If you’re interested in selling your wrecked car, follow the steps & advice below. They could prove to be helpful in maximizing how much you can sell your wrecked vehicle.
Determine the Value of Your Car
Before you start looking for salvage yards and try to sell car parts, you need to determine the market value of your car. The amount of money you receive for your wrecked car depends on various factors, with one of the most important factors being the condition of the car. A wrecked vehicle is not necessarily considered a total loss.
Insurance companies deem a car a total loss when the repairs exceed its market value, which means there’s no sense in fixing it. Other factors you need to consider include determining the value of your car are the age, make, and model of the vehicle.
Some car models are in high demand while others are not. Newer model cars are easier to sell than older models. You could get lucky and find a private buyer to sell your car to if you have an older model vehicle. If not, you can sell the car parts to make money.
Sell the Car As-Is
You also have the option to sell the vehicle as-is, meaning you are selling the vehicle as it is without repairs. Whether you sell the car online or in person, make sure you disclose you are selling your car as is. Keep in mind, selling your car as-is will give you the least amount of money for your car. Using a bill of sale to state that both the buyer and the seller knowledges that the car is being sold “as-is” may be an asset if a lawsuit comes into play after the purchase.
Can You Sell a Car That’s Been Totaled?
Yes, you can sell a car that’s been totaled, but the car requires a salvage title. What is a salvage title? A salvage title is one that a damaged car needs if it sustained significant damage in the past.
Salvage title laws vary by state. For example, in Louisiana a car will be declared as salvaged if the damaged is 75% or more of the car’s value. Other states will look to the insurance company to determine if the car is salvage or not.
Check with your local DMV or equivalent agency for details on how to process if you want to sell a car with a salvage title.
Where Can I Sell My Car?
You can sell wrecked cars online via social media platforms, such as the Facebook marketplace, Craigslist, and similar platforms. You can also take your damaged vehicle to a salvage yard.
You’ve probably seen a few junk cars for cash advertisements, and these are also options you have if you want to get rid of your car. These services specialize in buying and selling damaged and totaled cars. They will tow your car and pay you for your car.
Will a Dealership Buy a Wrecked Car?
Yes, dealerships buy wrecked cars, but the car needs a salvage title. Depending on the damage your car sustained, a dealership will repair and re-sell the vehicle or send the car to auction.
Can I Trade My Car in If It’s Damaged?
Yes, trading in your damaged vehicle is an option, but don’t prepare yourself to receive top dollar for it. On the bright side of things, the money you receive from your totaled car can be used as payment towards your new vehicle. Your best solution is to be upfront about the vehicle’s issues, whether major or minor.
What You Should Do if a Dealer Sells You a Wrecked Car
If a dealer knowingly sells you a dud, you can take legal action against the seller to get your money back. California residents can check California’s Lemon Law to learn about the steps you need to take if you bought a car that has a recurring issue.
Lemon laws differ by state. Wikipedia can give you a 101 in lemon law.
Does CarMax Buy Crashed Cars?
Yes, CarMax buys damaged cars, such as cars with flood damage, frame damage, and an activated check engine light. However, you are at CarMax’s discretion. CarMax can refuse to buy your car for any reason.
Is Cash for Cars Legit?
Yes, cash for cars is a legit business, but there are tons of scams on the internet, so be careful. Research the cash for cars business you intend to sell your car to by checking out their reviews, looking them up on the Better Business Bureau (BBB), and asking around to get a good mix of what to expect from the business.
Junk or Donate?
Whether you decide to junk or donate your damaged vehicle depends on your desired outcome. Donating your car isn’t the solution if you want to get money for your car. If you’re trying to get the most money for your car, it’s best to try selling your vehicle, whether it’s to a dealership, person, or junkyard. If your car has minor damage, and you’re not interested in cashing in, donating the vehicle is a reasonable option.
Selling a wrecked car can be a never-ending hassle. Use this simple guide and tips to help you sell your wrecked vehicle promptly.