Giving up your car is not an easy decision – there are so many memories associated with it. But, if you are not driving the vehicle (for some reason), or if it has become old, you might be thinking of giving it up.
Read this article before making your decision. It might give you with ideas you haven’t thought of before.
In spite of being old, your car is never useless; you still have some options for it. Some options will require you to spend a couple of hundred dollars. And others will earn you money.
We have shared five options; depending on the car’s condition, your financial needs, and your plan, decide on the one that meets your requirement.
Things You can do with a Car which is about to Gve up
Trade in
Research well and find out the demand for your car’s model. In case there’s a significant demand, you will be able to trade it for a newer one. The value of the old car will be adjusted with the new one. Thus, you end up paying less cash than you would have had to. This is commonly a good deal, but it has some downsides too.
First, your car dealer might not be paying you enough for the old car, as he will want to sell it off for a healthier profit. You will have to bargain hard and have your facts in figures in place to convince the dealer for a fair price.
Second, if the car that you are buying is priced on the higher end, the cash earned from the old car might not be making a relative contribution.
Barter it
What you might think as trash, might be a priceless treasure for someone else. Many people have a hobby of fixing old cars and driving them. Try to find out such people and see if he has something that catches your interest – speak to your friends, and relatives and you both might end up owning something that each of you values.
Barter doesn’t get you cash for cars, but it gets you more valuable items that you might not find in the market.
The drawbacks of barter – if you either of you at any point of time feels that the product is not worth the exchange, you might end ruining a precious relationship.
Dismantle the Car
New Zealand has a massive market for used parts of a car, and by selling the car’s different parts, you can earn good money. Owners of popular car models often look out for sellers who can provide them a replacement of a defective or worn out part.
If you can dismantle it yourself, then great! You save on hiring a mechanic. However, if you are not comfortable, get someone to do it for you for a minimal price, and sell them off.
But the problem is that older car models do not fetch as much money as might be expecting. So, if you can find car wreckers Auckland, sell the spare parts to them. These wreckers either recycle the parts or sell them off depending on their market value.
Sell it Off
You can search the internet for buyers, or you can also try to find out companies who purchase old cars.
Even if you think that your car is no more in a drivable state, there is a high probability that companies which purchase damaged vehicles will find it valuable. They repair the cars and sell them off to another person. In case they cannot fix them, they dismantle the cars and use the parts to repair other cars.
Donate it
This option will not fetch you any money, but it is a noble cause and can get you some tax wave-off. But, donate it only if it is in a driveable condition.
Cars require frequent maintenance, and if it is an old car, then the frequency will be above average. And you will not want it to be a burden on the recipient. An NGO will not have the funds to send the car for repairs regularly.
