Cashing In: Top Tips to Determine Your Junk Car’s Value

Posted on August 1, 2023 by Benjamin

If you have a junk car gathering dust in your garage, you might be sitting on a gold mine without even knowing it. Contrary to popular belief, junk cars can be much more than an eyesore. They can be a source of actual cash value if you know how to determine their worth.

In this blog, we’ll delve into the intricate process of gauging the value of junk cars, offering you top tips that will help you cash in. Whether you’re looking to clear out space or simply want to earn some extra cash for junk cars, keep reading to discover how to turn your old clunker into a profitable venture.

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What is Your Junk Car Cash Value?

The first step in determining the actual cash value of your vehicle is to assess its condition. Take a look inside and outside of your car, taking note of any rust or damage that may have developed over time. If you can, get an estimate from a mechanic who specializes in evaluating junk cars. This will provide you with a more accurate appraisal. Once you have a general idea of how much your car is worth, it’s time to start researching the market.

Auto Scrap Yards Near You

Check out local auto salvage yards in your area and compare their prices for junk cars. You may also want to consider online auctions or classifieds, as they can often offer higher rates than traditional car buyers. Researching what similar models and conditions are selling for is an excellent way to get a good idea of what you can ask for your junk car.

Junk Car Assessment

It’s important to remember that the value of junk cars will vary, depending on the type and condition of the vehicle. Cars from certain brands may be worth more than others, as well as those in better condition. You should also keep in mind that scrap yards will often charge an additional fee for towing and disposal.

In Summary

When it comes to cashing in on your junk car, the more information you have about its value, the better. Armed with these top tips, you can confidently determine how much money your vehicle is worth and start cashing in quickly. Now that you know how to get the most out of selling your junk car, you can bid farewell to that old clunker and enjoy the extra cash.

It’s worth noting that selling a junk car isn’t always as profitable as it may seem. Many people mistakenly underestimate the amount of work involved in getting rid of an old vehicle. From making sure all paperwork is in order before it leaves your possession to ensuring that the necessary fees are paid, be sure to take all of these factors into account before selling your junk car. With a bit of planning and research, however, you’ll be able to maximize the return on this venture.

Now that you know how to determine the value of your junk car and cash in quickly, what are you waiting for? Contact Benjamin’s Junk Cars at 317-218-7133 to sell a junk car in Indianapolis, Indiana for cash on the spot. We provide free junk car haul away, so all you need to do is call!

10 Tips for Getting the Most Money Out of Your Old Vehicle

Posted on July 6, 2023 by Benjamin

Are you looking to get the most money out of your old vehicle? With a little bit of planning and research, you can maximize the value of your car when selling it. Whether you’re trading in at a dealership or working with a local cash for cars company, these ten tips will help you get the most money out of your junk car. From researching current market values to taking advantage of free junk car removal services, follow this guide to ensure that you get top dollar for your old vehicle.

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How to Sell a Junk Car for the Most Money

1. Research Current Market Values: Knowing the going rate for your vehicle is key to getting the most money out of it. Check online car valuation guides or websites to determine how much your junk car is worth in today’s market. This will help you set a realistic price and ensure that you don’t undersell yourself when negotiating with buyers.

2. Invest in Repairs and Maintenance: If necessary, spend time and money on repairing any major issues with your car before selling it. Prospective cash for cars buyers won’t be interested in a vehicle that needs significant repairs, so make sure that everything is running properly before putting it up for sale. Doing some minor maintenance like changing oil, topping off fluids, and cleaning the interior can also help your vehicle fetch a higher price.

3. Get the Car Detailed: Ask a professional to thoroughly clean and detail your vehicle, both inside and out. This will improve its appearance significantly and make it easier to sell it for top dollar. Not only that, but it can also restore some of the original shine of the paint, which will be attractive to potential buyers.

4. Take Advantage of Free Junk Car Removal Services: Many cash for cars companies offer free junk car removal services when you sell them your vehicle. These services are very convenient and can save you time and money on transportation costs if needed. Plus, they’ll often give you more money for your old vehicle if they don’t have to spend time and resources towing it away.

