How to Make Money on Your Old Car

Many car owners reach a point where their vehicle no longer suits their needs. The time comes we must say goodbye to our old clunkers, and if you have a beat up vehicle just wasting space in your driveway, it’s time to transform that old hunk of metal into a pile cold hard cash. Learn how to make the most money from your old car.

How to Make Money on Your Old Car

Trade It In

If you’re looking for ease, you can trade in your car at the dealership when you’re looking for a new one. It’s important to take your car’s age into consideration. The older a car is, the less trade-in value it will have. Before taking it into the dealer, be sure you do your research on a site like Kelley Blue Book. Keep in mind that if you owe more on your car trade-in than the dealer is apt to offer you, your chance of negotiation is much more difficult. When it comes to getting the most for your trade-in, timing is everything. If you live in an area with cold, rainy winters, don’t trade in a convertible in December. It’s important to stay up on the latest trends in cars, as the more desirable your style of car is at that particular time, the better deal you’re bound to get. If you’re buying a new car, don’t treat the trade-in as part of your purchase transaction. Always negotiate your new car purchase and vehicle trade-in separately, with the trade-in coming first.

Sell It Privately

To make the most money out of your car, your best bet is to attempt to sell it privately. There are definite drawbacks to this method. You’ll have to deal with your fair share of scammers, buyers that can’t seem to make up their mind, and a much longer timeline. However, if you’ve got time on your hands and have the patience for it, you can sell your car privately on sites like Craigslist for way more money than you’d get from a dealership or car buyer. Be sure to keep yourself safe and always meet with buyers in public, well-lit places. Car buying scams are common, so ensure you’re protected before meeting up with a potential buyer.

Sell It Online

Not looking to deal with the waffling private buyers and don’t want to try your hand at Craigslist postings? If convenience and speed is your top concern, consider selling your car online to a car buying company. Sites like www.carbuyerusa.com will provide you with an instant offer; just answer a couple of easy questions online and they’ll give you a number. If you don’t like it, you don’t have to take it—no questions asked. These companies take the cake in terms of convenience. They can often send a buyer right to your house to check out the vehicle and then haul it away on their dime the very same day.

Sell it For Scrap

If your car is far past gone, and you don’t think you can find a buyer willing to take it on, you can still get the most out of it by selling it off by parts. Unless you’re a car wiz, you won’t want to take it apart by yourself; improper removal can ruin the parts and make them impossible to sell. The most valuable salvageable parts tend to be the wheels, axles, lights, engine parts, and glass. If you don’t want to do it yourself, you can always sell your car to a junk yard, but know that you’ll be getting less of the value thanks to the convenience.

Sell Your Car For Scrap

If you’re looking for ways to make money off of a car you no longer need or use, keep these strategies in mind and turn that old beater into a small fortune. After all, one man’s trash is another man’s treasure.

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