It can feel like the end of the world when your car fails its MOT, and you don’t have the ready cash for the repairs. But don’t panic! There are several options open to you, and you should even be able to make some cash out of it.
If your car has reached the end of its natural life, and getting it back on the road would cost more money than it is worth, then it’s time to assess your options. In the old days, you may have had to pay to have your car taken away and scrapped. These days, a buoyant market in scrap metals means that you should be able to profit if you decide to move on.
There are a couple of key points you need to bear in mind should you decide to scrap your vehicle. Firstly, make sure the scrapyard is correctly licensed – this is done under the auspices of the Environment Agency. Crucially, you must ensure your paperwork is all in order. When you give up the car, you will need your V5 certificate, and must ensure that you get a receipt on headed paper. Then, within a working week, you will receive a ‘Certificate of Destruction’.
This may be sent either in the post or electronically. This is proof (that you need to keep on file) that you have recycled your vehicle responsibly, and means that legally you are absolved from any further obligations in regard to it. For more advice about scrapping a car, visit this government website here.
Selling car parts
Some car owners opt to market the parts of the car that are likely to achieve the best price – such as the battery, tyres and so on before negotiating a price with a local scrapyard for whatever is left. This is a great way of upping the amount of money you make. If you have a good working knowledge of cars you are likely to be able to confidently negotiate a price for the individual components.
Arguably the most convenient method of getting cash for junk cars is to use a reputable online site. These will offer you a price based on the registration number and a few other simple questions. Once a price is agreed the car will be collected from you, the money transferred and the deal is done.
There are several charity organisations who will arrange to pick up your car, complete all the necessary paperwork and then donate the proceeds of the subsequent sale of the car to charity. If you don’t require money from the process, this is an excellent way to proceed, and practically hassle free.
If you are scrapping your car and you still have a time to run on your road tax, car insurance or both, remember that you are eligible to claim back for any unused months. You will need to produce your CoD (Certificate of Destruction) before this can be processed, so make sure you keep it in a safe place.