5. Take Clear and Accurate Photos: When selling your vehicle, take high-resolution photos of the exterior and interior from a variety of angles. This will give potential auto scrappers a better understanding of the condition of the car, which can help you get more money for it. Make sure to include any details like dents or scratches in the photos as well.

6. Advertise Online: Invest some time in advertising your car online so that more people can find out about it. Posting ads on popular websites like Craigslist or Facebook Marketplace is a great way to reach potential buyers quickly and easily. Make sure to include all the relevant information about your vehicle such as make, model, year, mileage, and asking price.

7. Take it for a Test Drive: If your vehicle still runs, let them take the vehicle for a test drive so they can get a better feel for it. This will help them make an informed decision about whether or not to purchase your car and give them reassurance that it is in good condition.

8. Be Honest with Buyers: Nobody likes being lied to, and potential buyers won’t appreciate any false claims about the condition of your car either. Honesty is always the best policy when selling a vehicle so make sure you are upfront and honest with potential buyers regarding any issues or problems with the car.

9. Negotiate with Buyers: Don’t be afraid to negotiate with potential buyers on the price of your vehicle. Research current market values and set a reasonable asking price, but don’t hesitate to make counter offers if you think the buyer can afford it. You never know, you may end up getting more money for your old car than you originally anticipated.

10. Get Everything in Writing: Once you have found a buyer who is willing to pay what you’re asking for, get all the details down on paper via an official receipt or bill of sale. This document should include information like purchase date, make & model of car, amount paid, and any warranties or guarantees associated with the vehicle. This will help protect you in case of any unexpected issues with the car after it is sold.

Sell a Junk Car for Cash on the Spot Today!

By following these ten tips, you can maximize the value of your old vehicle and get top dollar for it when selling. Whether you’re trading in at a dealership or working with a cash for cars company, make sure to follow these steps to ensure that you get the most money out of your junk car.

Are you trying to get the highest possible price for your scrap car? We will give you top dollar in return. Contact Benjamin’s Junk Cars at 317-218-7133 to sell a junk car in Indianapolis, Indiana for cash on the spot. We provide free junk car haul away, so all you need to do is call!

What to Do When You’re Unsure About Getting Rid of a Scrap Vehicle

Posted on April 14, 2023 by Benjamin

Are you stuck with a scrap vehicle that’s taking up space in your driveway or garage? If so, you may be wondering what to do with it. You may have considered selling it for parts, but if the car is too far gone, there’s no point in doing that. The best option is to contact an auto salvage yard and get rid of the junk car as soon as possible. For now, continue below to learn some things to consider when getting rid of an old scrap vehicle.

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How to Decide if You Should Sell a Scrap Car

First, you need to determine the value of the car. Most vehicles have a Kelley Blue Book (KBB) value, and if yours does, that’s the best place to start. If there isn’t a value listed for your vehicle, then you should call around or search online for cash for cars companies in your area. They may be able to give you an estimate on what your scrap vehicle is worth.

Next, get an appraisal from a reputable junk car buying company. Many auto salvage yards will provide free appraisals so you can know exactly how much money you can expect to receive in return for your scrap vehicle. Be sure to check out any reviews they have received to make sure they are legitimate before making a final decision.

Finally, contact your chosen auto scrappers and arrange for a pick-up. Most junk car buyers will come to your home or business to pick up the scrap vehicle. They can often take it away in as little as one day, so you won’t have to wait long. You may be able to get an immediate payment or receive a check in the mail later on.

Now You Can Get Rid of a Junk Car With Confidence!

Getting rid of a scrap vehicle doesn’t have to be difficult. If you are unsure about what to do with an old car, consider contacting a reputable Indianapolis cash for cars company. With their help, you can get rid of your junk car quickly and easily – and make some money in the process!

