With 16,000 car crashes occurring on average in the US every single day, there is a chance that you could find yourself with a condemned vehicle at some point in your life.
Many people don’t know what to do with a totaled car. Do you dump it at the side of the road?
The good news is that there is a better way of doing things. You can actually make money from your wrecked vehicle in a number of different ways. These can set you up with enough money to invest in a new vehicle if necessary.
If you have a wreck sitting at home and are looking to make some money, read on for our 9 tips.
1. Cash Out With Your Insurer
In the event of an accident, be sure to contact your vehicle insurer as quickly as possible. They are obliged to provide you with the actual cash value of your vehicle.
If you were not the driver at fault, then they will be obliged to create a cash valuation for your vehicle. Once this number has been decided, they will calculate whether or not the vehicle should be considered totaled, depending on the cost of repairing it.
Different insurers will have different ways of calculating whether a car should be considered totaled or not. The key is the repair costs – even a seemingly minor crash may lead to a totaled vehicle.
If you receive an attractive valuation, you should seriously consider walking away from the damaged vehicle.
2. Salvage the Vehicle
If your vehicle has been considered totaled by your insurer, but you aren’t happy with the price that they’ve quoted you for it, you could keep it and try to sell it for salvage.
You could opt to sell specific parts of the vehicle, like the wheel rims. Then you could keep others and use them in your next vehicle.
This is naturally a high-risk strategy. Unless you have an established relationship with a dealership or garage, you may well receive less than you would have if you’d accepted the money from your insurer.
In this scenario, you are better of selling to our experts, who will offer you a fair evaluation for any vehicle in any condition. We also provide free offers and valuations.
3. Fix Her Up Yourself
Sometimes you form an attraction with a vehicle which makes it hard to say goodbye. If your car was slightly damaged but is still in drivable condition, you could try to fix it yourself.
Basic fixes may be achievable if you understand what you’re doing. In the worst case scenario, you could attempt to fix your car before turning it into a mechanic to deal with.
If you’ve been paid out by the insurers, but the payment was not sufficient to buy a replacement vehicle, this is an attractive option.
4. Keep Her on the Road
In cases where your vehicle has suffered only minor damage but is safe to drive, you could opt to keep it on the road.
If you only have dings, dents, and scratches on your car, this is an attractive option to take. There shouldn’t be any risk of serious mechanical breakdown on your vehicle.
This can be a sensible option if your payout from the insurers was not enough to buy a replacement vehicle. That said, you should be wary of this as if can affect the valuation of your car when you sell it later on.
5. Sell for Parts
In some cases, the components of your vehicle may be worth more sold individually than when they are when you sell the entire package.
If you are willing to shop around for sellers, you can make good money for yourself. The best way to do this would be to target specialists for each type of component you are selling.
Look for a wheel rim dealer to sell the four spokes – you can do the same for the spokes. You can do the same for your stereo, and even the engine block if you see fit to do so.
You could salvage the rest vehicle.
6. Sell the Entire Vehicle
If you’re not satisfied with the valuation you received for your vehicle, you could try and find a buyer yourself.
You could either post to listing websites like Craigslist or eBay, or find a private buyer. They key to this is patience.
Don’t take the first offer you have, wait until you receive an offer you are happy with.
7. Scrap It
If your car was badly damaged and the components are not in good enough condition to sell, you could push the nuclear button and sell it as scrap.
This is not ideal, as you would literally be selling the car for its raw materials. You’ll have to stay on your toes, as the scrap deals may try and squeeze some money out of your valuation.
8. Give it to a Mechanic’s Apprentice
If you are feeling charitable, you could give the remnants of your car to an apprentice.
Whilst they’re learning their trade, they desperately in need of practical experience. You can help them by providing your totaled car for their use.
If this doesn’t appeal to you financially you could sell most of the valuable parts for scrap and leave them to work on the rest.
9. Donate it to Charity
There are now a number of donation services available who can help out with a totaled vehicle. Although you won’t make any money this way, they will at least take the vehicle off of your hands.
An added benefit to taking this approach is that you’ll receive a tax deduction on the fall in value.
The charity will sell the vehicle for parts, with the proceeds going to a noble cause.
Understand What to Do With a Totaled Car
If can be upsetting when you hear that your vehicle is now considered totaled. Despite that, you shouldn’t despair.
You can make yourself a good amount of money if you can understand what to do with a totaled car. Whether you fix it yourself, sell it or scrap it, there is money to be made.
We offer fast and competitive evaluations for vehicles, and will even pick up the car from you. We’ll take cars in any conditions and offer fast payments.
If you’re looking to sell your car, this could be the best option for you.