Selling junk cars for cash is often one of the fastest and best ways for owners to extract value from them. If you're not sure if cash for junk cars is the right choice for you, it's worth considering the scenarios where it might be the best move. Here are four times people should sell junk cars to recover value from them.
Repair Costs Exceed Book Value
This is the point where an insurance company considers a car to be totaled. If you wrecked your car, there's a good chance the insurer would cut you a check and send you out to find a new one. What happens if you didn't wreck the vehicle, though? Perhaps the engine blew or the frame rotted out due to heavy rust. Finding someone who acquires junk cars for cash may be the only way to get back any of the loss on the vehicle.
A Project Car Has Sat and Sat
Many people buy cars for projects. They believe they're going to have the time, money, and parts to fix the vehicle and put it back on the road. However, life can intervene in terms of costs, work, and other issues.
The project car just sits and sits, never turning into anything. If you're aware that the project may never come to be, it's probably time to contact a business that offers cash for junk cars and get some value out of it. Especially if the drive train isn't working or even present, cashing out this way is likely for the best.
Unclaimed Vehicle
People leave vehicles on properties for a variety of reasons. Business owners run into this with parking lots, and some folks even see it happen on residential properties. Maybe the car just broke down and it wasn't worth towing it so the owner left it. Also, you might have bought a property only to discover a previous owner left an old car (or cars) in a far corner of the yard.
Notably, there is a process for dealing with unclaimed vehicles. You should call your local or state police barracks to find out what the process is where you live. Once you've fulfilled the requirements, though, you'll likely be within your rights to sell the junk cars for cash.
Fast Cash
Oftentimes, the salvage value of an older car is close to the book value. This is especially true if the vehicle is modern enough to have a pollution-control system containing platinum or palladium. In that scenario, it may be faster to sell the vehicle as junk and get paid immediate cash.