What to Look for in a Junk Car Buyer

When it comes to selling a junk car, finding a reliable buyer can be a challenging task. It’s essential to identify key factors that make up a trustworthy junk car buyer. The first thing to consider is the experience of the buyer. Look out for a buyer with years of experience in the industry. Secondly, ensure that the buyer provides a fair price that is reasonable for the car’s condition. Thirdly confirm that the buyer has positive reviews from previous customers. Finally, check to see whether the buyer is licensed and insured. By taking these factors into consideration, you will have a smooth and profitable transaction selling your junk car.

How Much a Junk Car is Worth

The truth is, the value of a junk car varies depending on several factors such as its condition, age, make, and model. Nevertheless, the true worth is typically determined by the weight of the scrap metal and the current market price of scrap metal. You could sell your junk car to a junk car buyer who pays for scrap metal and automotive parts. While the amount of money you can receive will vary, you may be surprised at how much you can get for a car that’s no longer running or in poor shape. By doing some research and exploring your options, you can put some extra cash in your pocket and get rid of your junk car at the same time.

Ready to get an obligation-free quote for your clunker? Take the first step towards freeing yourself from that scrap car today! Contact Benjamin’s Junk Cars at 317-218-7133 to sell your scrap car in Indianapolis for an instant cash payout. We serve all of Central Indiana with free junk car removal.

How to Deal With an Expensive Car Repair You Can’t Afford

Posted on March 31, 2023 by Benjamin

We’ve all had that sinking feeling when we take our car in for a repair and the mechanic tells us it will cost more than we expected. It’s even worse if you don’t have the money to pay for the repair right away. Don’t panic! There are some ways to deal with an expensive car repair that you can’t afford upfront.

Continue below to learn a few tips on how to handle this situation without breaking the bank or having to buy another vehicle:

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Cannot Afford Auto Repair? Try These 5 Cash-Strapped Solutions

1) Take Out a Loan – If you have good credit, taking out a loan is one way to cover your costs until you get back on your feet financially. Don’t have great credit or afraid of risks when dealing with banks or other financing options? No problem! There are many lending companies whose sole purpose is to help folks in tough situations just like yours.

2) Negotiate with Your Auto Shop – Ask them if they would be willing to lower their price or offer payment plans so that you can spread out payments over time. Ask if they would be open to a discount, or even a payment plan that will enable you to pay off the service over time. Such flexible scaling offers could result in major savings due to the cost of necessary repairs. Take the opportunity now and start making inquiries – it could make all the difference in budgeting for your vehicle needs!

3) Sell Off Parts of Your Car – If possible, consider selling off certain parts of your car, such as rims, tires, audio systems, etc., which can help offset some of the cost of repairs. Depending upon their condition and make/model, these parts may fetch a decent sum. Many people look to swap out or upgrade stock features with these used items — while at the same time picking up an awesome bargain. This could contribute towards offsetting some of the money spent during repair work.

4) Consider a Used Car – If the repair price is too much, you may want to consider looking into buying a used car instead of putting more money into repairing your current one. Take some time to research dealerships, get in touch withing trusted friends who may know of a promising good deal and take advantage any online resources that are available. Once you have established what exactly you need in the car and what will fit your budget, jump into it. A new set of keys could be much closer than you realized!

5) Look Into Junk Buyers – Junk car buyers are in the business of buying scrap vehicles, regardless of their age, make, model, or condition. Rather than evaluated for their ergonomic interior or engine capacity, each vehicle is professionally assessed for its scrap value in parts and materials. Then they are disassembled, processed, and ultimately recycled into modern materials.

Remain Behind the Wheel of Your Financial Security With These Tips

No matter what option you choose, make sure you take the time to compare prices and find the best deal so that you don’t overspend on your car repair bill. It can be stressful dealing with an expensive auto repair bill, but by following these tips and being smart about it, you should be able to get through it without too much difficulty.

Can’t afford to pay for your enormous auto repair bill? Does the cost to repair your car exceed the actual market value for resale? If so, Benjamin’s Junk Cars is here to help! We’ll buy your broken-down vehicle for cash on the spot, so you can put some more money back into your wallet! Contact us at 317-218-7133 today to learn more and to receive a free phone quote!

