Top 5 Ways to Make Money from Your Old Car
That beater car idling in your garage can be your ticket to earning some extra cash even if it no longer runs. Your car may have seen better days, but you can make those days count by milking extra money out of it at an old age.
The biggest mistake most car owners make when their car doesn’t run anymore is resorting to trade it into a car dealership at a throw-away price. Do not join this bandwagon, at least not before you try out other options that can yield even more returns.
What are these ways you can make good extra money from your old car? We have handpicked for you the five best ways.
1. Do some repairs and flip it
Imagine that there are people who would buy your old car for a very low price then resell it for a much higher price. Don’t you think this could be you? Well, you won’t be buying it per se, but you can do exactly what they do to old cars.
Those who flip cars simply purchase it at a lower price then carry out a few repairs before finally selling it. You can repaint your car, polish the inside, buy new seat covers and replace the floor mats with new ones. A quick fix of the major components can turn your old inexpensive car into a gem that buyers will be willing to pay more for.
2. Don’t Over-Do It
Transforming the inside and outside areas of your car is important if you aim at making a profit out of its sale. However, don’t overdo it.
Focus on what is absolutely necessary when it comes to the maintenance of your car. Focus on issues that determine whether your car is safe for the roads and drivable. Sprucing up other less important parts may not add much to the resale value of your old beater car.
3. Remove and Sell Easy-To-Access Parts from Your Car
Consider dismantling the critical and sought-after parts of your car and selling them separately. This would work well for you if you know an autos expert or part specialist.
This is somehow hard work considering you will have to market the parts separately, but you may be surprised at how much more you can sell the parts for as opposed to selling it as a whole. Sell the seats, wheels, glass, the sound system, and lights, among others. The rest of the body can be sold as scrap metal to a cash for scrap cars company.
Photo by Egor Vikhrev on Unsplash
4. Sell It To An Auto Retailer
Pick this option if you don’t have the time or expertise to economically ‘flip’ your car. Quickly turn your working old car into quick cash by selling it to auto retailers.
With the high influx of new cars and slightly used cars, you most likely won’t fetch a great price for your vehicle. Don’t let that discourage you though. It can still be worth it.
Research the auto market for the most competitive prices. You may have to conduct an appraisal of your car to determine its current value to avoid making losses in the sale of your old vehicle.
5. Use It To Provide Car Rental Service
Can you make extra money from your old car without having to sell it or its key parts? It is absolutely possible.
Instead of having it sit idly in your garage, you can rent it out to earn passive income. Platforms such as Turo and Getaround offer a car-sharing marketplace, providing customers with a cost-effective alternative to car ownership.
The apps will charge you a small fee for using their platform. Besides, they offer pick-up and drop-off services to-and-from your home.
Final Words
Do not be quick to free up your garage by trading your car to the dealership before weighing all the possible options at your disposal. Instead, maximize the potential of your beater car using the best option that will maximize your returns.
In some cases, (if you know someone in the auto industry) selling the most vital parts of your car separately would yield the highest returns compared to selling the car as a whole unit. If you do not want to get rid of it just yet, consider renting it out at a fee.
Whichever option you pick, make sure you get the maximum return out of your old car.
