If you have a car sitting in your garage or storage that you don’t want anymore, now’s the time to get rid of it. However, don’t just leave it on the side of the road or give it away. There are plenty of ways to make money off your old vehicle that you must consider. Check out these best ways to make money off an old car to boost the resale or trade-in value of your vehicle and earn some quick cash in the process.
Sell It To a Dealer
This is perhaps the most common solution. Most people want to earn money off their old cars somehow. After all, whether new or used, cars are an investment. Depending on the condition of your vehicle, most dealerships will offer you some sort of monetary compensation for it. Given the recent shortage of computer chips, your used car is worth more than you think. Today, used cars have seen a tremendous upsurge in value, costing just as much as a new vehicle in some cases.
Sell It To a Collector
Alternatively, you can sell your vehicle to a private collector. If you sell to a dealer, you may notice that their offer isn’t as much as you expected. If you possess a rare or vintage vehicle, why not spruce it up for a higher market value? Give your car the facelift it deserves with fresh paint, new rims or wheels, and an overall deep clean and detail. Some private collectors want a specific vehicle that reminds them of their childhood or personal interests. For example, some vehicles that aren’t in production anymore have target niche markets of private collectors looking to obtain one. Take advantage of this opportunity if your car is one of those hot collector items.
Trade It In
Of course, you can always trade your vehicle in if you’re in the market for a new car. Trading in a vehicle is one of the best ways to make money off an old car. It’s relatively easy. Go to a dealership and explain that you want to trade your car. They’ll test drive and inspect it to ensure it’s operational. Afterward, they’ll appraise it and offer a deal on the new car you buy. Trade-ins do not offer cash in your pocket but are a smart choice if you plan to get a different car from that dealership.
Scrap It
Still, you can always scrap your old vehicle for junk metal. Assuming your car is in rough condition, or you don’t foresee any valuable trade-in or resale offers, it may make the most sense to sell it to a junkyard. Your local salvage yard will strip away the metal and computer parts. There are also private companies that break down and dispose of oils, fluids, and wires so that you don’t have to worry about it.
