You may already know that you can get money for your scrap car. However, did you know that this price can be subject to change? The price of scrap metal varies a lot, depending on a few factors. Let’s discover what these are.
Supply & Demand
Most prices fluctuate due to supply and demand, and this is partly true for scrap metal. When scrap metal is in high demand, you may fetch a better price for your old vehicle. Similarly, when metal isn’t really hard to come by, your vehicle could be worth less. However, there are many more factors that come into play, which might mean your scrap car is worth more, even when supply is high.
Competing Scrap Metal Companies
If you live in an area where there’s a lot of scrapping companies competing for customers, you may be in luck. To attract more business, dealerships may be more likely to offer you a better price for your old car. The value of your vehicle will still depend on what it is and the exact condition of it, but you can probably trust that you’re getting a good valuation from a dealer in a busy area.
Industries That Use Metal
It’s not just cars that use metals. Metal prices can be affected by changes to the electronic, technological and construction industries. Even a small change can have a big knock-on effect on the price of scrap metal, so be sure to keep an eye out for any updates outside of the car industry.
Imported Scrap Metal
Many international countries import huge amounts of metal. If at any point, they reduce the amount of metal they purchase from us, this will affect its value. A reduction in scrap metal orders overseas could happen because of changes to industries, or because they’ve stockpiled too much.
The Price Of Fuel
If the price of fuel has risen significantly, this can have an effect on the value of your car. This is because car scrapping companies need to use fuel to collect, move and transport the vehicles that they buy.
Turn Your Car Into Scrap Metal With Midlands Auto Breakers
You can earn a bit of extra cash by turning your car into metal with Midlands Auto Breakers. Use our online calculator or give us a call for a competitive valuation.
