How To Buy And Sell Junk Cars For Profit
You will need to empty all vehicle fluids i.e. any gas, oil and coolant etc. before the car yard can buy it from you. You will need to remove the spare wheel as the scrap car yard will only permit 4 wheels per vehicle. If your vehicle is 10 years old or newer, keep your car title handy. Tow it to your nearest junk yard and get cash for it. However, when doing it yourself you must take the help of a professional before removing your car's AC. Lastly, doing all the labour and towing the vehicle yourself can be risky.
We had an old Kia Sportage that we needed to sell. It wasn't because it was so old and hardly useful, but it was because we needed a bigger car for our growing family. A family of seven can hardly fit in a Sportage car. So, we all agreed that we were ready to part with it, when we were stuck with a question: Where can we sell our old car?
Contacting an auto recycling company is typically more convenient and preferred more than doing it yourself. Even recycle guys who scraps cars often times get cash for junk cars from one of these services.
Owning a car is a matter of great pride for almost everyone. People lover their vehicle and do everything possible to keep them well maintained and running. However, time does take its toll and sooner or later every car ends up in the garage once its life is over. Most of the people do not know what to do with their used and junk vehicle other then having them consume precious space in their garages. In most of such cases, the cars decay into dust and rust till they are completely useless. What most of the people do not know is that they can earn fast cash for cars of this type in an easy way.
how much is my car worth For purposes of this example, I'm going to assume that you drive about 8,000 miles per year for business purposes. That means driving to clients, to vendors,to the office supply store, to the post office, etc. cash for junk cars same day pick up allowed by the IRS for business use of your automobile has been hovering around 50 cents per mile in recent years. As I write this, the allowable deduction is 55 cents per mile. For 8,000 miles, that gives you a deduction of $4,400 against your business income. Since you are paying tax at a rate of 40.3% (15.3% self-employment tax 25% federal income tax), that $4,400 deduction will reduce your tax bill by $1,773!
In our case, the car itself was our ad. Since it was just parked outside, its soon-to-be owner saw it and got interested. But the car wasn't ready for selling yet.
Make a needs assessment. Do you know what you really need? If you don't know, it's like jumping in to the car with no sense of where you are going. Of course, giving iPads to your friends, families and employees just to make them happy can be an acceptable reason.