When your car starts showing signs of wear and tear or damage, frequent trips to the mechanic can be inconvenient, and the cost of constant repairs can quickly take a toll on your finances. And depending on your vehicle’s condition, getting rid of them may be more practical. This is where the idea of getting cash for cars comes in.
In 2021, the mean selling price for a used car hit a new all-time high, surpassing USD$28,000. This means you can explore various ways to generate revenue or make the most out of it instead of storing it in your garage.
In light of this, here are six ideas you can consider for your used car:
Sell as-is to cash for cars companies
One of the easiest and fastest ways to get rid of your old car is to reach out to cash for cars Hamilton companies, as-is buyers, or other companies that offer similar services. In this option, you only need to call them and give them information about your car and its location.
From there, they’ll give you a proposal based on their assessment of your used car’s value. Once you’ve agreed on a price, they’ll pay you in cash on the spot and arrange for the car to be towed at no extra cost.
Opting for this choice can be a practical solution as it usually doesn’t require much effort. Additionally, many cash-for-cars companies can accommodate you regardless of your junk car’s value or condition. So, whether you have a functional yet unwanted car or a wrecked, damaged, or broken-down vehicle, this can be a great option to explore.
Trade it in
Trading refers to selling your old vehicle to a car dealer in exchange for a new one. However, in this case, you don’t receive cash for the car you sell. Instead, the car dealer deducts the old car’s value from the new one you want to buy. Thus, you pay less than the market price.
You may be pleasantly surprised by the trade-in value offered for your car. And if you can wait, you can explore the possibility of receiving a trade-in credit from the dealer when the market has more cars.
Sell your car’s parts
If your car is no longer running, consider selling its functional parts to earn some money. After all, some car parts can still be valuable, and you can make more money selling them than selling the whole car. Mechanics can still use various components, like your car’s tires and batteries. And in some cases, certain parts could fetch a lot of money, especially if it’s still in working condition.
In addition, this can be a practical option if your car requires extensive repairs that are too costly. Scrap yards could buy your vehicle for its scrap metal value, which can range from a few hundred to a few thousand dollars, depending on the weight of your car. Although note that you’ll need to have the car towed to the scrap yard, which can cause you an additional cost. Moreover, junkyards generally provide lower quotes compared to dealerships.
Consider donating it to a charity
You can donate your old car to a noble cause if you’re inclined towards philanthropy. Some charitable organizations accept used cars as donations, which can help carry out their operations. Nowadays, the market for used cars is thriving due to cost benefits over new vehicles, and it can be a win-win situation for all.
In fact, according to projections, the second-hand car market size is expected to increase from USD$1.2 trillion in 2020 to over USD$1.5 by 2027. That implies they can readily find a buyer, especially if your vehicle is still in decent condition.
Aside from being able to donate to a trustworthy organization whose mission and values align with yours, donating your vehicle to a charity could also earn you a tax write-off, saving you money. But the tax write-off rules are often extensive, and it’d help to consult a relevant authority for proper guidance.
Sell it to a private buyer
Selling your used car to a private buyer is another option for getting cash for your vehicle in Hamilton. For instance, you can advertise your car in online marketplaces or social media groups. The share of online shoppers in New Zealand is expected to surge to 83% by 2026, making online advertising a feasible option.
Ensure to include all relevant details about your car, such as the make, model, year, mileage, condition, and any repairs that have been done. With good negotiation skills, you can get the most out of it. You may also want to inspect the car by a mechanic before selling it to ensure potential buyers know what they’re getting.
Turn your old car into art
If you have a sentimental attachment to your used car and don’t wish to sell it, you can still repurpose it by turning it into an art installation in your backyard. For instance, if you own a truck, you can place a wooden bench inside and turn it into an outdoor seating area surrounded by plants and flowers.
To help you achieve a more aesthetically pleasing and polished look for your garden, you can hire the services of professional outdoor decorators and landscape designers. With a professionally done art piece, you can charge a few coins for people who want to take photos at the site.
Wrapping Up
There are many ways to get cash for your junk car. For instance, you can sell it to a car dealer or a private buyer, trade it at a dealership, scrap your vehicle, and sell for parts are all viable options. But don’t be too hasty to give up on that old car, as you may have other options, such as to keep, sell, or donate them, and each option can add to your finances.
With the ideas presented above, you can turn your old car into cash and free up some valuable space in your garage or driveway.
