ownership in some states. In Connecticut, for instance, vehicles 20 years old or more are exempt from the title requirement. Therefore, it may be worth the effort to determine if there are similar exceptions in your state.
Lastly, don't forget to obtain a receipt from the junkyard as proof you sold the car in case there are any questions later on. Additionally, you'll need to claim the income from the sale on your taxes.
For more information about selling a junk vehicle, contact a junkyard that pays cash for cars like City Auto Wreckers.