Should I Detail My Junk Car Before Scrapping It?

Posted on August 31, 2022 by Benjamin

Consumer sciences might agree that better-looking goods sell for more. However, this supply-and-demand principle does not always apply to all types of sales. Junk cars might be an example. Many people naturally wonder if they can get more money for their junk car before selling it to a scrap yard in Indianapolis. The answer depends on a few factors.

Continue below to learn what those factors are, plus how to ensure you make the most cash for junk cars in Indiana.

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Automotive Detailing Options

Automotive detailing generally involves a comprehensive and methodical series of steps that cleanses, sanitizes, and freshens up the exterior and interior of a vehicle. You can choose to take your vehicle into a professional automotive detailing center and pay between $75 and $600, depending on the size and scope of your vehicle. Or you can detail your car on your own using store-bought products, materials, and equipment. If you choose DIY automotive detailing, you can expect to spend anywhere between 1 and 7 hours getting the job done, plus upwards of $200 for the supplies. It can be a lot of work and still cost you.

The Value in Detailing a Junked Car

Junk cars are just that: junk. But in some cases, a junk car can still drive, be repaired enough to be drivable again, or contain major car parts that can be refurbished and resold on the used auto parts market. Depending on the condition of your junk car, detailing could add value and get you more cash at the scrap yard, or it can end up a complete waste of money.

Ask yourself these questions to determine if automotive detailing is a worthwhile expense for your junk car:

Will my junk car operate again with just a few repairs, even if those repairs are major like engine replacement? Is my junked car very old and corroded? Does my junk car have a bunch of garbage inside?

For junk cars that might one day operate again, detailing could be very worthwhile before scrapping it at a local Indianapolis auto salvage yard. As mentioned earlier, the better looking something is, the more money it will sell for.

For junk cars that are old, corroded, or filled with garbage, automotive detailing could be a huge waste of time and money. Instead, it is wiser to tidy your car up before taking it in for a junk car evaluation. Although it won’t increase the innate scrap value, the auto buyers will reduce any fees from your offer related to cleanup and bio-hazard removal. This puts more money in your pocket!

Before Selling a Junk Car

Although you do not need to detail your junk car before selling it, it is smart to clean it up a bit. Give it a wash, clean out any trash inside the cabin or trunk, and remove any personal belongings. Be sure to also remove the front and back plates, plus cancel the insurance and registration with the state. And that’s all you have to do before selling a junk car for cash in Indiana!

Are you looking for the best junk car buying company that can pay you the full value of your junked motor vehicle? Contact Benjamin’s Junk Cars at 317-218-7133 to sell your junk car in Indianapolis for cash on the spot! We serve all of Central Indiana.

When Does a Car Turn Into a Junk Car?

Posted on July 26, 2022 by Benjamin

Has your car been giving your strife for some time now? Are you constantly battling new repairs and replacements, barely getting through your commutes from one day to the next? Are you surprised and delighted each time your car starts up? Although you know the car is too damaged to sell to anyone, you might be wondering if it has crossed the line into junk territory just yet. After all, it still runs, even if barely!

So, when does a car transition from a regular car to a junk car? Continue below to learn how junk cars are defined, plus where you can get free junk car removal for your own hunk of scrap metal in Indianapolis.

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Junk Car 101

A junk car is an automobile that is no longer capable of operation and the cost to make it operational exceeds its pre-scrap value. Junk cars are classified by the state’s department of motor vehicles (DVM) as total loss vehicles and give them a salvaged title. Total loss vehicles are entered into a national database that is accessible by police, governmental agencies, the DMV, and for a fee, the general public.

How to Get Rid of a Junk Car

After beginning the claim process with your insurance company you find that the payout is not worth making the claim, you can choose to sell your junk car to an Indianapolis IN auto salvage yard. Junk car buyers accept all motorized vehicles in any condition, whether just a burnt out frame or an entire car totaled out by flood damage. The worth of a junk car depends on several factors, including the current market prices for steel, as well as national and global demand, vehicle weight, vehicle location, and more.

