How do I Buy Unrepairable Junk Cars?

How do I Buy Unrepairable Junk Cars?

1.

Locate junk cars for sale. View local newspaper ads and find individuals or companies selling wrecked or junk cars. Also, go to online sites, like Action Salvage, AR Auto and American Auto Inc., and search for junk cars for sale. These sites offer junk cars that are for sale by insurance companies and individuals.

2.

Get the vehicle identification number if you are interested in buying the car. Obtain a vehicle history report online at a site, such as CarFax, and make sure the individual selling the car is the actual owner

3.

Pay for the junk car. A finance company or bank will not provide financing for a car if it is not highway safe. Therefore, you must have the funds available.

4.

Get a bill of sale for the junk car. Regardless of the amount you pay for the car, a bill of sale should state the buyer(s) and seller(s) names, the vehicle identification number, and the make and model. The seller must sign and date the bill of sale as well.

5.

Receive the title from the vehicle's owner. Complete the back side of the title and ensure the transfer is legal. Make sure the buyer(s) and seller(s) names are entered on the correct lines.

Tips and Warnings

  • Pay with a cashier's check or money order, which provides proof of payment.
  • Even a junk or salvaged vehicle has a title. Do not buy a car if the title is not available.
  • Unrepairable junk cars offer investment opportunities. You can sell the cars as scrap metal or you can remove the parts and sell them individually. The process of buying junk cars is much like buying any other vehicle. The main difference is that financing is not an option for unrepairable cars. However, for an initial investment as low as $200-$300, you can generate a hearty income.