Selling your car to a business that pays cash for junk cars usually isn't the first option people think of when they consider how to sell a vehicle they no longer need. Drivers can sometimes get more money through private-party sales to other drivers or via trade-ins at dealerships than they can by selling a vehicle to a company that buys junk cars. There are times, however, when you should sell a car to a company that pays cash for junk cars because doing so will net you the best price for your vehicle. Here are those times.
When Your Vehicle Needs Expensive Repairs
If your vehicle needs repairs that cost more than the vehicle is worth, it's probably time to junk the car for cash. Unless you're keeping the vehicle for sentimental value, it doesn't make sense to have the repair work done. You'd be better off spending the repair costs on another vehicle that's worth more.
In this situation, you'll have a hard time selling your vehicle. Just as it doesn't make sense for you to have the repairs done, it also doesn't make sense for anyone else to put in the work. If your car needs lots of or expensive repairs, it's time to sell the car to a business that will give you some cash for it.
When Your Vehicle Floods
If your vehicle floods, selling it as a junk car may be your best course of action. Flooded vehicles can have a host of problems, such as electrical issues, corrosion, and mold and mildew growth. Even if your car seems to run alright after it dries out, it could develop problems later on. You're likely better off getting what you can for the car and then buying a new one that hasn't been exposed to extreme water damage.
While you could try selling a previously flooded car through a private-party sale or via a trade-in, you'll have a hard time doing so. Once cars are flooded, they're labeled as a salvaged vehicle on their title. Anyone who looks into the vehicle will find out it was flooded, and they won't be willing to pay anything near its pre-flooding value because of the problems the car may have.
Often the best deal you'll get for a flooded car is from a business that pays cash for junk cars. A business might be able to use the car for parts or scrap metal, and they may be willing to give you some of the value they'll recoup by taking the vehicle apart.