Ironically, junk cars can be extremely valuable. You just need to know what to do with them. There are three main ways in which vehicle owners dispose of junk cars: scrap, salvage or donation.

Even a non-operational vehicle still has value, because the steel it is made from can be melted down and recycled. Typically, the steel in a vehicle is worth anywhere from $100 to $500 or more, depending on the age of the vehicle and the composition of its body. If you want to scrap your vehicle, you are essentially agreeing to melt it down so the steel can be recycled. You will be paid for this steel. Many businesses will even pick up your car and tow it to a scrapyard or auto recycling depot free of charge.

If you have some automotive know-how, you can turn a junk car into extra cash by extracting every part of value and selling it individually. There is a market for virtually every intact component you could conceivably remove from a vehicle, from its instrumentation panel and dashboard to its seats and hub caps. Tires, bumpers, gearshift knobs, grilles…all of these things could interest buyers. In a world of online auction houses, it’s easier than ever to connect with people who are looking for highly specialized items like these.

Finally, junk cars can be donated to charity. If the car is operational, or if it could be returned to operational condition with a little work, it may be refurbished and put back on the road, or given to a needy family. If the car is beyond repair, you can still give it away so that the charity can reap the benefits of the scrap metal proceeds. In either case, your donation will be tax deductible.

If you have a junk car, it is still very important that you follow transfer of ownership regulations. Even if you are scrapping your car, the scrapyard proprietor becomes the legal owner before the car is junked. Paperwork must be completed and filed before the change of ownership becomes legal.

Comments

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I think CAFE is dumb — forcing car makers to lower the marginal cost of driving an extra mile is a dumb response to pollution/carbon externalities. Yes, I know the price elasticity of gasoline demand has been calculated at a low .2 – .25, but those studies were conducted when gas was a lot cheaper. Elasticity varies by price; it depends on where you are on the demand curve. It is likely that elasticity is much closer to 1 at today’s prices (and at tomorrow’s likely prices). The closer to 1, the dumber is CAFE.And, of course, CAFE is an inefficient way to get better fuel economy.You know the arguments . . .I agree that if we’re going to have CAFE, it makes no sense to distinguish between SUVs and cars. car insurance quotes cheap car insurance -- Nyanna