Usually, the life of a car is around 15-20 years after which it becomes a burden on the owner. The older the car, the higher is the cost of repair. The car unexpectedly breaks down making it problematic for the owner. Even if the owner gets it repaired, there is no surety whether it will run properly or not. It is only a waste of time and money to keep the car running in such a condition. The best way out is to sell a car for scrap. It not only relieves the owner of all the troubles but can also fetch him top dollar. For that, the owner must first properly research the market scenario of used cars and acquire an idea regarding its prices. After that, the owner needs to explore potential scrap car buyers who are willing to pay top dollar. Most of the scrap car buyers are interested in wrecked cars as they dismantle all its metal parts and melt them to form new products. The heavier the car, the higher is its value. Once the owner receives offers from multiple buyers, he can then start evaluating the most profitable one. Even though the highest quote is most preferable, the owner must make sure that he has thoroughly checked all the credentials of the buyer. This is important due to the fact that there are many scammers present in the market who are looking out for vulnerable owners to dupe them of their hard-earned money. The scammers trap the owners with attractive offers and fake credentials. After that, they propose to pay the partial sum and take away the car. Once they are gone, it becomes very difficult to trace them. Once the owner has selected the buyer, the negotiation process will start. The scrap car buyers are highly experienced in the transaction process and will tend to settle at a lower price. For a profitable negotiation, the owner must have prior knowledge regarding the valuation and market price of the car. Moreover, the initial price quoted by the owner must be slightly higher than the intended selling price. Once the selling price is settled, the car will be towed to the buyer’s location. Make sure that the buyer does it for you and it’s also for free. Do not accept any proposal in which the buyer asks for a towing fee. For closing the deal, make sure that you receive complete payment in the form of cash at the time of delivery.
What are the formalities of registering your scrap car?
Although the process to sell a car for scrap requires minimal formalities, the owner still needs to present certain documents before finalizing the deal. It is essential for the owner to contact the DMV and submit an original registration certificate and the chassis number plate of the car. The owner must also ask the scrap dealer to submit a correspondence form which includes the complete address of the scrapping station. After the owner has submitted all the documents, the DMV will verify the credential for maintaining records for future correspondence. The owner is also required to submit the vehicle registration document (V5C), V5C/3 and certificate of destruction (CoD) to finalize the deal.
Factors affecting the value of the car
The value of scrap depends on many factors. The most prominent factor is its weight. Heavier cars are able to fetch top dollar as compared to lighter ones. If any part of the car is still in running condition, then its overall value increases. In such a situation, it is recommended that the owner gets the working parts dismantled and sells it separately otherwise the buyer will only pay for its weight.
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