When it comes to selling a vehicle, timing is everything. This is especially the fact if you are selling a junk car. Essentially, what you are selling here is the metal your car is made from. Therefore, it is only right that you sell when the price for metal is high, as this means you are going to make the maximum amount of profit. In this blog post, we are going to shed further light on scrap metal and scrap metal prices to help you when it comes to selling your junk car.
It is important to understand how the price of scrap metal is determined. There are several different factors that come into play. Like any commodity, supply and demand are key. The pace of the construction sector can play a key role here. The demand for scrap metals is going to fall when the construction industry is going at a slow pace, and this has a negative impact on the price of the metal. On the flip side, though, when the industry is thriving, scrap metal becomes more of a precious commodity and the value goes up.
Another factor is whether the metal is ferrous or non-ferrous. Non-ferrous metal is the most valuable type of scrap metal. Common examples include the likes of lead, brass, copper, and aluminum. If you’re not sure whether a piece of metal is ferrous or non-ferrous, you can use a magnet to find out. If the metal sticks to the magnet, it is ferrous. While ferrous metals are not as highly sought-after, you can still recoup a good amount of profit, especially if you have big quantities of it. Thankfully, most cars are made from aluminum and metals like this, meaning you’re going to be in line for a better profit.
Aside from the points that have already been mentioned, there are other factors that impact the price of scrap metal. This includes the quantity you have available. The greater the quantity, the more money you will make. A lot of metal dealers like to buy in bulk, which is why a junk car can be so valuable when it comes to cashing in on scrap metal. Moreover, the location of the scrap yard can come into play too, as the closeness of the yard to the larger cities and ports means the lower their overheads will usually be.
As you can see, there are many different factors that influence the cost of scrap metal. If you have a junk car sitting in your driveway now, why not capitalize on this? Instead of simply letting your car gather dust, all you need to do is get in touch with a dealer who is looking for scrap metal. You will get a nice wad of cash and they will take your old car off your hands in the process too.