- Published 31/03/2020
5 critical factors that determine the value of your scrap car
When looking to sell a scrap car, it’s always challenging to know whether you’re getting a fair price or not. It can be especially difficult to understand why your car scrap service is offering you only a modest amount for a car that you spent several hundreds or thousands on.
Well, the chances are that your vehicle scrap service isn’t deceiving you. Here are some critical factors that determine the value of your scrap vehicle:
What car are you selling for parts? This is usually the first factor that determines the price of any scrap car. The year, make, and model of your car are what define its current market value and that of its parts. It might also be vital to note that scrap cars with a lot of problems don’t sell very well. If your car has many issues that are preventing it from running, then there is a high probability that it won’t fetch you as much as you initially hoped.
2. The current price of scrap metal
Although this isn’t a regular factor that car owners think about, it plays a critical role in determining how much your scrap car goes for. Even vehicles that aren’t salvageable can still be turned into scrap metal and sold. The catch, however, is that pieces of scrap metal vary widely based on the supply and demand of aluminium and steel and other recyclable commodities that can be extracted from your car.
3. Condition of the vehicle
The condition of your car at the time of selling determines what you can do with it. Can the vehicle recyclers' restore it to working condition then re-sell it? Or perhaps the best option is to strip it for parts to sell separately. The last resort is always to turn it into scrap metal that can be sold too.
4. Demand for parts
Even old scrap cars still have parts of value that scrap vehicle collection services can buy. Parts like batteries, tyres, and radios can still be removed and recycled for money based on their demand. Certain car parts also fetch a much higher value than others. Cars that are less common in circulation will usually attract a higher scrap value price as there is a greater demand for their recycled pars such as lights, suspension parts, and other exterior and mechanical parts.
5. Location of the vehicle
The location of the scrap car also determines its final price. There are a couple of location-specific factors to consider when looking to sell your scrap car. Firstly, scrap metal prices vary from region to region. Then there is the issue with the popularity of specific vehicles and parts in certain areas. Finally, is the distance between the vehicle salvaging yard and the scrap car itself. All of these factors play a significant role in the pricing of your scrap car.
Most scrap car buyers aren’t looking to rip you off. You only need to familiarise yourself with these factors to get a better estimate of what to expect from your scrap car buyer. To get a valuation of your scrap car, get in touch with us at Motorwise today.