Your car is undoubtedly one of your most expensive personal assets. As such, you can use it to make extra cash and pay for unexpected costs whenever you find yourself in a difficult financial situation.
This is especially true if you have an old car sitting in your garage and rusting away which gives you the perfect opportunity to get rid of it while making a profit along the way. In fact, you’d be surprised to learn how valuable a beaten, damaged, or completely inoperable vehicle can actually be nowadays.
In general, there are many ways you can use your clunker to put extra money in your pocket. Depending on its condition, you can choose to sell it to a private buyer, scrap it for its valuable parts at a local junkyard or simply flip it yourself to make a profit.
To get you started, here are five ways you can use your old car to make fast money in no time.
Sell your car for parts
One of the best ways to get instant cash from your old car is to sell it to a junkyard. These places buy vehicles in any condition and will gladly offer you a good sum for your junk car, especially if it still has good working parts that can be reused in other vehicles or for different purposes.
Because the price for car parts varies between junkyards, it is advised that you compare quotes from different places before settling on the best one.
For example, if you live in Philly, search for local junkyards near you and find out how to get instant cash for your junk car in Philadelphia hassle-free, as well as free towing services.
Offer extras with a used working car
One thing many people often overlook when selling their car is the importance of some extras that can increase their ride’s overall market value.
For example, offering your vehicle’s service records and maintenance history to potential buyers can certainly help you get more money from your sale. These documents serve as proof that your car has been well maintained and that there are no serious underlying issues buyers need to know about should they purchase your vehicle.
Don’t go overboard sprucing your vehicle
Although cleaning your car is a great way to increase its resale value, you should avoid investing in needless upgrades to make it more appealing to potential buyers. In fact, this should only be done if your vehicle requires some necessary repairs that will make your ride look safe and driveable again.
Some repairs you can do that affect your car’s safety and driveability include:
- Changing the oil;
- Fixing minor dents and scratches;
- Replacing the tires;
- Checking the brakes;
- Inspecting the engine.
Flip a junk car for a profit
If you are a true car enthusiast and know your way around cars, then why not engage in a DIY project of your own and flip a junk car to make a profit? For this, you will have to look for an old, beaten car or simply use yours to flip it and sell it for the highest price.
In general, flipping a vehicle involves doing several repairs and fixes such as painting the exterior, installing new seat covers, adding new floor mats, and doing a quick polish inside to make it look as good as new. And if you are really good at it, you can turn this into a full-time job.
Donate your car for tax deductions
One of the greatest challenges many people face when trying to sell an old car is finding the right buyer. The truth is not everyone is willing to pay good money for a car that is inoperable or totally wrecked.
In this case, you can consider donating your car to a charity organization. Although this won’t give you instant cash to put in your pocket, you can take the opportunity to apply for tax deductions. In other words, if the charity sells your ride for $500 at auction or to a junkyard, you can deduct that same amount from your next year’s taxes.
Final thoughts
If you have an old car taking up space on your property, you should consider using it to put extra money in your pocket. There are many ways you can do so, from scrapping it for its parts to donating it to a charity, all of which can help you make a profit.
For more help, refer to our post and read how your vehicle is your ticket to fast money.