Tips: How to Make Money from Your Old Car

Four Options To Repost, Recycle or Revamp Your Beater

This article may contain affiliate links.

You’ll be surprised how much your old car is worth even if it’s not running. It can be your express ticket for quick cash, as there’s always a market for a used car, whether it’s running or otherwise. The global market for used vehicles stood at $1.323 billion in 2019, with a projected growth rate of 5.5 percent annually until 2027. Regardless of how new your car is, it will age eventually—this is why you should consider these four ways to make some quick cash from it.

1. Sell To a Used Car Dealer

With the increasing growth of the used vehicle industry, there’s little indication that consumer appetite for old cars will be quenched any time soon. A trip to your local used car dealer will tell you how valuable your old or broken vehicle could still be. If you’re looking to get the best price from your old car, it’s practical to shop around instead of accepting the first offer on your table. Used vehicle prices have dipped in recent years due to the many fairly used and leased vehicles on the market, but they’ve jumped again during the pandemic.

2. Dismantle and Sell as Vehicle Parts

Perhaps the ideal approach to making yourself some good cash is to pull your old vehicle apart and sell the essential parts. Each car has key components useful for other vehicles with mechanical troubles. Some car parts like the trim pieces, sound system and lights, among others, can be precious. You have to pull your car apart bit by bit, take some good photos, and list them on digital trading platforms like eBay.

3. Sell for Scrap Metal

Another basic strategy to get some cash from your old vehicle is to sell it as scrap or salvaged metal. Each car has a lifespan before turning into junk, even with the best of maintenance servicing. If your vehicle is no longer running or experiencing frequent breakdowns due to a lousy working state, it may well be a perfect time to trade as scrap. Fortunately, there are firms to help you with all the hard work if you’re trying to understand how to scrap a car. It could be as simple as a phone call or an email, and you’ll be walking straight to your bank.

4. Spruce Up Your Junk Car

Many individuals have made a career from purchasing old vehicles at a low price and reselling at an improved price. Others will also recondition the car, such as new painting, fresh seat covers and interior polishing to attract many buyers. You don’t need a complete vehicle overhaul as a simple DIY quick fix and cleaning can transform a cheap piece into a priceless collector item.

Rather than leaving your old vehicle to accumulate dust, why not make some money from it? Regardless of whether you decide to sell vehicle parts, the entire car, or even lease it out to another person, there are a wide range of approaches to make some additional money from your old vehicle.