Times are tough these days. Gas prices, food, and rent are all skyrocketing – it is getting tough to get by. At times like these, some of us are forced to take an inventory of our possessions and see if we can exchange them for some much-needed cash to get through the lean times.
If you on an old car you don’t need or received a hand-me-down from a relative; you could look into junking the car for cash.
Junking Your Car For Cash
We have put together five things you need to do before you junk your car in for that much-needed cash.
1: Do a Thorough Check For Personal Valuables
When you decide to get rid of a car by selling it for cash, you must go through the car thoroughly to ensure you don’t leave any personal belongings – especially valuable ones.
There have been several occasions where people leave behind valuable family heirlooms or keeps-sakes in their cars. Others often stash cash away in the car for emergencies. So, go through every nook and cranny to clear out all your valuables and personal objects. The last thing you want to do is wonder if that piece of jewelry you lost was left behind in the car you handed in for cash.
#2: Get A Few Price Quotes
Before you settle on a price or a place to sell your car, we recommend you shop around and get a few price quotes. Check out some online and in-person buyer options to see where you could get your best offer.
Make sure you have all the necessary information for the buyer to be able to make an informed price offer. They will require the vehicle identification number, make, model, age, etc. If you are wondering, “where can I get my car sold in Chicago, ” while researching all the vendors, you can check out online reviews and choose a safe option.
You can also use one quote to negotiate a better offer with another quote. You should post some ads online to see what kind of interest you are getting.
There is a real shortage of used cars these days, and worldwide supply chain issues leave many buyers with fewer car options. So, you might actually get a great price on your car with multiple bids if you shop around.
3: Cancel Your Insurance
One of the most important things you need to do is make sure you are no longer liable for what happens to the car. In order for you to do that, you will need to cancel your insurance on the car.
Often, these details can be missed in the excitement of selling your car. You may have to pay insurance on a car you no longer possess. So, call your insurance agent and cancel the policy for the day you will no longer possess the car (not necessarily when you sell it, but when the car is no longer in your possession).
As we all know, car insurance is costly, so it is crucial to ensure you don’t lose some of the money you get for selling the car because you forgot to cancel your insurance. If you are paying your insurance through automatic withdrawals from your bank account or credit card, make sure you contact the bank or the credit card and cancel the payment withdrawals the day after the final payment has been taken.
4: Contact the DMV and Take Out Your License Plate
When you are selling your car, you will need to transfer the ownership of the car to the person buying it. For this, you will need to contact your local DMV and ask about the procedure.
Some people wonder if it is worth even taking out the license plate. The answer to that question is that it is absolutely worth it. First, you don’t want your license plate on a car you don’t own. If there was an issue updating the DMV records, you don’t want to be held responsible for a speeding ticket or worse.
So, always err on the side of caution and take out the license plate before selling your car.
5: Consider Selling Parts of your Car Separately
So far, we have discussed selling your car as a whole to a buyer. However, there is another lucrative option for selling your car in parts. Depending on the condition of your car and how well it runs on the road, you may need to consider a different approach.
Some buyers buy old used cars for the parts – like the stereo system, the wheels, the tires, the batteries, the seats, and the alternators. In fact, there are several vendors who make a decent living just selling car parts. Parts are always in high demand – especially for older models. This is because car manufacturers and their parts manufacturing partners often discontinue certain parts of an old model after a few years.
So, if your car is pretty old and doesn’t run too well, you may not get a great price by trying to sell it as a whole. However, if you put in the labor to take out the parts of your car and sell them separately, you may make more money.
If you are selling a car and moving on, you should be very proud of yourself. Instead of holding on to a piece of metal that is not providing you with any benefit and instead is costing you money every month in parking and insurance, you are doing the sensible thing by selling it.
More importantly, the sooner you sell the junk car the more money you are bound to make. We hope our tips will help you sell your car fast. Good luck!