Scrap Car Removal Tips

How Car Insurance Companies Determine the Salvage Value of a Vehicle

Posted by on Apr 1, 2014 in Blog, Scrap Car Removal Tips, Scrap Cars | 0 comments

How Car Insurance Companies Determine the Salvage Value of a Vehicle

After you’ve been in an accident, your vehicle may be declared a total loss if the insurance company determines that the damage is too extensive. This means if the amount of money required to make repairs to it are within 70 to 75% of its value, then the insurance company will declare the vehicle a total loss. However, even if the car has been declared a loss, its salvageable parts have value and the rest of the vehicle may still have value as scrap metal. How is the Salvage Value Determined? There is no set formula for determining a car’s salvage value because it can depend on the car’s make and model, as well as the amount of damage done to the vehicle compared to its original cost. While insurance companies don’t have a standard method of calculation, they often determine its salvage value based on whether it can be salvaged or whether it is considered a complete loss. Here is the method most insurance companies will use to determine a vehicle’s salvage value. Step 1: Finding out the vehicle’s market value prior to the accident. This value is determined by averaging the vehicle’s trade-in value with its wholesale value. Step 2 – The damage sustained to the car will be subtracted from its market value. This figure is the car’s final market value and it is determined by subtracting normal wear and tear, plus any prior damage that was on the vehicle. Step 3 – The percentage used by the insurance company to calculate damage. Most insurance companies use 75%, but the percentage can vary depending on the company. When the insured car owner decides to keep their vehicle, they will receive a partial settlement from the insurance company. Therefore, if the insured owner’s car had a final market value of $5,000 and the insurance company used a percentage rate of 75% to calculate damage, then the insured owner would be paid a settlement of $1,250. Otherwise, they would get a full settlement on the current market value of their car and the insurance company would keep it. The insurance company can then choose to sell it at auction if they think it has any value. The owner, once he has retained the right to his totaled vehicle, can also choose to sell his vehicle, but he made part it out or take it to a scrap metal company to sell...

Read More

Should you Repair or Recycle your Car?

Posted by on Mar 24, 2014 in Blog, Car Maintenance Tips, Scrap Car Removal Tips, Scrap Cars | 2 comments

Should you Repair or Recycle your Car?

Purchasing a car is a very substantial investment that people make in their life. Once a car reaches a certain mileage you need to make a decision and find out if you want to invest in continuing to repair it or if the best thing you can do is send it out for recycling. In this article we are going to talk about what kind of things you should consider when you make that decision. There are many factors to take into consideration and the first thing you need to do is find out if the spare parts for your car are still widely available. If you happen to have a model that has discontinued spare parts you need to realize that it will hard for you to sell this vehicle for a good price and the next time it breaks down it could be the last. This is crucial and you might actually get more money for recycling it than you would for trying to sell it. The next step is to find out if you have done any critical repairs like replacing the timing belt after around 60,000 miles of use. If you don’t change this belt, you could end up with a destroyed engine if it snaps while you are driving. Make sure that you get that replaced as soon as possible if you don’t want to end up paying thousands of dollars for a new engine. You also need to consider how much gas you have to put on your car on a monthly basis. If the car is making you spend a lot of money on gasoline then you might want to consider recycling it and purchasing a vehicle that will save you more money in the long run. The older your car gets, the more it will consume gas and oil. These will also cause more pollution and environmental damage. There are some people who will do whatever it takes to keep their cars running for as long as possible, but the problem is that at a certain point a vehicle will start to have malfunctions in many of its parts and it will be like a chain reaction of issues that is going to cost too much money. You really need to consider getting a new car at this point and the best thing you can do with your current vehicle is get some cash for the parts and have it recycled. You will be helping the environment and also avoiding unnecessary expenses in repairs that are only going to prolong the life of your old car for a few months. When it breaks down for good, you have to make sure that you don’t leave it parked in a lot or at your yard because it will continue to pollute even when the engine is not on. Once you have recycled your car we suggest that you make sure that your next purchase is a car that has plenty of spare parts and qualified mechanics that can handle the repairs and replacements that your car might need in the future. This way you will be sure that your vehicle will last longer and you will be able to sell it for a good price if you decide to purchase a newer model. We need to be more conscious of the environment and recycling out old cars is a great way to avoid further damage to be done to our planet. Remember all of the points that we have mentioned in this article if you are currently thinking about what you want...

