Your old car is starting to feel like junk at this point. It keeps breaking down and repairs are worth more than the car itself now. So, is now a good time to sell your car to an auto recycler? What do you need to do in order to sell your car for scrap? Our blog outlines the process.
How to Sell Your Car for Scrap
Once you’ve decided to sell your car for scrap, that it is no longer safe to drive and that repairs are no longer economical, you need to take a few steps.
Prepare the Scrap Car
Your first step is to remove all your personal belongings and any other valuable components that you may want to sell separately (battery, tires, catalytic converter, etc.).
You also need to make sure you have the vehicle permit or vehicle ownership ready as you will need to these to transfer ownership of the car to the scrap yard.
Get Quotes and Choose Your Scrapyard
Choosing the right scrapyard is vital. Compare their offers and make sure the yard you choose operates in compliance with environmental standards. You should also confirm if they will handle towing and whether there are any fees.
Arrange the transfer of ownership by providing all necessary documents, such as the vehicle ownership and the bill of sale if required.
Cancel Insurance and Remove the License Plates
Before your vehicle is towed away, you should cancel your insurance to avoid any further charges.
Also, make sure you remove your license plates from the vehicle. You can either return them to Service Ontario or hold onto them if you plan on transferring them to another vehicle.
Towing and Paperwork
Coordinate with us to arrange the towing of your car. You should be present to hand over the vehicle, along with the keys and vehicle ownership.
You will be required to sign the back of the vehicle ownership with the name of the scrapyard company, and then we can transfer the ownership of the vehicle to our name at Service Ontario.
Make sure you obtain and keep a bill of sale or receipt that confirms the transaction and outlines the terms.
Notify Authorities and Keep Records
In Ontario, you need to notify Service Ontario that you’ve sold your car for scrap. Once you’ve done that, you should keep the receipt from the scrapyard for your own records and for tax purposes. It may turn out that the sale may be tax deductible.
Congratulations! You’ve sold your car for scrap!
Scrap Car Scams – Don’t Fall for One
It seems like everywhere you turn, there are people trying to scam you out of your money. This problem has infected the auto recycling industry as well.
There are many illegal scrap car companies out there that will provide high quotes on the phone and then low-ball you when they come to inspect the car. They may also promise to pay via cheque or e-transfer.
Here are a few things you should remember to avoid getting scammed:
· Ideally, you’re likely looking at getting up to $1200 to scrap a car. It’s their quote is too much more than this, they are likely being dishonest.
· You should always ask to receive cash on the spot.
· You should get a bill of sale.
· It is a requirement that you transfer ownership of the car to the company.
Contact Us to Sell Your Car
Always look for a reliable company such as JLM Metal Recycling to deal with when you’re looking to sell your car Hagersville for scrap. We can provide you with fair prices and always adhere to the proper environmental standards. Contact us today and we’ll provide you with an assessment.