If your car is not insured, but you are sure it is junked for good, your best option is to scrap it at a local salvage yard and get paid cash on the spot. Just be sure to choose a business that actually pays cash. Many unethical lots will promise cash, but then make an excuse later on and send a check that arrives weeks later, or in worst case scenarios, never.

Once you sell a junk car to a Cash for Cars Company in Indianapolis, they will arrange a time for them to come pick it up. Some companies will require you to arrange your own tow and bring the vehicle into their lot. Most junk car companies charge a towing fee that is deducted from the offer they initially give. If you choose a reputable junk car buyer, you can get free towing and cash on the spot! But who provides these cash for junk car services in Indy?

Benjamin’s Junk Cars! Here at Benjamin’s Junk Cars, we only make honest offers for junk cars, and stand by our services 100%. Contact us at 317-218-7133 to get a quote for your junk car, today! Learn how it works and what you need to do to prepare your junked car for pickup. We offer free towing, flexible scheduling, and same day service, plus adhere to all Indiana EPA regulations for scrapping. Furthermore, we serve all of Indianapolis, as well as the surrounding Central Indiana areas!

Top Junk Car FAQS for Hoosiers

Posted on May 12, 2022 by Benjamin

Junk cars are more than just cars and trucks. The auto salvage industry has evolved in terms of technology and EPA regulation, allowing junkyards to accept a wider variety of motorized, or once motorized, commodities. This means that more and more Hoosiers are able to safely dispose of their motorized junk and make an easy profit at the same time. Not sure where to start when it comes to selling a junk car in Indiana?

Continue below to review the top frequently asked questions about junk cars to get you started on the right path.

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Frequently Asked Questions About Indiana Junk Cars

What is a Junk Car?

A junk car is any motorized or formally-motorized vehicle that is no longer operational and too far damaged to repair. Insurance companies and the DMV deem a vehicle a total loss, meaning totaled, if the cost to repair the vehicle exceeds the current market value, or if it would be unsafe to repair the vehicle. A totaled car is a junk car.

What Can I Sell to an Auto Salvage Lot?

Auto salvage scrappers accept all sorts of automotive-type items. Not only do they buy new, used, or junked auto parts, but they also buy cars, trucks, SUVs, vans, semis, motorcycles, motorbikes, golf carts, bulldozers, forklifts, ATVs, watercrafts, and more. If it had or has a motor, they will take it off your hands. They event accept dismantled vehicles, car frames, tires, wiring, and more.

How Much is a Junk Car Worth at a Scrapyard?

The value of a junk car at the scrapyard depends on several factors. Such factors include the make, model, condition, and location of the vehicle, while others include the fees incurred during the junk car selling process (intake fees, towing, etc.), the vehicle’s scrap metal content, and the current market values for automotive metal. For the most part, the average junk car will reap a scrap payout between $100 and $300, more for newer model and larger vehicles.

Can I Sell Junk Auto Parts at a Scrapyard?

Yes, auto salvage yards will accept anything made of metal that belongs to a vehicle, construction equipment, or watercraft. You can sell them used, new, or junked auto parts, including catalytic converters, tires, batteries, electrical wiring, stereo systems, AC units, motors, undercarriages, frames, and more.

Which Auto Parts are Worth the Most Cash at a Scrapyard?

The most valuable junk car parts are catalytic converters. Because so many criminals are now stealing catalytic converters to sell at scrapyards, many scrapyards no longer accept them. Other high-value auto parts include AC systems, engines, engine blocks, radiators, and mufflers.

What Do I Need to Sell a Junk Car in Indiana?

You need to have proof of ownership to sell a junk car in Indiana. The car title is the best document to use, but some scrapyards will work with you by accept other forms of proof of ownership, like the car registration or insurance policy.

Do I Have to Have My Junk Car Towed to the Auto Salvage Lot?

If you choose a reputable and well-established Indianapolis junk car buying company, you likely will not have to worry about paying for a tow truck. Professional auto salvage centers provide free junk car removal services for anyone who does business.

Who Pays the Most Cash for Junk Cars in Central Indiana?

