Many car owners have found themselves in the same position at one time or another – you have a tired car that is a chore to both own and operate, and you don’t know if you should keep it. While some drivers are anxious to get rid of the dilapidated ride, it’s important not to rush the process.
Even if you’re saving money for a new vehicle, think before you take on a monthly car payment. Take a look at these three ways to make the most money off an old car.
Sell your old car
It’s smart to think of all the ways you can generate income; even compound interest can make you money. One of those ways to make money is to sell your old car on the private market. Kelley Blue Book, a vehicle valuation and automotive research company, says you can earn 15 to 25 percent more by going this route instead of selling directly to a dealership.
Start by determining some things such as if your vehicle still operates, and fix what is necessary only. It’s not time to update the sound system; you won’t get any return on your investment.
If you’ve taken good care of your car, dig out the service records to show prospective buyers so they see the car has been properly maintained.
Also remember that the details do matter. Give the car a good cleaning so it’s presentable. Don’t miss the upholstery! Write up an honest and thorough advertisement for your car – even sharing that it has a rip in a leather seat or a scratch on the driver’s side door — so you prove that you are a credible seller. This will make it easier to sell the car for top dollar.
Dismantle the car to sell its parts
If your car isn’t nice-looking enough to sell, you can still make money by selling the parts. This option may not pan out if you’re a casual seller, but if you possess the skill set and space to take the car apart, you can salvage valuable parts from an old ride.
Make sure you remove valued car parts such as the sound system, wheels, lights, glass and engine parts. List the car parts on sites like eBay or Craigslist – buyers will check sections of those sites for these car parts.
Once the parts are removed, you can sell the stripped body to a reputable salvage yard like Junk Car Medics to make more cash.
Buy and flip an old car
One hobby that can churn a profit is buying old cars and reselling them at a higher price. If you’re able to perform some minimal maintenance work and clean the car up, an inexpensive car can be transformed into a potential car owner’s dream come true.
Make sure to do more than just change the oil and fill the windshield wiper fluid. Focus on the wheel wells, seats, and more to make the car look its very best. Write up a solid description and share several clear photographs to attract potential buyers. You will be surprised how much money you can make flipping old cars!
Before you part ways with an old vehicle just to get it off of your property, think twice about your options. There are various ways you can make money off an old car if you have a little patience.