After your home, your car is considered to be your second most prized possession. However, after using it for so many years, you may decide it is time to get a new one. While searching for a new car is an exciting journey, there is one thing you need to consider first before you make your purchase and that is to decide what to do with your old car.
In general, there are numerous smart ways to get rid of an old vehicle. No matter how run down it might be, you have plenty of options to choose from. Some might take you back a couple of hundred dollars, while others will earn you money.
From selling it to donating it to charity, read on to learn the four ways how to get rid of your clunker.
1. Sell it
Selling your old car is one of the most common ways of getting rid of it. You can choose a company that will help you sell your junk car and get some money in your pocket.
However, make sure you consider a few things before selling your car. From gathering all important paperwork and setting up a competitive price to advertising and showing your vehicle, the process of selling your car yourself can take a lot of work, time, and effort. So, if you don’t want to go through this hassle, you can always sell it to a scrap company.
For example, if you live in Philly, you can look for the best scrap services to junk a car Philadelphia has to offer. This way you can sell your old car and make a tidy sum in the process.
2. Dismantle it
The United States has a huge market for used parts. Owners of popular car models are always looking for auto parts that can replace faulty or worn-out parts.
So, if you know your way around cars, you can dismantle it and ultimately reduce the cost of hiring someone to do it for you. This will certainly help you get a maximum return when you sell. However, the most important thing you should remember about this is that the older your car model is, the lower demand for its parts will be.
Also, if you choose to sell the auto parts yourself, keep in mind that you won’t have the scale or reach of auto salvage yards. While some parts of your car will be purchased quickly, others will take longer and may never be sold.
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3. Trade it in for a Newer Model
If there is a lot of demand for a particular car model, you might be able to trade your car in for a newer model. The new car’s cost will be determined by the value of your trade-in. This means that you will end up spending less money than you would otherwise. Although this is usually a good deal, there are some drawbacks.
First, the car dealer will offer you a very low price because they want to make a profit. Even if the vehicle is in great condition, expect them to push for a fair price.
The second drawback is that the difference between the price of a new vehicle and the cost of your old car may be so great that the relative contribution of the older car is minimal.
4. Donate it to a Charity
Donating your old car to charity is actually a very noble idea. Doing so may even get you a tax deduction. However, there are some risks involved in donating your old car.
For example, all cars require regular service, especially older car models which may need more frequent services. Some people may also recommend that you should donate your car only if it is still in good condition and can continue providing service with minimal repair.
Additionally, if you choose to donate it, you need to ensure there will be no added costs for the recipient. For example, non-profit organizations cannot afford to have rising expenses. It simply doesn‘t make sense to take the car out of your garage and put it somewhere to sit permanently in the organization‘s yard because it will be too expensive to maintain.
Final Thoughts
Getting rid of your old car can be a hassle especially if it is your first time doing it. While selling it may be your first option, there are other alternatives you can consider as well. From dismantling it to donating it to charity, choose the options that work best for you and give you the most value.
For more information, read our post and learn what you can do with your old vehicle.