You’re convinced that your old jalopy is worth nothing. Yet, I bet your old beat up car is probably worth more than you think.
I used to think that when people said “My car is worth nothing” that they said so figuratively. I’ve since realized that this mostly not true. It seems a lot of people really do believe their old car has no value.
Why would anyone think that? Minimally, parts should have to have some sort of value??? Right???
I realized people were serious about this when someone actually gave us a car. To reiterate – someone gave us a car! Title and everything!
The catch – the car didn’t run. And apparently hadn’t run for a while. It needed a new motor and the person just didn’t want to deal with it.
So, one night after work, my hubby, using our scarcely used road side assistance membership had the car towed to our house. And here’s what happened:
A junkyard will buy a beat up old car
My husband and I were perfectly fine dealing with the dead car. Worst case scenario, we take it to a junk yard and make an easy $300 or so off of it – this is pretty easy to do, here’s some tips. Whether you call it a wrecking yard, scrapyard or junkyard, know that these yards can usually make money off recycling or parting the car. So, they’ll still buy your car from you, even if for only a few hundred dollars.
I would rather have a few hundred dollars, than nothing any day!
List the jalopy for sale before taking it to the junk yard
But, before taking the car to the junkyard, we tried listing it for sale. We listed the car on Craigslist. Since listings there are free, we decided to give that a shot first. To our surprise, that same night the car was sold! Someone bought the car from us for $1,400 and towed it away. It’s about the easiest money we’ve ever made!
Key takeaway: just because your car may look sad, or doesn’t even run, it’s still probably worth more than you think.
Get an estimate of the car’s value
One last takeaway – before deciding that your car has no value, check sites like Kelly Blue Book or NADA to get an idea of what your car could be worth. Just for fun, I looked up the value of an old entry-level 1995 car I had and now, over 20 years later, it still has a value of just over $1,000. It doesn’t mean that someone will pay this for it, but it provides a starting point.