Benjamin’s Junk Cars, of course! Get those Benjamin’s in your hand, today! 💸

Here at Benjamin’s Junk Cars, we offer the highest payouts for all junked or totaled motorized commodities, including cars, trucks, SUVs, construction equipment, campers, watercrafts, and more. Our Indianapolis cash for cars professionals never tack on hidden fees or surprise deductions. We pay cash on the spot as soon as we arrived to collect your junk car or junked commodity. Best of all, junk removal service is totally FREE!

Although based out of Indianapolis, we maintain a broad service area throughout Central Indiana, even operating well beyond the Indy city limits. For the areas we don’t normally service, we are always happy to make special arrangements for customers slightly outside of our service area!

Are you ready to get a free quote for your junk car? Contact Benjamin’s Junk Cars at 317-218-7133 to get started with the junk car selling process in Indianapolis, Indiana. We pay cash on the spot, and guarantee the highest payouts in the surrounding metro region!

How Much Can I Scrap a BMW For?

Posted on February 25, 2022 by Benjamin

When it comes to scrapping your junked car, you probably already know that its value will be significantly less than a non-junked or totaled vehicle. However, you have a BMW. Does that mean your junk car is automatically worth more than one that is a non-luxury brand? The truth of the matter is, junk car values are always evolving because they depend largely on the current market prices of steel and iron, as well as several other factors, like supply and demand, global tariffs, and even smaller factors like the location of the vehicle and its remaining parts. These factors, plus many more, will ultimately determine how much your junked BMW is worth.

Continue reading to learn more about determining the price of a junk car, plus where you can get the most profit for your junk BMW in central Indiana.

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Calculating the Worth of a Junk Car

You might have heard stories of getting $500 to $600 cash payments for junk cars, but the economy has greatly shifted since those decades. Right now, the worth of a junk car is mainly determinate based on the quantity of metal within and the current scrap metal market. The current scrap metal market fluctuates depending on several sub factors, such as supply and demand, global demand, global trade tariffs, and much more.

Top 2 Factors That Affect the Scrap Metal Market:

▷ Quantity of Metal

The more metal in a junk car, the more it will be worth. Metal within a junk car is weighed as a base calculation for generating a junk car offer. Primary metals within a junk car are steel and iron, but there are also other valuable metals within if the parts are still there, including aluminum, copper, platinum, rhodium, palladium, cobalt, and even gold.

▷ Global Economy

The global economy, specifically the supply and demand of the sought-after metals within cars, plays a major role in the overall worth of your junk BMW. The global economy fluctuates on a daily basis, which can give rise to or trigger decline in the values of certain metals on the market.

Look For Localized Details

In addition to the scrap metal market, the worth of a junk car is also calculated based on its make, model, condition, location, remaining auto parts, difficulty of tow, and any related fees for junk car removal. For these reasons, it is important to choose in Indianapolis junk car company that provides free junk car removal and never tax on hidden or surprise fees to their offers.

BMW Junk Car Value

Steel and iron are the primary metals extracted from junk cars in the auto salvaging industry. Right now, their values are low. Whole junk cars are estimated at a value between $100 and $300. Newer model junk vehicles can deliver profits closer to 500 or $600. When you deduct all factors, you can safely assume to get between $100 and $400 for your junked or totaled BMW.

If you have a total or junk BMW in Central Indiana that you want to sell for the highest amount of money possible, you are in the right place. Contact Benjamin’s Junk Cars at 317-218-7133 to get started with the junk car selling process in Indianapolis, Indiana. We offer free junk car removal and pay cash on the spot!

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Do Not Believe These 3 Myths About Car Insurance Coverage

Posted on December 13, 2021 by Benjamin

Tall tales and misconceptions have long contaminated the information surrounding modern-day automotive insurance. If you drive a car, you should have liability coverage in the least for your vehicle. Additional insurance advice can be sought out through your local insurance companies or representatives. In the meantime, to protect yourself from falling victim to any tall tales or conspiracy theories about your insurance, be sure to cover your tracks with the right knowledge.

