Your Old Car May Be Valued At More Than You Think

Many GAP policies also cover the regular car insurance deductible up to a fixed limit. This can come in very handy too because it means you will not even be responsible for that amount. Your GAP carrier will pay it too.

There is a list of factors, which will determine how much you will get for your junk car. Such factors are car's model, age, condition, etc. Obviously, the more popular and reliable models, like Toyota or Honda would cost more, as a lot of people own such cars, which means that their parts will be in high demand. That is why salvage yards offer more tow and pay for junk cars for this kind.



The after market for salvaged car parts is actually continuously growing. The business may sound unglamorous, but it's a fact that many people like it. Some individuals start it as a hobby while some see it as a good source of income. Either way, the business really thrives well.

A lot of people have the idea that these are just junk cars that nobody wants. This could not be further from the truth. These vehicles are either Government pre owned vehicles or they have been repossessed from some pour soul that could not make the payments. I hate that someone has lost their vehicle because they could not pay for it, but if I did not buy it someone else would so I might as well be saving money too.

buy junk cars These classic cars are usually purchased at auctions, and there is no shortage of classic car enthusiasts available and willing to spend a great deal on these cars.

Essentially, when the owner of a car is no longer able to maintain possession of it, the government will typically intervene, and repossess the car. But because the government is not in the business of buying and selling cars, and views these cars as liability it sets up a venue to dispose of their burden, directly to the general public in the form of an auction to whomever is willing to pay the most for the car.

So, you pay more for the car than book value. You pay for a car that most likely has something in it's past that makes it undesirable. You pay enormous interest rates and end up with an overpriced vehicle with no warranty that you will owe thousands more on that it is worth. If you DO go that route, make sure you get GAP insurance to cover your debt if the vehicle gets totaled.