Junk car sales are on the rise across the nation. The used car market size was a staggering USD 1.57 billion in 2021 and is expected to grow at a compound annual growth rate of 6.1 percent from 2022 to 2030.
The used car boom that started with the COVID-19 crisis has not slowed down as of yet, which means it's still very possible to find a junk car buyer when you tell yourself “it's time to sell my car.”
In fact, searches for "sell my junk car" on Google have soared to unseen heights, increasing by 222% from the beginning of September 2022. That clearly shows that many people are thinking that now is a great time to sell my junk car.
But what makes the current situation so favorable for nationwide junk vehicle sales? Let's explore below.
Why Should I Sell My Junk Car Right Now?
Getting rid of a car, even one that no longer drives, can be a complicated and lengthy process. That's especially true if you don't have a lot of experience selling cars and aren't sure where to get started.
The good news is that now is the best time for selling junk cars, or at least getting an online quote for your junk vehicle. You may discover that selling cars for cash is not just profitable but also surprisingly simple.
Here are just a few reasons why you should sell your junk car as soon as possible.
Car Prices Are on the Rise
In 2021, the average used car price rose by as much as 30%. Some models saw their sale price increase by as much as 70%. And with the market for used cars remaining hot, it's reasonable to expect junk car prices to continue rising this year as well.
There are many reasons why this happened, including an increase in demand, a lack of key parts needed for the production of new cars, and more disposable income that people had because of lockdowns and government programs.
But while that can be problematic for someone who doesn't have a car and wants to buy one, it's also an excellent opportunity for sellers, who can get good money for junk cars they no longer use.
Even if your car is junked, damaged, or totaled, it might be worth more than it was a few years ago. Today, it's possible to get top dollar for junk cars that are no longer in drivable condition, since their increased value can make the cost of repairs more reasonable and worth it in many situations.
And that also means that you don't have to settle for any offer when selling your unwanted vehicle and will likely have your choice of junk buyers or private buyers who will be interested in learning more about what you have for sale.
Fewer Cars Are Being Manufactured
Another reason it makes sense to explore your options for getting rid of a junk car is that there's a shortage of new cars on the market.
Because of the semiconductor chip shortage that developed at the beginning of the COVID-19 pandemic, many car manufacturers were forced to reduce their output significantly, putting many people on long waitlists to get a new vehicle.
And just as you'd expect, this type of shortage meant that many of the people who couldn't get a new car because of rising costs or a decrease in supply turned to the used vehicle market in search of viable alternatives.
And even though the biggest price rise occurred with newer vehicles in good condition, the same principle applied to older junk cars as well. As fewer new cars were available, people were looking for older cars that were either in drivable condition or could be repaired to run again.
At the same time, the demand for junk cars increased because they could be a source of hard-to-find parts that could be used to fix other used cars. Savvy sellers could even consider selling a car to a junkyard or stripping it for parts themselves, even though when you sell car to junkyard, there are drawbacks as well.
Scrap Metal Prices Have Increased
As we’ve already covered, new cars becoming more expensive means that drivable used cars are now more in demand as well. And that’s great for used car owners whose cars are still running. However, even if you have a junk car that’s completely undrivable and isn’t worth fixing, you can still reap the rewards of rising prices because scrap metal prices have increased as well.
The metals industry has been experiencing a shortage since the beginning of the pandemic, so junkyard and scrap metal buyers are eager to pay a premium in order to recycle the metals contained in your car.
It's Easier Than Ever Before
Most people are hesitant about getting rid of their junk car because they're unsure what the process would look like. Getting a fair price is one thing, but when most people decide, "I want to sell my junk car", they are not looking forward to spending weeks or even months fielding offers, negotiating and meeting with potential buyers, and wasting time they could spend on something much more productive.
But the good news is that most of the concerns surrounding selling junk cars are not an accurate reflection of how easy the process can be. Sure, if you decide to look for private buyers and spend many days per week checking your Craigslist listing, you can waste a ton of time and not even get that much cash for junk cars in the end.
However, you can opt for a much more convenient approach instead, finding a reputable cars for cash buyer who specializes in making the process as simple and convenient as possible. With such a buyer, you can get an instant quote that will fairly reflect current market prices, arrange for a pickup date, and not worry about how the car will be transported or anything else related to the sale.
With getting an accurate quote and scheduling the pickup time being so easy, there's really no reason why you shouldn't take the few minutes it will take to fill out a form online and at least learn how much your car is worth.
Save Money on Gas
Gas prices in the United States have reached an all-time high in 2022. And as a result, many people driving older and less economical cars found themselves wondering whether their current vehicle is worth maintaining, especially with the gas prices staying as high as they are.
And because of that, now is a great time to consider trading your car or truck for cash and using that money to buy a car that's more economical and eco-friendly.
The technology behind cars is improving with every generation, and today, even larger SUVs or trucks are designed to get you more miles per gallon considering the power they can produce.
So, instead of sinking more money into your non-running car that takes a lot of gas even when it's functional, it might be a good idea to consider your options and invest in something that will save you money both in the short term and the long term future.
Reduce the Impact on the Environment
Old junk cars can harm the planet in a multitude of ways. On one hand, older cars produce more emissions, which are also poorly filtered and harmful to people. At the same time, they produce more emissions that contribute to global warming, which is having a direct impact on various parts of the world, including the United States.
And while for most people, living without a car is impossible or at least very difficult, choosing an option that's more eco-friendly and less harmful to the environment is a good way to make a positive difference.
Today, there are many hybrid and electric car options that can dramatically cut the amount of pollution your car produces. At the same time, the government offers a variety of credits, tax incentives, and rebates designed to encourage people to switch to more sustainable vehicles.
But for any of that to apply, you will first need to sell your junk car for an honest price to a junk car service and use that money as a starting point to buy a car that's a more responsible choice.
Avoid Expensive Repairs
One of the most frustrating aspects of having an old car is the fact that it's simply not a reliable way to get around. No matter how well you take care of it, things eventually start breaking down, and you have to continually deal with new breakdowns that require immediate attention.
What's even worse, often those breakdowns can occur at the worst possible time, in the middle of the road. That can completely derail your day and plans, costing you not just money but also the commitments and plans you had for the day.
And eventually, there comes a time when repairing a junk car is simply not worth it anymore, as its value isn't high enough to warrant investing hundreds or even thousands of dollars to get it running again. That's when you should consider a junk car service that can take the car off your hands and allow you to invest in something more reliable.
Get Instant Cash
When selling their junk car, most people initially think about the complicated process they might have to go through. But if you work with a reputable company that buys up junk cars, you can avoid a lot of the hassle and enjoy the biggest benefit from selling your junk car - getting an instant influx of cash you can use for anything you want.
Junk cars eventually become a burden that takes up a lot of space and keeps eating money. But if you manage to get a fair quote from junk buyers, you can get rid of the car in a matter of days (or even on the same day) and get cash immediately.
Whether you decide to use the money to invest in a newer car, cover other expenses, or just get something you want for yourself or your family, getting cash from a junk company is a great way to give yourself the financial flexibility you need right now.
Bottom Line
Whenever you tell yourself, "I should sell my junk car", there are concerns about the process that are completely reasonable. It can be a complicated task, especially if you decide to sell your car to private buyers.
But if you use a reputable junk car buying service, you can get a great deal for your junk vehicle and complete the process in very little time. And since now is the perfect time to sell your broken junk car, you can expect to get a premium offer that is sure to make you happy.
