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Do I Have to Pay Taxes Or Fees When I Sell My Junk Car?

Selling used car

Selling a junk car is not the same as buying one. You don’t have to make expensive repairs or pay dealer’s fees upfront. There is no complicated paperwork to fill out or long waiting lines to go through. Learn more about the reduced hassles of selling your junk car.

Do I Have to Pay Taxes?

Selling your car for more than its worth is a gain. For any amount of money you receive, you must pay taxes, whether it’s a supplemental income, inheritance or lottery win. However, a junk car is valued at a much lower amount than you first paid for it. This car is a loss, so no tax is required if you sell it.

Do I Have to Pay Fees?

Anyone knows that buying a car comes with a wide range of fees. Selling a car is less burdensome, but there are some fees that the seller must pay. If you’re selling the car online, a listing fee may be included.

There are no fees associated with selling a junk car in Philadelphia. You can start by advertising in free classified ads. You don’t have to transfer the title if the car is sold for parts. The buyer pays the costs of towing, pickup and delivery.

There Are Still Some Important Steps to Follow

Selling a junk car is still similar to selling a regular car. You need to find a reliable buyer or a good salvage dealer. You need documented proof of the vehicle’s value and its basic information, such as age, mileage, condition and history of repairs and maintenance. In the end, you’ll need to remove the license plate and transfer the title to the new owner.

What Is the Catch?

You may wonder what is the disadvantage of selling your junk car. Find more advantages in knowing that the process is free, fast and easy. Most importantly, an old, damaged car has been removed from your life. Your yard has more space and looks cleaner. Selling an old, rundown car is not a hassle. You don’t even have to advertise for its sale at all. Call the right junk car removal company to sell your unwanted car that same day. At Philly Cash for Cars, we guarantee that your services will be fast and friendly. Receive the fairest price for your car and sell it to us today.

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