If you have an old vehicle that you’re no longer using, you may be able to make some extra money from it even if it’s not in the best shape. While the most obvious solution may be to sell it directly to a buyer, there are a few other ways you can earn some extra cash.
Sell the Vehicle to a Used Car Dealership
You may be able to sell your old vehicle to a used car dealership if it’s in good enough shape. A dealership is also a great option because the business can help you finance the purchase of a new vehicle, and the money you make from the car you trade in can act as a down payment. However, before you sell or trade-in your vehicle, you’ll want to address any small repairs. Fix any dents or paint scratches. Parkerizaion is also a great way to increase steel’s ability to resist corrosion in the future.
When your vehicle’s ready, research its value using the Kelley Blue Book or a similar publication. These industry publications offer the typical sales price for used vehicles by make, model, year, and condition. Consider the realistic condition of your used vehicle, too. If it has a door missing or mismatched auto body panels, you’re better off using the next option – selling it for parts.
Recycle and Sell Used Parts
If your vehicle is a little worse for wear and isn’t likely to sell on the market or to a used dealership, sell your older used vehicle to a pull-a-part auto lot. Typically, recycling consists of three steps: collection, processing, and re-manufacturing. When you sell to a pull-a-part lot or a junkyard, you typically skip the collection step and deliver the vehicle to them yourself. In these cases, it won’t hurt your sale price to tow it to the lot.
Fix It Up and Sell It Yourself
Perhaps your vehicle remains in good condition, and the used auto lots didn’t offer an appropriate price. You can fix it up and sell it yourself. Address problems large and small to get the best price. For example, if the car vibrates from underneath when driven, that indicates a bad drive shaft. If you don’t know how to do auto repairs, have a mechanic friend help you and pay them a percentage of the sale price.
Donate It to Charity
Consider donating an older car that remains in good condition and runs well to charity. Organizations like the Salvation Army accept used vehicles. Although you don’t get payment at the time of the donation, at tax time, you get to take a hefty deduction for this donation.
Rent It Out
Use platforms like Get Around or Turo to rent your car to others. These alternatives to auto rental firms like Enterprise and Hertz allow you to make money from your extra vehicle without needing to drive it yourself, unlike Lyft or Uber. Your vehicle does need to be in good working order and look good, too.
Some of these platforms only allow rental vehicles aged 10 years or fewer. Others, like Turo, let individuals list older model vehicles as long as they remain in good condition. The older vehicle rentals typically comprise muscle cars or unique rentals.
Whether you sell, rent, or donate your older vehicle, you can make money from it. In most cases, you’ll need to spiff it up a bit before selling it or renting it. Selling it to a junkyard or pull-a-part salvage yard can save you from needing to repair or clean it.
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