While today’s vehicles are designed to last longer and be more resilient than ever before, the sad day when the cost of fixing any car ends up being more than it is actually worth will always arrive. Sometimes, it’s simply because the car is old and has sustained more than the usual amount of wear and tear over the years, whilst in other cases, it could be due to a bad car accident which has left a relatively new vehicle in irreparable condition. In any case, it’s usually the best option to scrap a car and invest in a new one, rather than spending more money than the vehicle itself is worth to get it back on the road. If you’re considering scrapping your car, here’s everything that you need to know.
Understand How Much Your Car is Worth:
The first thought that you have upon learning that your car is only worth scrapping is how much money you’ll be losing. In general, scrapping a car means that you’ll need to take a loss in terms of how much you get back compared to the amount you paid, but don’t worry – in most cases, cars depreciate in value so quickly these days that you’re likely to lose out financially whether you scrap the car or sell it on. However, this is assuming that you’ll be able to get some money back from the car’s scrap value. Sadly, it’s important to be aware that there is no guarantee you’ll actually get any money for your scrap car – it all depends on the demand and prices for scrap metals. You can get a ‘scrap my car’ quote from the Scrap Car Network beforehand to get a better idea of how much money you can scrape back. Taking these measures will help you understand the worth of your vehicle.
Consider the Alternatives:
Although ‘scrap my car’ might be the first solution that comes to mind, it’s always worth taking a look at the alternatives. In some cases, you may be able to sell your car instead. For example, if your car is a make/model in high demand, you may be able to sell it to a mechanic or car body repair shop who can then make the necessary repairs and sell the car on for a profit once it’s back on the road. If your car could be driven again once repaired, this could be a good alternative to consider for anybody wanting to earn a little more money from their vehicle. Another option that you may want to give some thought to is taking your car apart yourself and selling the parts individually. However, bear in mind that this could incur a charge from the scrapyard to pick up the remaining shell once you’re done. For more information on alternatives you may want to read this article on the do’s and don’ts of getting rid of your old car.
Choose the Right Recycling Facility:
Once you’ve decided that scrapping your car is the best way forward, you will need to go ahead and ensure that you choose to send it to the right recycling facility. Most components and parts of your car will be able to be re-used in some way since EU legislation requires that 95% of scrap cars are recycled. However, it’s important to bear in mind that not all recycling facilities are able to take scrap cars. You will need to choose an Authorised Treatment Facility (ATF) to ensure that you are disposing of your scrap car legally. These are the only centres which have the facilities to deal with hazardous materials such as oil and car batteries.
Notify the DVLA:
Note that the DVLA will need to be informed that you plan to or have scrapped your car since not doing so may mean that you are liable for any continuing road tax payments. You will need to ensure that you complete any relevant paperwork to let the DVLA know that you are no longer responsible for the vehicle. This can be done using your V5C document, which includes a section that must be completed before then exchanging it for a Certificate of Destruction (CoD). The CoD must then be sent to the DVLA. Once this is complete, you will be refunded any unused road tax on the car for the year.
Be Wary of Online Scrappers:
The nature of the internet often allows crooks to make their websites look legitimate, however, it’s important to be aware of the warning signs when researching scrapping your car. Firstly, you should avoid anybody offering cash for scrap cars online or on social media, as it’s been illegal to do so since the Scrap Metal Dealers’ Act 2013 was passed. It’s a good idea to be wary of any online schemes and contact the DVLA for confirmation if in doubt.
If the time has come to scrap your car, you’ll want the whole process to run smoothly for you. We hope this information helps!
© Emily Roberts 2018