In the UK over two million vehicles are scrapped each year and are often processed in one of the many scrap yards located around the country. These yards provide a quick and convenient way for people to dispose of old vehicles. Most yards also offer cash for your old vehicles so understanding the value of your scrap is extremely important.
The first thing to consider is your geographical location as it is likely that you will be close to more than one scrap yard. This availability and the distances which most scrap dealers are willing to travel means you can often shop around. One of the best things a vehicle owner can do is get valuations from several sources.
Getting a valuation is only one part of the story as the key is to understand the valuation itself. It is easy to guess at a reasonable figure however you could be losing out on a large amount of money because you did not look into the true value of your vehicle. Some unscrupulous dealers will offer very low valuations and this is why it is so important to get several quotes.
When looking to make a valuation on your vehicle you will need to consider several things. Firstly you will need to look up the retail value of your vehicle. There are several websites which can help you with this and also a couple of books which you can purchase on the high street. When looking at these you should check you get the precise model. This will help you determine the value of your car if it was in near perfect condition.
Once you have looked up the retail value of your vehicle you will next need to find its trade in or wholesale price. Again there are several sites which can help you do this and in some instances its worth ringing several dealers. They usually have the most up to date valuations.
Now that you have the two figures you will need to add them together and then divide them by two. This will give you the cars current market value.
The next step is where the difficulty lies as it involves using figures from insurance companies. It is difficult because different insurance companies use different figures. A suggested figure is 75 and this is the percentage they will pay out on a cars current market value.
Once you have the percentage figure from an insurance company you need to multiply it by the cars current market value. This will provide you with a rough figure as to how much your vehicle is worth.
This information can then be used to make a judgement as to what would be a fair price. It should be noted however that the value of scrap can fluctuate wildly and scrap yards valuations will go up and down based on this. The damage to the car is also a huge factor and some dealers will deem damage to be more expansive than others. For example some dealers may fail to spot certain things.
This process is not an exact science but gives people the opportunity to understand a bit more about their vehicles and how they are valued.
Author Resource:
Jessica Parks - Writer for Metro Salvage. The http://www.metrosalvage.co.uk car salvage and http://www.metrosalvage.co.uk/ebay/buy-car-parts-online.htm second hand car parts specialist.
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