If you own a junk car, truck, tractor, motorcycle, or other motorized vehicle, you may be interested in getting rid of it for a gratifying profit. This is all made possible through the lucrative industry of junk car buying and selling. There are hundreds of salvage yards to choose from, but in order to get the fairest return for your junk vehicle, it is crucial to choose a business that has a long-standing reputation of providing honest and courteous service within the local communities.
If you choose a fly-by-the-night or unlicensed junk car dealer, you risk being taken advantage of, which ultimately results in you losing money on the deal; money that was rightfully yours. To help you with the junk car selling and decision making process, it is recommended to learn the basics surrounding the enterprise.
Continue reading to review some frequently asked questions and answers about junk cars to get started!
How Much Money Can I Get for a Junk Vehicle?
The amount of money your junk vehicle is worth depends on several factors, primarily total weight, operative parts, and the current market value for steel and iron. Right now, a car owner can expect to receive anywhere from $150 to $300 for a junked vehicle. Professional dealers typically retain electronic weight scales, XRF analyzers, and other forms of modern technology to assess the value of a vehicle. They also use market values for vehicles.
Do I Need a Title to Sell a Junk Car to a Salvage Yard?
You can still sell your junk car without a title, but you will need to provide alternative documentation that proves you are the true owner of the vehicle. This may include your registration. If you do not have any other documentation, you may apply for a duplicate title instead. If your title is lost, faulty, or destroyed, you will need to apply for a Certificate of Authority.
How Do I Get a Certificate of Authority?
According to the BMV, “A person who owns a vehicle that has a certificate of title that is faulty, lost, or destroyed, or who is the possessor of an abandoned vehicle may apply to the BMV for authority to sell, give away, or dispose of the vehicle for scrap metal without applying for a certificate of title. An approved Certificate of Authority – Disposal of a Motor Vehicle – State Form 55018 must be provided to the automotive salvage recycler, or other appropriate facility when disposing of the vehicle.” You can download the Certificate of Authority Application Packet, including the State Form 55018, here.
Is it Legal to Drive a Car With a Salvaged Title?
The answer to this questions depends on insurance coverage. You see, many insurance companies will only offer limited or restricted coverage for a salvaged vehicle, while many others won’t insure one at all. So if you have an “un-insurable” vehicle, it would be illegal to drive it since the law requires all drivers to be insured.
How Do I Sell My Junk Car?
➀ Locate the title of the vehicle.
➁ Call a local and licensed junk car dealer.
➂ Tell them the make and model of your vehicle.
➃ Receive a phone quote on the spot.
If You Accept the Offer…
❶ The dealer will schedule a time to retrieve your vehicle.
❷ Before they arrive, collect all of your personal belongings from the vehicle, including the license plate.
❸ Next, cancel your automobiles registration with the State.
❹ When they arrive, you will sign over the title to them.
❺ After you sign over the title, they will either pay you cash on the spot or send a check in the mail. It depends on the company you do business with.