Are you looking to get rid of your old car, but aren’t sure if you should trade it in or scrap it? Deciding what to do with an old vehicle can be difficult.
Before you decide what to do, it’s important to understand the pros and cons of trading in a car as well as the pros and cons of scrapping a car.
Check out this guide to discover whether you should scrap a car or trade it in.
Pros and Cons of Scrapping a Car
When someone says they’re going to scrap their car, it means they’re going to sell off the most valuable parts first and then sell whatever is leftover for scrap metal. Here are some of the benefits of scrapping a car:
- Extra Money: Scrapping a car is a great way to make some extra money quickly. Most places will pay you cash right on the spot for your scrap metal. In some cases, you can even buy old junk cars and then flip them for profit. You can find out more about how to do this by clicking here.
- Help the Environment: When your car is scrapped, the metal gets recycled which means that there’s less of a need to create new metal in the future
- More Space: If your car has been taking up space in your garage or yard, scrapping it is a great way to quickly free up some room
Also, old junky cars are not nice to look at, so scrapping your vehicle can help you get rid of an eyesore on your lawn.
Of course, there are also downsides to scrapping a car that you need to consider. Here’s what to keep in mind:
- Some scrapyards may subtract from your total owed for a variety of reasons, meaning you may not make as much money as you hoped
- You can’t always be sure that your car will be recycled in an environmentally-friendly manner
- Some scrapyards are unable to pick up your car
Keep in mind that you’ll also have to spend some time gathering quotes to ensure that you get the best price for your scrap metal.
Pros and Cons of Trading in a Car
When you trade in a car, you bring it in to the dealership in exchange for credit for a new vehicle. Here are some of the benefits of trading in a car:
- Reduce the down payment you need to make on your new vehicle
- Helps lower the purchase price of a new vehicle
- Don’t have to deal with the hassle of selling car parts individually
- Make a quick transaction- all you need to do is negotiate the price, sign the paperwork, and you’ll be good to go
Of course, there are downsides to trading in your car, which include:
- Limited buying options
- Money spent on maintenance isn’t considered
- The dealership may not want it
It’s also important to remember that when trading in your car, there’s little room for negotiation.
Scrap a Car or Trade it In: Which is Right for You?
Now that you know the pros and cons of scrapping a car vs trading it in, it’s time to decide which one is right for you. If you choose to scrap a car, make sure you take some time gathering quotes so you can get the best price for each part.
And, be sure to check back in with our blog for more auto-related tips and tricks.