How is the scrap value of your junked vehicle determined? Well the scrap value of recycled material varies daily. Take steel and iron. When the Chinese economy was in full swing and growing, China gobbled up every piece of scrap iron and steel they could find. The truth of the matter is that it is cheaper to re-melt metal and repurpose it versus smelting metal from ore. It uses about 60% the energy of ore production. As the Chinese economic juggernaut dominated the world’s market and to fuel its own domestic expansion, scrap metal was in demand for steel products for the building of multistory structures and for the machinery industry. Scrap iron prices soared. Prices for your junked car were rising to stratospheric levels. $150 per ton (short ton = 2000 lbs.), or more was typical. A 3,500 lb. truck could be worth over 500 dollars. Today there is high demand for scrap of all kinds of metal; ferrous and nonferrous. What happened was that expansion of the Chinese economy has leveled off. With excessive domestic production of steel, the People’s Republic is now a net exporter.
How Much is Aluminum Scrap Metal Worth?
The recycling of aluminum beverage containers dropped to about 45 cents a pound, from nearly a $1.00 a pound. But aluminum is a highly recycled item with about 85% of aluminum production being recycled into new usable forms. Brass and copper is also in high demand.
Most Valuable Scrap on Cars
The typical vehicle contains a salvage value which is above the scrap value, if salvaged in a timely matter. The longer you wait, the lower the value as parts weather and break down from neglect and non-use. Salvage operations remove the parts; engines, transmission, alternators and other parts that might be in demand like doors, trunk lids and hoods. A salvageable vehicle therefore has superior value to the junked scrap vehicle. Iron, steel, copper, lead and other materials are traded commodities. Investment in futures may artificially raise the price of these metals. Even plastics and synthetic fabrics are gaining a lease on life by being recycled into new products. A lot of beverage containers are recycled into new ones, a lot like paper recycling.
Sell My Salvage Car for Cash
Got a classic? You may want to consider salvaging it yourself. Car manufacturers must provide parts for 10 years. After that the parts supply starts to dry-up. Many restoration hobbyists travel around the nation trying to find that “right” part. Mechanical and body/frame parts may have value far beyond their basic scrap price levels. So, the value of your car is determined on the commodities markets if it is to be scrapped. On the other had the value is perhaps greater in a salvage situation. Stripping a vehicle for salvage is labor intensive. If you’re a DIY type this is no problem. Transportation is another consideration. A tow/salvage/scrap yard must consider the cost of pickup versus value. You’ll pocket more cash if you deliver, either drive it if possible, but you can tow it yourself if you are comfortable with the process.
Cash for Junk Cars in Addison, Balch Springs, Carrollton, Cedar Hill, Cockrell Hill, Combine, Coppell, DeSoto, Farmers Branch, Ferris, Garland, Glenn Heights, Grapevine, Highland Park, Hutchins, Lancaster, Lewisville, Ovilla, Richardson, Rowlett, Sachse, Seagoville, Sunnyvale, University Park, Wilmer, Wylie, Duncanville, Grand Prairie, Arlington, Irving, Mesquite & Greater Dallas, Texas
Because recycling scrap metal makes so much sense energy wise, many countries import scrap to lower their CO2 footprint, versus processing ore from scratch. Scrap metal is a worldwide commodity, and currently is in demand. How long will we be able to sustain the current market is unknown, but it is the driving force for tow companies that offer cash for your clunker. Citywide Towing Service is ready to hand over cash for your unwanted vehicles. Call us today to learn more!