Selling junk cars is a sound strategy when you need cash and own a vehicle that you no longer want or need.
Junk vehicles are big business, as they contribute $25 billion to the United States’ gross domestic product (GDP) each and every year. The massive size of this industry means that junk car buyers are plentiful as long as you know where to look.
So what should you know about the junk car selling process? Above all, you need to learn what not to do.
The tips below will help you learn about the junk car selling errors to avoid at all costs.
1. Not Having Your Documents in Order
Have your ducks in a row when it comes time to sell your junk vehicle. Compile your documents to establish proof of ownership to avoid snags in the process.
You will need a copy of the vehicle title to prove ownership before it can change hands. Get your hands on any missing documents, and make sure to secure the forms you need from the Department of Motor Vehicles (DMV) ahead of time.
2. Jumping at the Very First Offer
Even though you’re selling your vehicle for parts, it’s important that you get the best deal available to you.
Do your homework to learn the going rate for junk cars to fetch the best value from the vehicle. Look into the Kelley Blue Book (KBB) value of the vehicle and find out how much you can expect to receive when it’s only sold for parts.
Studying the market will help you get fair car price for your junk car so you know you got a good deal.
3. Keeping Your Personal Items in the Vehicle
Clean the vehicle out thoroughly so that you don’t leave behind any of your personal items. People often have full trunks that contain everything from household items to clothes.
Vacuuming and sweeping junk cars might also help. Turning over a clean vehicle creates the best situation for all parties. It’s good business, even though you’re essentially selling the vehicle for scrap.
4. Not Getting the Money Upfront
Never complete a transaction unless and until you’ve been paid in full. Nothing is official until you have been compensated properly, so don’t make the mistake of transferring ownership before then.
The Federal Bureau of Investigations (FBI) warns of online vehicle sales fraud. Be mindful of any red flags during the process, and never cut anyone a break even if they seem to have a legitimate story.
List the exact price in the bill of sale, accept money upfront, and keep copies of the transaction for your records.
5. Getting the Car Towed Out of Your Own Pocket
If someone is taking this vehicle off your hands, make sure that towing is included in the sale. You cut into your profits by paying to have it towed out of your pocket.
Include this expense as a provision in the bill of sale and don’t budge on it.
6. Junking a Vehicle That Still Has Plenty of Value
Finally, make sure that your vehicle value is low enough for it to be considered a junk car. If the vehicle is still fairly new or has a lot of good years left, you can fetch way better than junk car prices.
Punch the mileage and condition into the KBB database to know for sure.
Avoid These Junk Car Selling Errors
When you can prevent these junk car selling errors, you will be better able to get the cash return that you need. Consider these points and make sure to go through each deal with a fine-toothed comb.
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