That old clunker you have in the side yard may never run again. Its engine is shot, its transmission is suspect and the suspension system creaks and groans. You will not be pouring a cent into it, but you can make some cash by scrapping it.
Let's take a look at how you can turn what appears to be a worthless clunker into something of value:
1. Find your car title – Before you can scrap your car, you'll need to find your car title. No salvage yard will take your car without one that you'll sign over to them. If your title is missing, you'll need to contact your DMV to issue a new one. Fill out the proper forms and pay the fee.
2. Determine its value – No car is entirely worthless as some of its parts can be reused in other cars. Visit Kelley Blue Book at kbb.com to valuate your vehicle. Kelley offers private party and trade-in values on cars going back 20 years. If your car falls within that timeframe, then check both values. KBB values do not apply to non-working cars, but you can get a rough estimate of the car's worth in any case. You will need to enter the vehicle make and model, mileage, trim level and available options.
3. Contact local salvage yards – Plan to call as many as three local salvage yards or car recycling businesses to gauge interest in your car. Honestly describe what is wrong with it including damages and why it does not run. Even if the car is not drivable, but still runs it is worth more than a vehicle that does not. Prices among junkyard operators can vary, so obtain multiple quotes.
4. Make an appointment – If a salvage yard makes an acceptable offer for your vehicle, then make an appointment to drop it off. If it is not drivable, the yard may send out a tow truck to take it away. A car that has to be towed will be worth less as it will cost the salvage yard more money to obtain your vehicle. If your car is not drivable, but can be dropped to a salvage yard, then consider doing the job yourself.
Complete the transfer of ownership by transferring title and obtaining a bill of sale. Accept payment for your vehicle and notify the Department of Motor vehicle once the transaction has been completed. Remove your plates or tags, as well as your personal belongings. If your vehicle is still insured, contact your insurance company to drop coverage.