Is Your Junk Car Worth Keeping? Here Are Some Things to Consider

Cars require upkeep if they are to last a long time and function properly. They need regular service and require repairs from time to time, and they break down when certain issues pop up. Whether your vehicle was in an accident or is old and costing you more money in repairs than its total value, it might be time to sell it.

Enter the possibility of selling to a junk vehicle dealer. Getting quick cash for junk cars in Fort Lauderdale is a real thing, and a great option for many car owners. On the other hand, you can opt to fix your old car if it still runs. This leads us to a good question: Is your junk car worth keeping? Here are five things to consider to help you come to a final decision:

  • Insurance premium: Evaluate your current auto insurance policy. Depending on your driving record and the insurance company through which you have coverage, the monthly cost of insuring your old car is either pretty low or a total drain. Sure, selling it will free up some funds, but not if you plan to buy another vehicle. Before selling a car that still works, see what the insurance would be on another vehicle. Rates for newer cars are higher. Factor this point into your budget.
  • Current market value: No vehicle on the road is worth anywhere near its original price tag. Your car begins losing value the moment you drive it off the lot, so your old, squeaky car has lost a ton of value. Jump on a car buying and selling guide like Kelley Blue Book to see what your vehicle is worth currently, then go from there.
  • Maintenance costs versus car payment: Auto loans for new and used vehicles have varying interest rates and monthly payment amounts. Prior to getting rid of an old car that’s still drivable, it’s worth averaging out its maintenance and repair costs during the last year—oil changes, tune-ups, belt and hose replacements, diagnostic testing and more. Add all these costs up, divide by 12, then compare that number to what would be your monthly payment for another vehicle.
  • Possible issues with replacement vehicles: If you plan to replace your old car with a used model, keep in mind that it will have its own issues that might not show up until later. There’s little point in switching out your junker for someone else’s!
  • Recent repairs: Here’s a common scenario: Your car starts acting up for the millionth time. You take it in and find out it needs new spark plugs or belts. After the repairs are made, the car drives remarkably well. Major repair work could add to your car’s life, and since you already went ahead with replacement parts, you decide to hang on to it for a while longer. However, you’re more likely to pass on the next major (expensive) repair and decide it’s the right time to sell.

Junk Car Dog offers the most cash for junk cars in Fort Lauderdale, and towing is always free. Call us today for information about selling a junk vehicle or a car without a title!