Give us a quick call today if you’re curious to know how much your car is worth.
How Junkers Are Priced
A vehicle that is no longer functioning or is not worth the expense to repair is considered to be a trash automobile, but don’t let the nomenclature confuse you. Even though these automobiles normally do not have any resale value, there is still a possibility that their components may have some worth.
Because of this, junk autos are often purchased for their components and scrap metal.
5 Factors That Determine How Much a Junker is Valued At
Here’s what companies like SUYC consider when giving an estimate on used and junk vehicles.
How Far Away You Are?
Location is one of the most important factors that determines how much money you will be able to get for your old automobile.
The amount offered for your junker depends on a number of factors, including how close you are to a salvage yard and not just the going rate for scrap metal.
Does Your Car Have its Original Cats?
Another important reason non-running cars still retain value is from their catalytic converter. Cats, as they’re often referred to, are made with rare metals – platinum, palladium, and rhodium to be specific.
For reference, rhodium sold for $18,000 per ounce in 2021. Although catalytic converters have very small amounts of these precious metals, they add to the value nonetheless.
What’s the Vehicle’s Year, Make & Model?
Year, make, and model is often the first question we’ll ask. This information tells a company like ours a lot of what we need to know. Certain vehicles have more valuable resale parts, others are larger, which means more metals to be recycled, and some are simply still in high demand.
What Condition is the Vehicle In, Does it Run?
If your car doesn’t run, that doesn’t mean SUYC won’t buy it! As mentioned, the parts and scrap metal still mean it has value.
On the other hand, if you have a used car in fairly good condition, whether the vehicle runs, has any warning lights, or makes any strange noises are all factors that can make your car worth more or less.
What’s the Market Value of Scrap Metal?
The current price of scrap metal is probably the single most crucial element in determining how much money you will get for your old junk automobile. This is due to the fact that the majority of salvage businesses acquire cars for the worth of the metal rather than the value of the components.
Even if your car is in perfect shape and the price of scrap metal is low, you may not get offered as much when prices are down.