By knowing how to determine the worth of an old truck, you can attain the most money for your vehicle whether it is still in operation or being prepared for scrap. Many factors influence truck values, from make and model to condition to market trends. For this reason, whether your old truck is selling, being traded, or scrapped here is your complete guide on how to find its true value.
Six Things that Will Influence the Value of an Old Truck
Make and Model
Models such as the Ford F-150, Chevy Silverado, and Ram 1500 are a dime a dozen in the U.S., so their resale value is more robust since demand is steady. In the USA, buyers of used trucks tend to go for long-lasting and durable models: full-size trucks typically boast a reliable resale value.
Year and Mileage
Although trucks tend to hold their value over time better than any other vehicle, the model year and mileage end up determining most of a truck’s worth. All trucks depreciate over time — you expect some wear and tear — but those that have low miles or a maintenance history usually retain more value.
Condition of the Truck
Daily driver and light haul trucks are typically in better condition than heavy work or off-road vehicles. Common sense dictates that a clean, relatively low-mileage truck will always sell for more than a bashed-up, high-mileage vehicle.
Scrap Metal and Salvage Value
For ones that are non-working or not able to be repaired, it may have a value based on just the metal scrap. If a car or truck contains metals, such as aluminum and steel, you can approximate the amount of money you may get for scrapping it based upon the present value of that scrap metal. Further, certain parts have scrap value including the catalytic converter which also contains precious metals.
Aftermarket Modifications
Some buyers love custom additions such as a towing hitch, bed liners, or lift kits, so these can also add some value on resale. On the other side, not every modification adds value as many buyers seek stock cars.
How to Price a Secondhand Truck — Older Workhorse Edition
Consult Pricing Guides
You can get an estimate of the value for your truck by using resources like Kelley Blue Book and Edmunds, which take into consideration factors such as model year, mileage, and condition. These pricing tools are one of the best approaches to obtaining a timely estimate against the market.
Check Local Listings
Get an idea of the fair market rate for similar cars to your own by looking at local area online listings i.e. Craigslist, Facebook Marketplace, etc. Of course, local supply and demand and market trends will always play a role in how high (or low) these prices become, especially for used trucks from places that are popular with haulers.
Evaluate Salvage Value
If your truck has big-time problems, looking into its salvage value can help. The scrap value is based on what the truck weighs at a scrap metal price, plus any parts that are usable. If you are considering taking it to a scrappyard, this can help — knowing “what is the salvage value of my car.”
Although not an ideal scenario, you can always sell a vehicle to a cash for cars service.
For individuals who want the convenience of a quick and easy transaction: consider selling to Cash for Cars or another junk car buyer. Such companies usually purchase non-running or severely damaged trucks and provide cash payments on the spot plus free towing in most instances.
This leads us to the question, how much do you get for scrapping a truck?
The value you get for scrapping a truck depends on its weight and the prevailing metal prices. In general, it is the full-size trucks which are typically worth more money in scrap as they have more metal content. Because scrap metal prices are everchanging, looking up the rates can provide you with a clear picture of how much green you can expect for that junk car or truck. There are also resale value possibilities for things like the engine, catalytic converter, and transmission if these parts can still be re-used.
How to Get the Most Out of Your Truck
Break Away The Expensive Bits
If your truck has high-value items like a working engine, intact catalytic converter, etc., part these out as they could obtain more when sold on their own. As a general rule, individual parts are sold for more than they would be as part of a complete truck.
Get Multiple Quotes
Whether it is a junk car buyer, a dealership, or a private buyer, quotes vary and ensure that you get the best price. This method will help you if you were asking for cash for junk cars in California, Florida, or any other area with high competition.
Research Free Towing Services
You, of course, don’t want to get charged for the towing but some buyers provide free pickup which can help you save money, especially if your truck is not drivable. So make sure you inquire about this service as it is a nice convenience offered by some junk car buyers.
Prepare the Truck for Sale
For buyers, clean and processed maintenance records mean they do not have to second guess what has been done when looking at the asking price. If you are going to list it for a private sale, be sure to take good photographs and put an honest description of the condition of the truck.
Part 3 Where to Sell Your Truck: Knowing Your Options
Cash for junk cars programs:
Within regions such as Florida and California, businesses will even pay cold-store cash for your old car only to give it away as it entails removing the vehicle from the surrounding places. These buyers will buy trucks in any shape, including old, beat-up trucks as well as wrecked or damaged that do not run.
Online Marketplaces:
Websites such as Craigslist and Facebook Marketplace let you find buyers in your local area. Listing on these sites takes longer but sometimes results in better prices.
Auto Salvage Yards:
With some trucks carrying salvage value, a local junk (towing) yard or salvage yard may pay cash based on the scrap metal and parts of the vehicle. So be sure to get several quotes to make sure you are getting the best possible value for scrapping.
Donating to Charity:
If you don’t require cash immediately, donating your truck to a charity is another option. Consider going through a charity that accepts old cars or trucks as donations — you’ll likely receive a tax deduction based on the car’s value, too.
Making Sure You Get Top Dollar for Your Truck: The Upshot
The worth of an old truck can vary based on its condition, market demand, and location. This is important to know, whether you are scrapping your old car for its scrap metal, selling parts off your old vehicle for sale, or selling privately. If you are looking for a fast and easy option, sell to a cash-for-cars service for an instant quote and most of the time free towing.
If you are interested in selling, research some options and get the documents needed to carry out an easy and profitable sale.
