When you have no other choice but junk your old car, the best way to deal with it is to gain as much profit as possible. There are certain factors that can contribute and determine the price of which your chosen junk yard will pay you for it: the weight of your old vehicle, the rates and offer of the said junk yard, and the most controllable factor—when you will junk it.
So, when is really the best and ideal time for you to junk your car? Here are some tips to consider:
Best Time of Year
One of the most important factors to consider when seeking to sell your car is the time of the year. According to DMV, trucks and 4x4s sell best during the fall and winter. This is because many people want to have a much larger vehicle that can pass through the snow. On the other hand, convertibles and sports cars sell best during the spring and summer—those seasons where one can flaunt it on long road trips without snow or rain. Commuter vehicles, meanwhile, are revealed to typically sell best during the peak of summer or winter. By selling your car during these periods, you can often sell it more quickly and at a higher profit.
Holidays and Special Events
In addition to the time of year, you also want to factor in holidays and special events, since particular times of the year offer ideal opportunities for selling your vehicle, including tax season, hunting season, Christmas and Independence Day, as well as high school and college graduations. Many young professionals who just finished school often look for cheaper, second-hand cars during the end of spring—after their graduation. Hunting season in certain parts of the country can increase the demand for trucks and 4x4s.
Another great determinant of your junking profit is the economy. Say that during the time you decided to junk your car or sell it, the economy is stronger—relatively, luxury cars and SUVs often will be in the greatest demand. This is because more and more people decide that they can afford such luxury.
Conversely, in a weak economy, in which gas prices can often rise, fuel-efficient or hybrid vehicles may become more popular. Used cars may also become easier to sell when the economy is in a downturn, because qualifying for loans is more challenging, and interest rates rise in a weak economy.
At the same time, the economy also dictates and impacts the cost of public transportation. When these costs rise, it is not uncommon to see an increase in demand for used cars.
Junk or Sell?
You can earn more money depending on the condition of your car—whether sell it or junk it. How to decide which one to do? The simple answer is to get rid of a car when it’s worth more dead than alive.
You know it’s time to junk your car when you’ve got a few bills adding up, especially when it constantly requires engine and transmission work ups. Keeping up with your old car’s maintenance requirements can be hard on the pockets, especially if you pay more than it actually serves you. All vehicles will eventually need some repairs; some will cost very little and other repairs will be costly and extensive.
Cars usually last for three to four years nowadays, according to car analysts and enthusiasts. So, if you feel that you have maxed it out, accept the fact that it is time to let go. Is the ‘emergency’ sign always lit up? Does it break down more often than it should? Maybe it’s time to scrap your car and reap its benefits instead.
At the same time, junk it if no one else wants it. If you tried selling it as a second hand/used car online or through private dealers, yet no one wants a piece of it for any reason, maybe junking is the best way to go. If you have exhausted all your efforts and resources yet nobody seems to be interested in taking it in, do yourself a favor and just junk it. It maybe the easy way out, but at least you earn money instead of letting it sit and rot for years on your garage