Within the first 12 months of ownership, a car loses more than 20 percent of its original value. And each year thereafter, it loses an additional 10 percent.
This means if you want to get the most value out of your car, it’s best to hold onto it and drive it until it literally can’t go anymore. You paid a steep price for your car, and you deserve to get at least a decade of driving out of it.
But what do you do when you’ve held onto your car as long as possible, but it’s just not driveable anymore? Can you get any money from selling it?
The answer is yes! You just need to get creative. Here are a few ways you can sell that old clunker of yours for some fast cash.
1. Sell It for Parts
If you want to make the most off of your clunker, you should try selling it for parts. This is a great option because you will be directly profiting off of your car parts, instead of selling to a third party that won’t give you nearly as much as the parts are worth.
There are some difficulties with this approach, however.
Selling a clunker for parts requires a deep knowledge of auto parts and mechanics. It also requires a lot of labor and hours of work, which may not be worth the money.
But if you’re willing to put in the work and enjoy working with cars, this is a great option to make some money off your junk car.
2. See If a Dealer Will Buy It
You might be able to sell or trade your car to a dealer. This is a great option if your car isn’t completely useless as you can probably get a better deal from a dealer than if you were to sell it for parts.
Your car needs to be in driving condition, or repairable to where it can get in driving condition if you want to go this route.
3. Sell It Privately
Finding a private seller is an even better option than selling to a dealer because you will probably make more money off of a private buyer.
Private buyers will buy your car and repair it if it’s driveable, or they will put the time and effort in to sell your car for parts for their own profit.
4. Junk the Car
If you’re looking for fast cash with little to no effort on your part, junking your car is your best option. There are plenty of people and companies that will take your junk car in exchange for a few hundred bucks, no questions asked.
All you have to do is a quick Google search of “junk my car for cash” and you’ll find plenty of eager buyers. Be sure to look into all of your car junking options so you can get the best price for your car.
Make Money Off Your Clunker
If you own a clunker, know that it isn’t completely useless. At the very least, you can make a few hundred bucks off of it which can go towards a downpayment on your next vehicle.
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