How Much Is My Junk Car Worth?

What's My Car Worth? 

As simple as the question is, the answer can be a tad difficult to nail down. Determining "what your junk car is worth" traditionally takes a bit of time and plenty of effort. You could circumvent that by getting an instant offer online to see how much you can get from DamagedCars.com.

Figuring Out Your Junk Car’s Worth

There are several factors that influence exactly how much your broken car is worth. Some are based solely on the car, while others are influenced by external factors. These factors include:

• Economic Factors
• Vehicle Class & Body
• Exterior Condition
• Transmission Type
• Accident History
• Technology
• Vehicle Make
• Mileage
• Interior Condition
• Wear & Tear
• Aftermarket Parts & Modifications
• Color

These factors all have varying levels of impact on your vehicle’s worth, but what truly defines the value of your vehicle is “how much someone is willing to pay for it.” In that regard, taking a look at what cars similar to yours have sold for at auctions serves as a good thermometer on measuring its worth.

Your Junk Car’s Fair Market Value

Getting a grasp on what cars like yours are selling for is a step towards understanding your junk car’s Fair Market Value (FMV). The Fair Market Value is the price on which knowledgeable buyers and sellers agree. Buyers at an auction, for instance, know the range they are willing to spend on a particular make and model of a vehicle.

Buyers considered “knowledgeable” will not only have an understanding of the physical aspects of the vehicle, but also the economic factors as well. They take into consideration all of these influences in order to determine what price tag they’re willing to pay for a vehicle.

The Actual Cash Value

Under most circumstances, the Actual Cash Value (ACV) is used when it’s time for you to make an insurance claim. Should your car suffer damage resulting in a total loss, the money you receive from your insurance company is based on its actual cash value.

But how does the insurance company calculate the ACV?

The ACV is reached by taking the replacement value of the car and subtracting the depreciation costs from it after the vehicle is purchased. In the instance of a totaled vehicle, if the cost to return the car to its pre-damage or pre-loss state exceeds the car’s value, then it’s a total loss.

Additionally, the insurance company will weigh several other factors to get the ACV:

• The vehicle’s age
• The vehicle’s pre-loss condition
• The vehicle’s features
• The vehicle’s mileage

Also taken into account by your insurance company is your car’s “scrap value.” This is the value of your car’s parts as scrap metal, with the most lucrative parts typically being its engine, transmission, and catalytic converter.

Ok, So...How Do I Value My Junk Car?

Now that you've taken a good, hard look at the process of finding your vehicle’s value, you’re probably thinking “wow, this is so much work!”

And you’re absolutely correct. It is plenty of work.

That’s why here, at DamagedCars, we have taken it upon ourselves to make the valuation process as easy as possible for you. We partner with several reputable junkyards, so getting multiple offers on your junk car is a guarantee.

That said, we also crunch the time it would take for you to complete the process. Instead of days and hours out of your day calling for offers, we kick back a quote within 90 seconds.

With ease in mind, we also handle pick-up and title transfers for free. You won’t have to stress over transporting a broken-down vehicle; just schedule a tow 24-48 hours after accepting our quote and DamagedCars will handle the rest.