Scrap Car Prices - What Is The Value of My Junk Car?

You have a scrap car in your garage, and it is time to sell it, yet you’ve not settled on a price. In your eyes, your car is still worth the amount of money you spent at the time of purchase.

However these days you spend a lot of money on repairs or new additions, and somehow, you feel the need to be compensated even though you know it is considered a scrap vehicle.

It is at these times you search for a place to scrap your car, however you still want the best price for it.

So what are that various factors that determine the worth of your scrap car today? Read on to understand what the value of your scrap car is in the current market.

The Current Scrap Metal Price

The price of scrap metals differs according to the market and your location. In fact, the market price is what matters most. The scrap metal market is always fluctuating. If you sell your car when the demand for scrap is high, your vehicle’s worth is high.

The reason why anyone would buy a scarp car is for recycling purposes. The recycled metal may make a new car or even building materials. The material used in abundance in car building is steel.

It makes 55% of the entire weight of the vehicle. The rest are aluminum, copper, platinum, and silver. The current demand for these metals will determine how much your car is worth.

The Blue Book Value Of Scrap Cars

A Blue Book is a book that contains a compilation of prices for both new and used vehicles. It shows the rates that others have paid for their cars of the same model, make, and year.

Most people never have to deal with the blue book, although if you have tried to sell an unregistered car you may be familiar with it.

It details the anticipated cost associated with cars together with the depreciation value with time. If you are selling your car, you can check what others have paid for it, so that you are not paid too low for the same vehicle.

The prices are always updated, to make sure you are dealing with current affairs.

Check With Your Insurance

Insurance companies use different formulas to determine the prices of a used car. This may come in handy especially when you’ve no idea where to start.

Factors considered include parts availability, the type of repairs used in your car, and also rental car charges. Most firms use 75% to 80% in their calculations.

You can multiply these percentages with the market value of the car to determine the scrap value.

Get A Fast Cash Offer For Your Scrap Car

ABCM Car Removals are across the current prices for scrap metal dealers and car evaluations. We pay cash for scrap cars at fair prices to all our customers and also operate a quick turnaround.

When you want to get rid of your scrap car fast and want the best price for it, get in contact with us. Servicing from Newcastle, Central Coast, Port Stephens, and Cessnock areas, we come to you.

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