Continue below to learn the top 3 myths about car insurance, plus what you can do if you total a vehicle that is not covered under policy in Indiana.

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Top Auto Insurance Myths

Red Vehicles Cost More Money to Insure

Are red cars more expensive to insure? Although a common myth in the automotive insurance coverage, it is not more expensive to buy car insurance for red colored vehicles. In fact, the color of a car has absolutely zero influence on how much you are quoted for coverage. Instead, car insurance quotes are calculated by taking into consideration the make, model, engine size, and body type of the vehicle, plus the age, credit history, and driving record of the listed driver. Additional factors that may apply include the car’s sticker price and safety record, as well as theft statistics.

You Can Avoid Rate Increases By Not Reporting an Accident

Many drivers consequently assume that if they do not report their accident to their insurance provider, they can protect their policy rates from increasing. But this is not necessarily true. Unless you were the only party affected in the accident, there is a good chance your insurance company will find out about the accident whether you report it or not.

If the other driver is injured, they will report the accident with their own insurance company, who will then file a claim with your insurance carrier. Also, if you are ticketed at the scene of the accident, your insurance company will be automatically notified since it will appear on your driving record. Moral of the story here: unless it is a minor incident, you will need to report it to your insurance provider.

Auto Loans are Paid Off By the Insurance Company if You Total Your Car

Do not believe anyone who says your car insurance policy will pay off the remaining auto loan on your vehicle after totaling it in an accident. Whether the accident was your fault or not, car insurance only pays claimants the fair market value of a car, which may not be equal to the remaining loan balance. Fair market value is what the original cost of a vehicle minus depreciation.

For instance, if you purchased your SUV for $30,000, and now have $21,000 left on the car loan, but the fair market value is estimated at $17,000 after you total it, you will be responsible for paying the remaining $4,000 on the auto loan since the insurance company will only pay out $17K.

Have you totaled your car but you do not have auto insurance coverage? Contact Benjamin’s Junk Cars at 317-218-7133 to sell your junk car in Indianapolis for cash on the spot! We serve all of Central Indiana with FREE junk car removal!

3 Factors Used to Calculate Junk Car Actual Cash Value

Posted on October 15, 2021 by Benjamin

If you are preparing to sell a junk car, you will come across the term, Actual Cash Value (ACV). This term is important to the total profit you make from your junk car. To calculate the actual cash value of a junk vehicle, you must use 3 impressionable factors. Continue reading to learn which 3 factors are used to calculate junk car ACV, and where to get the most money for yours in Central Indiana.

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Actual Cash Value for a Junk Car

Although there are various other factors used to calculate the actual cash value of a junk car, the top three most impressionable factors include book value, fair market value, and the replacement cost. Additional factors might include the age, make, model and condition of the vehicle, as well as the location, difficulty of removal or transport, and the particular discretion of the buyer.

❶ Fair Market Value

Fair market value is similar to the blue book value, but not entirely the same. Both values are often used in combination to estimate the worth of a vehicle. Fair market value is also referred to as wholesale or retail value among auto dealers. Because of the ambiguous definition, fair market value is often used to the insurance company’s advantage when claiming a total loss vehicle.

❷ Book Value

Book value is the closest value to actual cash value (ACV). It is best described as a vehicle’s common value. Top resources for finding book value are Kelly Blue Book, NADA, and similar book value directories.

❸ Replacement Cost

Replacement cost is the retail market value of the same car when purchased brand new, minus a set standard of depreciation and damages. If you were to total your car right now, the money you would receive from the insurance company would be the replacement cost. This factor is mostly used for newer model or brand new vehicles.

Calculating the value of a junk car is done differently all across the nation. It is important to check with your local and federal laws to ensure that you are receiving a fair offer for your junk or total vehicle.

Are you looking for a trusted cash for cars company in Indiana that will pay you top dollar for your vehicle? Contact Benjamin’s Junk Cars at 317-218-7133 to sell a junk car in Indianapolis, Indiana for cash on the spot. We provide free junk car haul away, so all you need to do is call!