Introduction
A junk car may not seem like a big deal when it’s sitting in your driveway. You might think about fixing it eventually, selling it, or keeping it just for parts, but something that looks harmless can cost you more than you may realize.
Between rising repair bills and insurance payments, lost space, and unseen liabilities, that old junk car can hurt your wallet, as well as your peace of mind. In this blog, we’ll take a look at the true cost of waiting to get rid of your junk car. You’ll understand why getting rid of it now may be the best option.
- Future Repair and Maintenance Costs
It does not take much for a car, even one that just won’t run, to stay on the radar! Mechanical issues like a flat tire, non-functional brakes, or cracked hoses can happen unexpectedly – even a car that doesn’t get used can be impacted by rusting issues that can destroy mechanical parts like brakes or suspension. Once you call a tow truck or visit the repair shop, it’s another bill!
Then you are tempted into paying for minor repairs, with the hope the car will work again, and in many instances, you end up spending more on repairs and maintenance than the car is even worth. Waiting too long to make a decision often leads to spending more than the car is worth.
- Insurance and Registration Fees
In many states, if you hold a vehicle registration in your name, that means paying for insurance as well as registration on an annual basis, whether or not you drive the vehicle. Depending on your vehicle and where you live, your premiums and fees can easily amount to hundreds of dollars a year.
You may think you are safe skipping insurance as long as it does not go out on the road; however, most driving laws require some sort of active insurance coverage, or you might face fines or penalties for being uninsured. Dropping coverage is not always an option, and thus, your junk car remains an expense year after year.
- Car and Asset Depreciation
Even junk cars depreciate. Ironically, as parts become more worn and components disappear, their salvage value diminishes. A vehicle that still has scrap metal, catalytic converters, or parts loses value each month as parts tend to be taken or rust takes over. As each year passes, you lose value, and if you intend to sell it at some point in the future, it will become less profitable. The longer you hold it, the less you’ll get.
- Yard Space and Storage Opportunity Costs
It might seem harmless—just parked and out of the way—but it still takes up valuable space. Older cars also occupy valuable space when parked. An old car takes up a prime parking spot, which can be occupied by a new ride, used for the storage of seasonal items, or as a safe play area for children to play. An old car just sits there, taking up valuable space. That valuable spot is off-limits as long as that car sits there.
That single spot on the curb represents a decided potential value lost. In common spaces, it is easier to decide that the spot taken up by the old car equates to a greater loss of utility than monetary value. From an oversight perspective, we should rethink how we view the cost of dated cars pushing into the high US dollar usage space.
- Environmental Hazards and Cleanup Costs
Junk cars can leak fluids like oil, coolant, and brake fluid that leak onto your driveway or seep into the ground below. The fluid damage can harm your concrete, soil, or both. If you forget that old car on your property, moisture and debris can also accumulate, creating additional health hazards.
Many times, there is no coverage under homeowners’ insurance for hazardous spills. The cleanup fees could total hundreds or thousands, especially if there are local laws directing you to properly dispose of hazardous waste. Getting rid of a junk car before any of these hazards develop helps you avoid a hefty cleanup bill.
- Safety and Liability Exposure
A junk car is not just an eyesore; it can be a hazard as well. Leaky fluids create slippery surfaces. Sharp rusted metal or broken glass can entice children or animals and lead to accidents and potential liability. A burned-out wreck can pose as a fire hazard or as a home to pests like rodents and insects.
If a person gets injured on your property caused by the vehicle, you may be facing insurance claims or even a lawsuit. Leaving a vehicle you no longer use increases your legal exposure. If you get rid of it, you reduce your risks.
Also Read: Do I Need a Safety Inspection to Sell My Car ‘As Is’ in Ontario?
- Fines, tickets, and abatement orders
Most cities have ordinances that state how long a non-running vehicle may sit on private property. You may get a fine or an order to remove it if you do not move or register it. Fines can vary, but they can add up weekly or daily.
Some cities may hire a removal company and send you the bill for towing and disposal; that can cost a lot more than paying an actual scrapper to come and get it. Additionally, if you think ignoring local rules will not create future hassles and expenses, you may be mistaken.
- Opportunity Cost of Selling or Recycling
By keeping a junk car, you are passing up the ability to convert the junk car into cash or value. Scrap metal prices are generally good, and many wrecking yards will pay you cash or send a tow truck to get the car from your driveway. If you can sell usable parts on that junk car, you could realize a return. An engine that’s working, wheels, or even mirrors have a market.
By holding onto that junk car, you lose out on quick cash and the benefits of recycling. When you take the action to sell, the market price could decrease, or the readily available parts could lose resale value. Sell when you can maximize your value.
- Influence on Morale and Image
We don’t always think about it, but a junker is clutter and stress. It lingers, it attracts the eye, and it distracts. That rusting vehicle can affect your mood, lower your pride in homeownership, and become a daily visual reminder of unfinished tasks. Every day, it remains, it points to procrastination. Even neighbors and passersby notice it, changing images of your home and messing with your comfort level. Getting rid of the junk clears the junk and brightens your mood.
- Concealed Theft and Scrapping Responsibility
If you junk your car, it probably has something of value on it, such as wheels, electronics, tires, or catalytic converters; a thief might break into it just for those points. Thieves come prepared to break into your junk car, and when they do, they can damage your property in the process.
A stolen catalytic converter alone could cost you thousands in repairs, then your money for replacing broken windows or locks, and then if they steal the plates from your junk car, you are out those replaced parts and have to deal with police reports on stolen plates. At the very minimum, taking your junk car off the street or on your property reduces the number of targets for felons.
Also Read: The Journey of Used Car Parts: From Canadian Scrap Yards to Global Markets
- Regulatory Risks with License Plates
Even with a junk car, your license plates are still linked to you. Unreturned plates or expired registration could result in parking tickets, law enforcement involvement, and fines. Some police agencies send automatic letters demanding that you take care of unpaid tickets, and then put those tickets on your record. By disposing of the car properly and returning the plates, you can eliminate those possible liabilities permanently.
- The Actual Savings of Acting Now
If you add it all up, repair bills, insurance, loss of storage, environmental impact, fines, anxiety, theft, and resale loss, you can see that inaction costs a lot more than action. Removing a junk car may involve minor towing fees or paperwork, but it protects you from the headache of compounding costs. It frees up your space, improves safety, and allows for overall peace of mind. Abandoning worry about resale or scrap money trivializes your benefit to immediate, rather than hoping for eventual.
Conclusion
A junk car is a drain on your money, time, and your home’s worth, but it doesn’t have to be that way. Greenway Auto Recycling makes it easy and fair to remove your junk car. We do everything from towing your vehicle, draining all fluids properly, notifying the DMV about the tags, and providing paperwork for the off-sitting of your vehicle. Plus, we offer fair cash payments on the spot for your vehicle, which means you can stop ongoing payments or worries about that car by doing one simple thing today.
