How To Sell A Totaled Car And Make A Profit
A serious auto accident is a horrible event that no driver ever wants to experience. The aftermath can be just as stressful as the incident itself: your only car is damaged beyond repair and there is no way you can afford a down payment on a new one without help.
Fortunately, a totaled car does not mean a total loss of money on your end. You have several options for getting some cash back even if your car is destroyed and non-functioning. In the modern age, the automotive marketplace is no longer full of scammers and swindlers. It is possible to sell your vehicle to a reputable and honest buyer who will offer you a fair price.
Read below to learn the most important tips for selling your totaled vehicle.
Fixing Your Car Before Selling Probably Won’t Be Financially Beneficial
Many car owners believe that fixing their junk car before selling will benefit them financially. They think that buying those expensive new engine parts, getting those scratches out, and replacing the jammed door will result in thousands of dollars in returns.
Unfortunately, that’s often not the case with totaled cars. One reason is that a car deemed a total loss has had its value reduced dramatically. A car with a salvage or rebuilt title has a value that is at least 20 percent less than a car with a clean title even with all the necessary repairs.
As a result, you are looking at thousands of dollars of repairs to be made that could be better spent on a down payment for a new vehicle.
You Don’t Have to Sell Your Car to a Junkyard
The junkyard might seem like the most appropriate place for your totaled car. You might believe that selling your entire car or parting it out will be a responsible, quick, and easy way to handle your junk car. However, giving up your vehicle to a junkyard is not so cut and dry. With the poor reputation that salvage yards hold, you will have to search for an honest and reputable company.
You will have to make the decision as to whether you will give up your whole car or part it out. Both options will result in different amounts of payment and even additional work on your part. In addition, towing might be another expense associated with selling your car to a junkyard.
Ultimately, giving your car to a salvage yard is not the best or easiest solution to getting rid of your junk vehicle or getting a profit for it. Fortunately, there are many other companies and buyers that are interested in your junk vehicle who will pay more than a salvage yard will.
Dealerships Will Offer Below-Market Rates For Your Automobile
Selling your vehicle or trading it into a dealership can be a very streamlined and fast process. In the confusing and complex automotive industry, this is a blessing. Dealerships are a secure option for selling a car and even getting a new one at the same time.
However, dealerships are one of the least financially beneficial places for selling your totaled car. This is because they are notorious for their low-ball offers. In the eyes of the dealership, they are doing you a favor by accepting your vehicle as part of the process of selling you a car. Because they have to adopt the responsibility of handling paperwork to purchase your car and figure out what to do with it, they will pay below-market rates for the car.
The only way to combat their exceptionally low offers is by getting informed about your car’s value, even if it is totaled. This requires conducting research on its pre-accident value as well as the potential value of its parts and estimated cost of repairs. Then, you will be prepared to haggle to a reasonable price. If you’re really looking for a good deal, you should be prepared to walk away entirely and sell your car elsewhere.
You Can Get Offers for Your Totaled Vehicle Online
Most drivers are used to the traditional methods of selling junk cars and are often most comfortable with the businesses work with these types of cars. However, selling a totaled car on the internet is completely possible, profitable, easier, and sometimes more secure than going to a dealership or junkyard.
Online, there are so many marketplaces for goods and services, including new, used, and junk vehicles. Companies like CarBrain.com seek out junk, totaled, and non-running cars. They can offer you a fast quote and even pay for towing. While this kind of marketplace is relatively new in the automotive world, it is completely safe and effective.
You can obtain and compare numerous quotes and offers for your car online all at once. In addition, you can show your car to a bigger audience and target the right buyers who are already looking for a car like yours.
If you have a totaled car, you have options to maximize your profits and earn a tidy sum of money. Don’t assume that your car is worthless — learn how to turn your junk vehicle into a profitable check.