Are you thinking about scrapping your damaged or old car? Don’t worry,you are not the only one. Scrapping does not come that profitable but if you want to ensure that it does to you,take a look at the factors that play an important role in determining your scrap car’s value. Also,not to forget,as each car is different, the value of it depends on various factors discussed below.
The first and the foremost factor that goes into determining the price of a junk car is a very basic one and that is What type of a car is it? The year, make and model of the car are the key determinants of the current market value of the car and its parts. Car materials tend to change a great deal over the years and this is why it is important to know the year/make/model of the car before considering it for value determination.
- Current Price of Scrap Metal
Knowing the current price of the scrap metal is very essential as this helps in determining going rate of the junk car. In certain situations,even the cars that aren’t worth salvaging can be turned into scrap metal. The catch behind this is that the price of scrap metal varies widely from year to year and it is entirely based on the supply and demand of steel and aluminum.
- Condition of Vehicle
The next factor that comes into play is the condition of the vehicle. It helps understand if the buyer will be able to do well with it, will they be able to restore it to working condition and re-sell the car and so on.
- Demand for parts
In certain situations,the car is not worth refurbishment,but its parts still hold value,in such cases the value is determined depending on these parts. Everything from battery to the tires can be potentially removed. Also, the higher the demand, the higher the value.
- Location of the vehicle
Yet another important factor is the location of your junk car, this will help in determining the value of your vehicle.
Above discussed are some of the top factors that are taken into consideration when determining the scrap value of a car in New Jersey.