Read More

Documentation Needed to Junk a Car

Posted by on Mar 4, 2014 in Blog, Scrap Car Removal Tips, Scrap Cars | 0 comments

Documentation Needed to Junk a Car

There comes a time, unfortunately, when it is time to junk your vehicle. Whether it is due to an accident or if you have just run the car into the ground, you need to get rid of it. Even though it is no longer drivable, or barely drivable, you will want to get money for it. The best way is to find a scrap car buyer. The first thing that you need to do is find a company who pays cash for scrap vehicles. You can do a local search online, check the classified ads in the newspaper, or ask around. Chances are, scrap car buyers are not too difficult to find.   When you have found a company to sell your junk car to, it is important to find out what their policies are. Some junkyards and scrapyards require you to remove the tires before you bring the vehicle down. If they are interested in only the metal, this is a very good possibility. You should find out exactly what they want before you bring them your car. The best possible scenario is that the car and everything on it can be brought to the junkyard. This will make things easier on you. Once you have found a company to sell your junk car to, you need to know what type of documents you need in order to sell the car to them. You cannot just bring a vehicle to these places and hand it over. There is documentation that you need to provide before they can legally purchase the vehicle. Each state has different laws, however, the guidelines are very similar. Most junkyards will have a form for you to fill out, signing the vehicle over to them. This form protects them in case you come back saying that you want your vehicle back. While you are sure that this will not happen, they want to protect themselves. Next, you need to provide the title of the vehicle, showing you as the owner. If you do not have a title to the vehicle, you will need to follow the necessary procedure with the DMV to obtain the title. Depending on the state, there may be a fee to get a copy of the title. You will also need to show the junkyard a copy of the registration stating that the vehicle is yours and is registered to you. Since you are showing all of this proof of ownership, you will need to also give them a copy of your driver’s license to prove that you are who you say you are. After you have provided all of the necessary documentation to the junkyard, you will receive the compensation for the vehicle. Before you leave the junkyard, be sure to get your license plates off of the vehicle. These need to be returned to the DMV by you. Getting an old junker off your hands is great. Getting money for it is even better. Just be sure that you have all of the necessary documentation or the junkyard will not accept your...

Read More

6 Mistakes To Avoid When At The Scrap Yard

Posted by on Feb 12, 2014 in Blog, Scrap Car Removal Tips | 0 comments

6 Mistakes To Avoid When At The Scrap Yard

With today’s economy slowly sinking to the bottom of the toilet, you don’t want to waste any of your resources. The good news is that more people have become enlightened when it comes to saving money. You are no longer called Scrooge when you try to save money but a wise consumer. While our parents labeled garbage and threw away, we now sell and make money. A good example of potential money-maker is your junk car. If you have a scrap that you want to dispose of, why not sell it for top cash? There are scrap buyers in Toronto, for example, who will be more than happy to buy your scrap car. They even offer free towing and 24/7 service. Nonetheless, buying and selling scrap is an art. You don’t want to get ripped off, but you also do not want to price yourself out of the market. If you are an amateur, avoid these mistakes so that you can come away from a scrap yard satisfied: Being Unprepared and Unorganized Before approaching scrap buyers in Toronto, you need to get organized first. Look at your scrap car and see if there are any other usable parts. Is the radio still functioning? You can probably find another buyer for it. You need to look at it with an objective eye and see what you can sell separately. Then remove and sort them for selling later. Not Learning About Scraps Learn how your scrap yards classify materials. Every scrapper has a name and classification system that is all on its own. Knowing which ones they value more over another can help you get top cash for your junk car. Not Checking Prices Scrap yards operate like any other market, that is, prices can vary at any given time depending on several factors. Don’t forget to do your due diligence and ask scrap buyers in Toronto for their prices before going there. You’ll get a better deal if you scope out the prices first. Incorrect Packing If you want dispose of your junk car as fast as possible, you should know how to pack your scraps efficiently so that you can unload as quickly as possible. Being Ignorant of the Laws Don’t assume that because its junk, the government does not regulate the industry. Wrong. There are laws that govern every action in any country including junk disposal. Ask about the requirements and determine also whether they are being compliant with the law. If they are, it’s a good bet that they are running an honest business. Don’t Forget Your Magnet It will make it easier to separate junk. The best advice for would-be scrappers of junk car is to learn everything you can about scrapping and the scrap car buyers in Toronto. Ask if they have free towing for scrap cars, provide 24/7 service and whether they offer top cash for your junk car. Ask your friends and colleagues for recommendations before parting with your scrap car. A little research on your part will go a long way in ensuring that you get the best deal when you finally dispose of that junk car that has been sitting on your yard for too long. Call DNY Recycling now at 416-823-1977 to solve any of your scrap car removal...

Read More
Types of Cars we buy
Salvage Car Removal
Scrap Car Removal
Auto Wreckers Service
Broken Car Removal
Cars with Missing Wheels

Quick Pick up With no fuss !

Now you dont need to worry about the pain of taking your car to a scrap yard. Leave it on us !