How to Get Cash for Your Junk or Salvage Car, Truck, SUV or Van
Minneapolis, there comes a time in each vehicle owner’s life where he comes to a crossroad. All cars have a lifespan and if your car has reached its utmost limit, there might be no choice but to get rid of it lest it just takes up space and grows rust. How do you know if your car has reached the end of its life? When it is more expensive to repair than its actual market value. Here is some helpful advice on how to get rid of that junk car sitting in your garage.
Auto Salvage Label
The term junk car is used by insurance companies and junkyards to denote a vehicle that is simply more expensive to repair than it is actually worth. Usually cars that have been labeled, as “junk cars” are those that suffered irreparable damage such as those involved in vehicle collisions, major water damage, fire and other acts of nature. Cars that have been stolen and recovered may also get that label.
Worth of Your Junk Car
When your car is labeled as junk is it really a worthless pile of metal? Hardly ever. Junk cars are worth their weight in gold as they do have value still and you can get cold hard cash from disposing them to the right person. Here are some important points to remember.
You can still get some money off your junk car if it is:
• Not running
• Rusted and totaled
• Repairs more expensive than the value of the car
Here are few things you want to consider when you are contemplating of letting your junker go.
• Are you willing to spend some effort and time to get more cash value from it?
• Would you be willing to donate it to charity in exchange for a tax receipt?
• Do you have some space in your home to store the car in the meantime?
• Do you just want it gone as fast as humanly possible?
1st Approach: Sell it Yourself
This approach is by far the most common. First thing you need to do is to determine the car’s actual value by enlisting the help of the Kelley Blue Book website to know how much your car’s make and model is going for these days. Do your best to match the model and the current condition of the vehicle in order to get the best idea of what its worth. This information will also help you against low ball offers from people that assume you do not have the faintest idea of the car’s market value. If you are selling the car to a private buyer (maybe a collector if the car is exotic), expect that they will want to negotiate the price. A good tip is to get a fair price of what you think and raise it 10% so you would have room enough to negotiate a better offer before a deal is made.
2nd Approach: Dispose Vehicle by Selling it to a Junkyard
If your car is no longer working, rusted through or you just want to get rid of it pronto, one of the best ways to go about it is to sell it to a junk vehicle removal service in exchange for some cash. Most junk cars will offer free towing to remove the vehicle from your premises. If the junk car removal service intends to charge you for the removal, move on to someone else.
A good tip is to call a Cash for Junk Car service and get a quote regarding the going rate for your car. Describe to them in as much detail about the car’s current state so they can have a clear picture of what you are offering, Be sure to have the car’s title a the ready before the junk car tow truck arrives. Expect to be paid in cash upon surrendering your vehicle. Deal only with reputable junkyard companies by doing some due diligence background checking on them online. Unless you failed to describe in as clear a fashion as possible the current state of your car, the junkyard should never change the agreed upon amount once they show to pick the car up.
3rd Approach: Donate to a Church
Churches and other charitable organizations can also help you get rid of the junk car in your garage. Donating the car to charity is perfect as you get to help someone who cannot afford to purchase a car and get a nice tax break in return. There are a lot of churches that accept donations such as used or junk cars and can match them to persons in need.
When donating a car to a church in your community, the current value of the vehicle entitles you to deduct that amount from your taxes. Use the Kelley Blue Book to determine more or less the value of your car. Schedule a date and time to drop the car off to the church or arrange for them to have it picked up. Sign over the title of the vehicle to the church representative and then request for a receipt for your tax records. If the value of the car is $500 or less, then the receipt is all you need in order to deduct the amount from your taxes. If the value of your car is $501 to $4,999 then you need to fill and attach IRS Form 8283. If the car’s value is $5,000 then the IRS requires that you have it professionally appraised. The appraisal needs to be performed prior to signing the vehicle title to the church organization.
As described above, there are plenty of ways by which you can get rid of your junk car. Sell it yourself, sell to a junkyard for quick and easy cash or donate to a church in return for helping someone and a getting a tax break in return. Whatever approach you decide upon, may it find you the best value for your beloved car.