A car is an important asset which allows you to move conveniently. But sadly, a car is one asset that never appreciates. It depreciates every day and before you know it, the car becomes a liability.
Thankfully, all doesn’t have to go to waste when your vehicle no longer serves its purpose. You can scrap your car for some money.
While the amount you get from car scrapping companies may not be much, it can help a little with the next purchase or with your bills for the month. In order to get the most when scrapping your car, consider the following tips.
Compare Offers
If you want to get maximum benefit from your old car, don’t settle for the first offer you get. Explore a number of companies that deal with scrapping and recycling and compare their offers. You will get quotes just by providing the companies with a few details over the internet.
In addition to the quote, evaluate the terms too. Know who is responsible for taking the car to the recycling centre, if there are extra charges for picking up the car, the mode of payment and how long the payment will take. Cash for my car deals will be different depending on the company. For instance, TakeMyScrapCar.com states on their website that they offer same day pickup at no extra charge and car owners get paid on the same day the car is collected. Takemyscrapcar.com is an ATF in the UK offering auto salvage services in Norfolk and Suffolk.
Also note that prices keep on fluctuating. Therefore, if you are not in a hurry to dispose of your car, take your time and request quotes at different times of the month. You may get a better offer at the beginning of the next month if you are just a little more patient.
Choose a Reputable Company
According to an article on GOV.UK you should scrap your vehicle at an authorised treatment facility. Doing this anywhere else is considered illegal. The same article also states that if your vehicle is scrapped in Wales or England it is also illegal to be paid in cash. Payments should be made via bank transfer or cheque.
However, there is an exception for this in cases where the scrapping company repairs and sells the vehicle instead of scrapping it. In such cases, it is legal to be paid in cash. Therefore, when choosing a company, check to ensure they are authorised and that they make payments as per the GOV.UK guidelines.
Other than that, read reviews about the company before calling them to pick up your car. Do they pay as agreed or do they have a reputation of changing the quote or delaying payments? Reviews by people who have used the services can tell you what to expect by working with the company.
Remove Your Accessories and Personal Items
Car scrapping companies are mostly interested in car parts and not the accessories you add for comfort and style. Therefore, remove your CD players, audio systems, cushions and pillows, seat covers, steering wheel covers, baby car seats and any other personal items you keep in the car. You can keep these for your next car, or you could sell them online for some cash. Selling the accessories allows you to earn more money when scrapping your car.
Don’t Remove the Car Parts
You should only remove the accessories and personal items. You are much more likely to get a better offer from car scrapping and recycling companies when everything else is intact. However, if the vehicle has some new parts that you can use for another vehicle, you can remove them before scrapping. Before you do that, make sure you tell the DVLA that your vehicle is off the road.
Get a Tax Refund
When scrapping your vehicle, you should tell the DVLA. This is important because once the ATF facility takes the car, ownership shifts to them. If you fail to make such a report, you could be fined one thousand pounds. That would be a huge loss considering you are not getting so much money from the scrapping company. After the DVLA confirms that the vehicle is at an ATF, you will get a tax refund if you have any money left on vehicle tax.
Insurance Refund
Don’t forget to talk to your auto insurance provider when scrapping your car. Cancel your policy and check whether you can get a refund for the unused months. Some insurance companies will give you the option of transferring the unused premium to your next car. However, note that you may be expected to top it up, especially if your next car is more expensive. There is also an administration fee you have to pay for your policy to be amended. Thus, before you go for a transfer, ask the insurer for a quotation for your new car. If the new terms are not favourable, get a refund and check quotes from other insurers.
Don’t Fill Your Gas Tank
Finally, don’t send your car for scrapping with the gas tank full. This will only be a waste of money since the scrapping company will not pay you for that. Therefore, avoid refilling just before the scrap date and if your tank is full, take the road trip you always wanted. However, you should only go for a long-distance drive when it is safe to do so.
With these easy tips, you will get more money when scrapping your car. You can scrap your car after an accident or MOT failure. Also, if you are spending too much money on repairs and maintenance, that could be another sign that you need to let it go. Regardless of your reasons for scrapping the car, ensure that you follow all the guidelines by GOV.UK to avoid getting into trouble with the law. Don’t take any offer, no matter how attractive, from a company that is not ATF or one that wants to pay you in cash. Also, don’t forget to report the transfer of ownership to the necessary authorities.