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Your old car may seem like nothing but an eyesore or a pain to drive. However, there are many different ways in which you can make money from it as opposed to selling or trading it in its current condition. Using these strategies could turn a piece of junk into some spending money or a down payment on your next vehicle.
While the market value of your vehicle may only be a few hundred dollars, the parts themselves could still go for $100 or more. If you know how to market them properly, it shouldn’t be too hard to find a buyer who is willing to pay what they are worth. Depending on how rare a part is, it could sell for hundreds or thousands of dollars on its own.
Selling the car to a scrap dealer could be an easy and effective way to make some money even if your car doesn’t start or run well. This is because the dealer can come to your home or office and haul the vehicle away. You can even get a price quote by going to sites such as http://www.bigdaddyscrap.com to get a better idea as to whether scrapping a car or truck makes the most sense financially.
Charities may be willing to pay you for your vehicle regardless of what condition it is in. In lieu of a cash payment, the donation may count as a charitable deduction on your state or federal tax return. If you do choose to donate the car, be sure to appraise it first to determine its fair market value. The fair market value will likely determine the value of the write-off.
Title loans can be an effective way to raise hundreds or thousands of dollars in a short period of time. While a person should only apply for such a loan as a last resort, the money can generally be used for any purpose. A vehicle could also be used to secure a personal loan from a bank or from a friend.
Your old car may be more valuable than it looks on the surface. While is may have some rust, squeaky brakes and a radio that doesn’t work anymore, that isn’t important to anyone at the scrap yard. It also won’t matter much to the kids who benefit from your donation or to those who found the rare part needed to restore their own vehicle.