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When is it time to get rid of your used car and get some cash for it? Car-Worth walks you through the important factors to consider.
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Driving a car for as long as it's drivable makes sense to most of us.
After all, the time (and money) spent with your car, it just seems reasonable to drive it until the car reaches its last legs.
In reality, that isn't the case. Most cars depreciate in value over time with the average brand new car losing about 49.1% of its value after its first five years.
You, as a car owner, have to know when it’s time to get rid of a car that’s used.
When Is A Good Time To Say Bye Your Old Car?
Deciding exactly when to get rid of your old car can be a bit intimidating.
Getting rid of it too early might put you in a bad position, while getting rid of it too late could jeopardize your safety. A few common reasons to get rid of your car:
It’s been sitting in your garage, yard for too long.
Needs too many repairs or the car doesn’t run.
Mileage is really high.
It’s been sitting in your garage, yard for too long.
If your car has been sitting in your yard for a long time, then it may be time to part ways with it.
Cars that have sat for extended periods of time suffer from different afflictions like rust damage or even tiny creatures moving in and making it home.
Furthermore, batteries that sit unused for extended periods of time lose their charge and become useless.
Needs too many repairs or the car doesn’t run.
If your old car requires repairs, but the cost of the repairs exceed the value of the car, then it’s time to get rid of it.
Sinking repair money into a vehicle that has depreciated severely in value is a poor investment and should only be done as a last resort.
Mileage is really high.
For your old car, really high mileage is past the 60,000 mile mark and closer to (or surpassing) the 100,000 mile mark.
After 60,000 miles, your vehicle is likely to have had a few repairs by this point and, if you keep it well serviced, it’ll keep running smoothly.
Past the 100K miles mark, any repairs that go into your car will become increasingly more expensive.
Furthermore, after 100K, your vehicle’s value takes a sharp downwards turn. For a deeper look at what mileage you should sell your car at, check out this piece here.
Best Way To Get Rid Of An Old Car
When you’ve finally decided to get rid of your old car, you’ve got a few different options for how to go about it: Scrapping it, parting it out, trading it in, and selling it.
1. Scrap Your Old Car! You can sell your old car to a junkyard or scrapyard for its worth in scrap metal.
These yards will determine the value of your vehicle by its weight in tons multiplied by the price of its metals.
You’ll get an average of $150-$300 for your scrap car, but know that the value can change if the place where the metal is processed is far away from you.
2. Part It Out! If you’re looking to maximize the profit from your old car, then breaking your car down and selling its individual parts might be your best bet.
If you’ve got a car with reusable components, then you can double or triple your revenue.
Keep in mind, parting requires time, space, and expertise to dismantle a car without damaging the very parts you intend to sell.
3. Trade It In! Just because your car is old, doesn’t mean you can’t trade it in to a dealership.
A dealership will absolutely accept your old car as a trade-in. Keep in mind that dealerships specialize in selling cars that are roadworthy.
Your old car won’t get you much and it will likely only be credit to use on a new car at that dealership.
4. Selling It! You can always sell your old car to a private buyer, especially if it’s a make and model that is attractive to prospective buyers.
You can get a pretty penny for a car like that, but you’ll have to wait around to find the perfect buyer for your old roadster.
How Can Car-Worth Help You Dispose of Your Old Car?
When getting rid of an old car, you’ve got to find a balance between getting rid of it quickly and getting the most money for it.
Car-Worth manages this balancing act with our state-of-the-art online platform, we provide quotes for your vehicle within 90 seconds.
Should you like what you see, we’ll connect you with one of our local partners.
Feel free to schedule a retrieval for the vehicle with them as quickly as 24-48 hours. Absolutely free.
Once the partner does a brief inspection and hitches your car up, you’re given the quoted amount on the spot.
How many miles should you get out of a used car?
The rule of thumb to determine if a used car has reasonable mileage on it, take its age and multiply that by 12,000. You should be able to continue to get an average of 12,000 miles out of your used car for every year that you have it moving forward.
Should you buy a used car with over 100K miles?
Depending on your personal driving needs, a 100K mile vehicle isn’t a crazy investment. Modern cars have evolved into being more reliable, so that it’s not unusual for vehicles to run all the way until they hit the 200,000 mile mark.
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