Graphic by Nathan Seidell
The average expenditure for an insurance claim in the United States is $935. Whether it is a scratch on the drivers side door, a dent in the rear fender, or an unfortunate collision crash, paying for car repairs is not cheap and always affects the price of the vehicle. So, when you feel you have gotten good use out of your car and it is time to move on – how do you take all of this into account to find a fair value and sell your junk car? Read on for more.
How Much Is My Car Worth?
Depreciation is the biggest factor that contributes to the pricing of a car – How old is your car?
With different models depreciating at different rates, a good measurement to use is that a car loses 20% of its value in the first year it is owned and 15% every year after that. It is also safe to assume that after 10 years, the car is worth no more than 10% of its original value. With this being said, depreciation is unavoidable.
The recent advancements in car buying services has made finding a fair value for used and junk cars extremely easy. Tools like KellyBlue Book or NADAGuides are just two examples. These tools help you compare year, make, model, trim, mpg, and many other factors to determine which vehicle compares best with yours. You will most likely get a range of prices, with a range of cars that match your vehicle to give you a spectrum of the price your car is worth. Select a median price and you will have an accurate estimate of how much your car is worth, and how much you will be able to get for your junk car.
What Is the Effect Of Structural Damage to the Value of My Junk Car?
With the comparison being a great first step in the process, comparison is based on normal wear and tear of a vehicle, not any structural or bodily damage. If there is any bodily or structural damage to your vehicle it will be considered as having below-average condition.
The average lifespan of a new vehicle today is an 8 year life span, or about 150,000 miles.
How many scrapes, scratches, dents, mechanical fixes etc. has the car had in its lifespan? The amount of repairs and the severity of repairs will determine how far-below-fair value the vehicle is.
Who Buys Junk Cars?
On average, an American will own 6 cars in their lifetime. Buying and selling cars has become a normal part of life and many people are looking to buy junk cars for various reasons. Whether it is car junk yards looking to scrap cars for parts, or auction houses looking to sell scrap metal, automobiles are the most recycled consumer product in the world today.
You Call We Haul Helps Sell Cars Just Like Yours.
Are you looking for an easy, hassle free, way to sell your junk car? You’ve come to the right place! Submit your vehicle to get a quick offer from real buyers in your area and we’ll pay you for your junk car today.