Selling A Vehicle To A Junkyard
Keep A Copy Of The Title
The vehicle’s Title is the first requirement when selling your vehicle to any buyer. Therefore, possession of the vehicle’s title is the first requirement for a legitimate sale of your vehicle to a junkyard. However, it does not require safety inspections, emissions inspections, or any other province-mandated procedures required for selling to private buyers.
If you do not possess a Title, you could request one by contacting ICBC Canada. There may be basic fees required to obtain a title along with proof of identification, but the exact protocol for obtaining a Title may vary from province to province.
In the case of a heavily rundown vehicle, no licensed dealer may be interested in purchasing your vehicle. However, if the vehicle in question is under a lien, it can only be sold to a licensed dealership and cannot be sold to a junkyard.
If the said vehicle has been damaged in an accident, then it may be written off as a total loss in which case, the loss can be claimed from the vehicle’s insurance. Gap insurances may cover the entire cost; if not, you may still be required to pay the gap in the insurance claim.
Check Out Several Junkyards Before Selling
It is important to look into several junkyards to get the best possible offer. Junkyard contact may be found on phone directories as well as on online platforms. Make sure to do a thorough check on online reviews to find a trusted dealer. One or two bad reviews are inevitable but if they outnumber the good, this may be cause for concern.
Contact at least five or six junkyards and make sure you give them all the relevant information regarding the make, model, and year of your vehicle and information on the vehicle’s current condition. This will make it easier for them to make an accurate offer if they are interested. Wait until you get several offers before deciding on a buyer.
Comparing Your Offers
Compare your offers and once you have decided on a buyer, contact them to confirm the sale. Once both parties agree, the most reputable junkyard companies will secure the vehicle from your location.
You may be asked to deliver the vehicle as it is common practice for junkyards to expect you to deliver the vehicle if it’s in drivable condition and is legal to drive. However, suppose the company requires a fee for towing the vehicle or ask for the amount to be deducted from the payment. In that case, it is advisable to find another junkyard to do business with.
Consider A Private Sale
While junkyard sales are quick and relatively easy, they only reducing the value of the vehicle. In most cases, you will be receiving money for only the raw materials. Because of this reason, it may be beneficial to try and find a private buyer for the vehicle.
Gearheads and auto enthusiasts looking for specific parts from specific cars will be your usual prospects for a buyer. Remember that with their taste and expertise they will have many questions regarding the vehicle as they are likely looking for specific models and parts of a vehicle.
The selling process involves more registration and compliance costs; it will be worth the investment if you can find a buyer. This is often a slow-selling process as you might have to wait for a correct buyer to appear for you to get the best payout for your vehicle.
The Sale And Pick-up
Once the junkyard has inspected the vehicle’s condition and confirmed the purchase, the Title, signed by yourself and the mechanic, can be handed over to the junkyard.
When preparing your vehicle for pick-up, make sure to do a thorough inspection to remove any personal belongings, GPS units and backup cameras as unlike in the case of a private or dealership sale, items in the vehicle may not be recovered after the sale.
Remember that though the vehicle’s ownership is officially transferred, the license plate will not be included. Number plates can either be re-registered to a new vehicle or returned to ICBC Canada.
Reporting The Sale To The Your ICBC
The sale of your vehicle usually needs to be communicated with the ICBC. As this process may change according to the province, make sure to adhere to your province’s guidelines. It is advisable to do this within one or two days from the sale as this will protect you from the liability for any accidents or damage caused by the vehicle after the transfer of ownership.
Selling your vehicle to a junkyard is the least profitable way to sell your car. So, keep in mind it should mostly be considered only as a last resort.