If your vehicle has reached the end of the road and it's not worth putting any money into it to keep it hobbling along, selling it to a junkyard may be a viable option to get rid of it. However, you'll need to meet several requirements before you can legally sell your junk car to a salvage yard. Then, after the sale is finalized, there's more to take care of as well. Here's what you will need to do before and after selling a junk car to a salvage yard.
The Title Needs to Be Clear
In many cases, junk car buyers don't require the physical title. If they do require the actual title document and you've misplaced it, you can apply for a duplicate title through the Department of Motor Vehicle's records office for the state your vehicle is registered in. You'll only be able to get a duplicate copy of the title if you own the vehicle outright and the vehicle is in your name. If the buyer does not require the title, ask if they would pay you more for the car if you had the title. It may be worthwhile to get a copy of the title if they will pay you more money for the car. This is a judgment call that only you can make.
Time Is of the Essence
However, don't be surprised if the buyer says that they are under time constraints and will only buy the car at that time and that they can't make any promises regarding how much they will give you later for the same vehicle. The reason for this is that the values of the precious metals and parts in vehicles constantly fluctuate, particularly due to catalytic converters containing palladium and platinum. However, time may be on your side if the price of precious metals increases while you're waiting for the title. Also, you'll need to consider the costs of keeping the vehicle insured as you wait for the title to come in the mail.
It'll Need a Pre-Tow Inspection
When the time comes for the towing company to pick up the vehicle, the tow truck driver will first need to do an inspection of the vehicle for safety reasons as well as to make sure the buyer is getting a complete car. The safety inspection part of the process is to see what condition the vehicle is in and how the tow truck driver will be able to safely secure the vehicle for transport to the salvage yard. It will also help them determine how to move the vehicle to the tow truck to transport it and whether or not performing simple measures such as inflating flat tires and charging a dead battery can be enough to drive or push the vehicle to the tow truck or flatbed truck. Also, the junk car buyer will typically schedule and pay for the towing service to add to the convenience factor of having a junk vehicle taken off of your hands.
Report the Sale to Your State & Insurance Company
In many states, transferring the title over to another person is enough to double as a notification that you've sold your vehicle to someone else. However, this may not always be the case, so you'll want to be certain to notify the state's Department of Motor Vehicle's title transfer office so you will no longer be held liable as a title owner of the vehicle. You will also need to report the sale to your insurance company. This is to protect yourself and your finances should something happen to the vehicle at some point in the future that would cause the owners to be held liable for injuries and/or property damages.
To learn more about how to sell your junk car, talk to a junkyard, such as Teddy Bear’s Auto Parts & Salvage Inc., in your area.