According to research conducted by The Balance Small Business, around 27 million cars, as they reach their maximum life, are recovered for recycling from all over the world every year. These statistics tell us that many people resort to putting their old or unused cars in the junkyard. This is not the only way to get rid of your old car to make way for the new. Consider this list below outlining what to do with your old and unused car as you decide to move on with a new one.
Trade it in to reduce the price of a new car
Some dealerships allow a trade-in. This usually reduces the price of a new car upon your request. This seems to be the most accessible and most convenient option, but they tend to give you the lowest trade-in value. If you are knowledgeable about cars, you could use it to your advantage by negotiating a fairer valuation. Do expect that the car’s price will be added to additional fees and probably gather new tax amounts as well. If your financial assistance had been approved for just purchasing a new car, going for a trade-in may change the entire package and terms.
Sell it as pre-loved or second-hand
There are two ways to do carry out this method of old car removal. Understanding how to either go to a used-car dealer or to sell it on your own may be worth studying first. This way, you may balance the pros and cons of each move.
Going to a used-car dealer
There are second-hand dealer companies that are trending because of the outright appraisal that they do. CarMax and AutoNation are two of the most popular ones. Consumer advice editor, Montoya, comments that these companies could do an evaluation in an hour tops. They may process everything, including handing you the cheque, but it is important to have an idea of how much your previous car is worth.
Edmunds has a free car appraisal tool that could help you decide. This appraisal tool gives you a pretty accurate price and retail value of used vehicles.
You can sell it on your own
You can put an ad up online and in turn, have a direct connection and communication channel with the buyer. Nowadays, with the help of the internet, anybody could sell just about anything on a global scale. You may contact the buyer quickly, and from this point, you can control the bargaining process. Dealerships could lead to something nasty like ripping you off by two to three thousand dollars. Why would second-hand agents want your old car? Of course for profit.
If you must, check out the Edmunds car value appraisal calculator or use the BEEPI app. This only requires your vehicle’s VIN bar code to estimate its value automatically. That way, you may know how much your car is worth approximately.
Taking it to the junkyard
There are two things that junkyards do; recycle and reuse old cars.
If you are willing to break your sweet old ride up into spare parts, there’s a chance that the scrap metal you are driving around could still have something of value to sell. Some parts may still be reusable. It could earn you cash for cars, while saving the environment.
The Balance Small Business’ Car Facts and Statistics has mentioned that on average around 25% of a car’s body is made up of recycled steel. Most likely, if your former car falls into a junkyard, it will be recycled in this way. It’s excellent if it can be recycled, as you could be helping the environment in doing so.