How Much Can I Sell My Wrecked Car For?
To answer this question, first determine both the trade-in and retail values of the car to get the market value. You must then use the market value and the salvage value to determine how much you can feasibly sell the wrecked car for.
Determine the Trade-In and Retail Value of Your Wrecked Car
How much would you get for your wrecked car if you were to trade it in? How much would you get for it if you sell it privately? The car’s trade-in and retail value will ultimately help you determine the total market value or the price you’d likely get for the wrecked car. This is a formula that insurance companies and dealerships use when making offers or settlements on wrecked cars.
Check Kelley Blue Book
One of the most trusted sources for learning about the value of your car is Kelley Blue Book. Check to see the value of your car. You’ll have to do this twice. Once to determine the value if you trade it to a dealer. And then again to find out the value of the car if you sell it privately.
Check One More Source
Utilize one more source to make sure that the current values on your wrecked car are correct. The National Automotive Dealers Association, NADA, is another source you might use to learn about your trade-in and retail values. Compare these numbers to those you found on Kelley Blue Book. If there’s not a huge gap, take the lesser of the two values for a more accurate number.
Divide by Two
To get the market value of your wrecked car, determine the average of the trade-in and retail values. This will give you a market value amount. This is what you might receive if the car wasn’t wrecked. To figure how much you can sell your wrecked car for, determine the salvage value of the car.
Calculate Salvage Value
This is the value of a car after it has reached the end of its life. Contact your insurance provider to determine what percentage they use for calculating the salvage value. This is typically around 75 to 80%. Now multiply your market value by the salvage value. This is the number you can sell your wrecked car for.
Now you have a number and you can start advertising your wrecked car for sale. Keep in mind that selling your wrecked car can take time. Potential buyers or dealerships often consider how much it will take to get the car up and running properly.
If you’ve been trying to sell your wrecked car for a while to no luck, try lowering the price. Or even consider working with a wrecked car buyer like Sell My Car Online. We will give you the highest possible amount for your wrecked car and tow it away, free of charge. Call us at (855) 929-0828 today.