How to Trade in Your Old Car For Cash

Do you have an old car that is just sitting in the driveway collecting dust?  Perhaps your old car is ready for the great highway in the sky, and it’s time to stop driving it.  If so, then there are several ways that you can trade in your old car for cash.

Cash For Clunkers

Until recently, the federal Cash for Clunkers programs was probably your best bet.  However, this program ended in August of 2010, largely because it was so popular and the government funds were quickly drained.  Now that the fund has been exhausted, where can you turn?

Sell to a Junkyard

One option to trade in your car for cash is with a junkyard.  Often, these locations will pay cash in hand (although not a lot) for used cars, whether they are running or not.  Junk and scrap yards will sometimes pay a certain rate per pound, though some pay by year, make and model, as well.

Go Through a ‘We Buy’ Company

You can also contact one of the “we buy” companies.  You’ll see these signs all over the place, advertising that the company buys junk cars and trucks, or even “ugly homes.”  Don’t expect to get a lot of cash for your car, but you can earn at least something for it here.

Donate it to Charity

Another option, though one that does not have an immediate payoff, is to donate your car to charity at a thrift store or at the Salvation Army.  You will not be paid for your car, but you can usually use the donation as a tax write-off at the end of the year.

Put an Ad on Craigslist

Finally, if your car runs, then you might consider simply selling it flat out.  Put a ‘FOR SALE’ sign in the window and put it by the road, or take a couple of pictures of it and put it on Craigslist.  You never know who might end up ‘rescuing’ it and restoring it to running order.