Blog
How much can you get for your scrapped car? Part 2
Keeping a non-running car is stressful and not financially savvy. Selling your damaged car for scrap or parts is the best decision you can make, as it will give you more room in your backyard and some cash in your pocket.
Are you curious to find out what your car is worth and how much you may be able to get for it? We’ll help you understand the value of your scrapped car so that you can make an informed decision.
Understanding factors that determine the value of your scrapped car
- Weight of metal
Since metal prices fluctuate depending on the global and local markets, you may notice the value of your scrapped car varies from month to month, especially as a car is classified as a depreciating asset.
This means that the primary value of a scrapped car is based on its weight and the metal it contains. Scrap yards often determine their payout based on the weight of the metals the car contains, such as copper, steel, and aluminium, among others. - Condition of the car
According to Stuard Johnston, as per TransUnion's report, “The going rate for selling a vehicle to a scrap yard is between 13 and 20 percent of the current retail price”. The value of your damaged car depends on its condition. Many scrap yards may pay more for usable parts like engines, gearboxes, electronics, and other high-demand components.
- Documentation
Having the proper documentation when selling a damaged car is as significant as when the car is running and roadworthy. Credible scrapyards won’t buy a damaged car unless you have your Natis and Licence documentation up to date.
How to get the best deal for your damaged car
- Compare options
The value of scrapped cars is still percentage-based against the Mead & Mcgrouther Retail value. The value is also affected by the desirability of the brand/model, parts availability for repair, the cost of potential repair, the actual condition of the said vehicle, and what potential parts can be salvaged.
- Choose a reputable buyer
While comparing options is encouraged, choose a trustworthy salvage dealer with good reviews. They are more likely to be professional and reasonable in their prices. You can visit Hello Peter for reliable reviews and feedback. Be sure to do your research well, and you will be good to go!