Scrap Cars

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...

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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...

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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...

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The Crystal Ball: Scrap Car Price Predictions for 2014

Posted by on Feb 17, 2014 in Blog, Scrap Cars | 0 comments

The Crystal Ball: Scrap Car Price Predictions for 2014

Wondering about scrap car price predictions for 2014? If so, you have come to the right place. In this article, we will give just a few very simple projections for the price of scrap metal this year. We will also examine what the market’s past tells us about scrap metal prices, as well as a few of the overall factors that may affect how much you actually get for your scrap car. If you are thinking about selling a scrap car this year, you cannot afford to miss out on this article. What We Could See This Year This year has already seen an upswing (in January) and another downswing (already, in February) for the price of scrap metal, and, therefore, scrap cars. Some sources do tell us, however, that they expect an overall slight rise in prices for scrap metal this coming year, as they think demand for scrap metal will increase in places like Europe. They believe that this will be the case until around the year 2015 or so. However, in the meantime, prices could still yo-yo up and down from month to month in America. What History Teaches Us History teaches us that predicting the overall possible market value and price of scrap metal is not a science, at all. Many larger corporations in the metal and scrap metal industry, in fact, avoid making any predictions at all. They see the scrap metal industry as being far too volatile to predict. Prices can (and do) change at the drop of a hat, so to speak. History teaches us this has been the case for a long time, if we look back at past trends. The good news is that current demand seems pretty strong. Factors to Consider There are plenty of factors to consider when you might be wondering how much you could get for your scrap car. First, consider how large and heavy your car itself is. Many scrap yards pay in pounds, so this could obviously effect the overall price you get. Older cars are normally heavier (and contain more scrap metal) than newer cars. Lastly, remember that the overall demand and market price for scrap metal also has a huge effect on just how much your scrap car is worth when you sell it. Who you sell it to may also make a difference. If you have any old scrap car and you are looking for a Scrap Car metal Recycler then you can call DNY Recycling at:...

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