Not sure if your car has reached a point where the only value that it holds is in its parts or if you should try your best to repair the damage on it? If your car is in poor condition, it’s not worth the hassle of trying to sell it to a private buyer.
At the same time, the money that you’d dump into repairing your vehicle may be more than what’d you spend on purchasing a new vehicle. If your car isn’t worth very much in its current conditioning, it’s time to figure out if it’s worth it to sell your car for parts.
Not sure how to tell when you should (or shouldn’t) sell your car for parts? Keep reading for more!
Should You Sell Your Car for Parts or Fix It?
Figuring out whether you should sell your car for parts comes down to a bit of math. Here’s how to figure out if you should sell your car for parts:
Pricing out Repairs
The first step you should take is to have your vehicle assessed. Find out how much it would take to get your car to the point of where it’s driveable or sellable. Make sure that you double-check to see if you have to worry about any municipality or state requirements that would involve selling a car with a salvage title.
Once you’ve received your estimates, figure out if you’re able to purchase a new car. If the estimates that you’ve received will cost more than half of the value of your car, it’s not worth spending the money on repairs.
For example, if your car is worth $6,000 but the repair estimates say that it’ll cost around $4,000 to get you up and running, it’s not worth spending the money on repairs.
Find Salvage Yards
Another reason to sell your car for parts is if the value of the parts is worth more than the value of your car.
In the majority of instances, getting top dollar for the car parts you’re selling will be easiest to achieve by finding a local salvage yard to work with. Salvage yards specialize in selling stripped off vehicle parts to car shops and other buyers that are looking to buy individual pieces for rebuilding projects.
Look online for information about local salvage yards in your area. Make a list of all of the salvage yards that you’re interested in selling to and a list of the car parts you’re interested in selling.
Contact each salvage yard to see if they’re buying the parts you’re selling and how much they’re willing to purchase the parts (or car) for.
Selling for Parts
Before you sell, it’s important to have your car assessed by a professional to ensure that it isn’t safe for driving. Deciding to sell your car for parts can be a smart financial decision if the repair ends up being more than you anticipated to spend or if you’re ready to buy a new car.
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