Owning a Car: What Newbies Need to Know

3 Ways To Make Money Off A Broken Down Car

by Avery Ellis

Do you have a broken down car that's beyond repair? Do you want to get rid of it, but at least get some value out of it? The car may have little or no trade-in value at a dealer, but that doesn't mean it's completely worthless. There are plenty of ways to get some value out of it. You just have to spend a little time doing some research and preparation. Here are three ways to quickly get rid of the car and still get a little bit of money back:

Sell it. Just because a dealer won't buy it doesn't mean no one will. If it's a collectible or highly-sought make and model, there's probably a market for it, even in it's current condition. There are plenty of websites where you can research the values of different types of cars.

Do a little research, determine a fair price, and then post it for sale online on car enthusiast sites and places like Craigslist. You may find a collector or someone who simply enjoys fixing up old cars.

Scrap it. This may take some time on your part. However, the best way to get the most value out of the car may be to scrap or sell the individual pieces. Oil and oil filters can usually be recycled in exchange for a bit of money. The same is true of batteries and tires.

You may be able to sell the rest of the parts to a junkyard or scrap metal yard. They'll pay you for the parts and metal and take the car off your hands. You may also want to look for a junk yard that is also an auto recycling center. There, they'll make sure that any parts that aren't sold are safely recycled and don't end up in landfills.

Donate it. Many charities accept car donations. The charity then takes the car to a junkyard or auto recycling center where it sells the vehicle. This is a convenient method because the charity will usually come to your property and take the car off your hands. While you may not get cash out of the transaction, you will get to deduct the donation on your taxes, which will reduce your tax bill and put more money in your pocket at the end of the year.

Make a few calls to see what's best for you. Contact some charities and auto recycling centers in your area. They can give you an idea of what they may pay for the car and whether they'll pick up the vehicle. To learn more, try contacting an auto recycling center or a company like Jeff's Towing for more information.