Ways to Make Extra Cash From Your Old Car

Are you looking to make some extra cash but don't know where to start? Consider taking a look at your old car. Your car may no longer be in use, but it doesn't mean it's worthless. 

In fact, there are plenty of ways to turn your old car into extra cash. From selling parts to donating it to charity, this article explores six different ways to make extra cash from your old car.

Sell Your Car For Spare Parts

If your car is no longer in working order, consider making some money off its spare parts. The parts from older cars can often be bought for a lower price than newer models, which makes finding someone interested in purchasing old car parts more likely. 

Some popular parts to sell include engines, transmissions, and doors. You can advertise your car parts for sale on places like Craigslist or eBay, and you may be surprised at how quickly they are purchased. 

You can also reach out to a local junk car buyer near you, like Texas Junk Car Buyer.

Sell Your Car to a Salvage Yard

Another option to consider is selling your car to a salvage yard. Salvage yards buy cars that don't work for a living, and they may be willing to pay you for your old car in return for the spare parts on it. 

Some salvage yards may even take the entire car off your hands for cash. However, be sure to compare offers from different salvage yards to ensure you get the best price for your car.

Donate Your Car to Charity

If you want to make a positive impact while also earning some extra cash, consider donating your old car to charity. Many charities accept car donations, and they will often provide a tax deduction for the donation as well. 

Some charities will even tow the car off your property for free, making the donation process completely hassle-free.

Rent Out Your Car

If you don't plan on selling your old car or donating it to charity, consider renting it out. There are plenty of people who need a car for a weekend, week, or month but don't want to commit to buying a new one. 

You can use websites like Turo or Getaround to rent your car out to someone in need. Just be sure to communicate with the renter about any driving restrictions or rules you have before they take it out for a spin.

Sell Your Car Privately

If your car is still in working condition, consider selling it privately. This means advertising your car for sale on sites like Craigslist, Facebook Marketplace, or Autotrader. 

You'll have more control over the selling price, and you won't have to pay a commission fee to a dealership. Just be sure to do your research and make sure you're selling your car for a fair price.

Use Your Car for Advertising

Lastly, consider using your old car for advertising. There are plenty of companies that pay people to drive around in their branded cars, which can be a unique way to make extra cash. 

You'll have to be comfortable driving with a car wrap, but you'll be getting paid while you do it. Some popular car advertising companies include Carvertise and Wrapify.

Your old car may no longer be a daily driver, but that doesn't mean it's not worth anything. From selling parts to renting it out, there are plenty of ways to make extra cash from your old car. 

Consider these six options to turn your car into a financial asset while also doing some good for others.

How To Save Money And Make An Old Car Work For You

If you're living a thrifty lifestyle now with an eye to building up a comfortable cash cushion or saving for an anticipated expense, and your ego doesn't have to live in the driveway waiting for another wash & wax session, an older car can help you reach that goal.

The Financial Advantages of Older Cars

There are many different ways that older cars cost much less than newer models do. Here are just a few of those different reasons as to why having an older car can play to your advantage:

• The insurance payments are much lower, since you're insuring a smaller investment, even with the same coverage.
• Interest on a $3,000 auto loan is quite a bit less than the interest on a $30,000 auto loan.
• Older cars are simpler and easier to work on yourself.
• Liability insurance is a tempting option because you've got less to lose if you do total the car.
• People driving a Ferrari are projecting an image, and that's expensive to live up to. People driving a '97 Toyota don't feel the same pressure to spend.

If you picked your care carefully, it's entirely possible to keep it running until you retire, and maintenance on it, even when you replace an engine, will cost you much less than loan or lease payments will. 

Careful model selection is much easier with older cars. They have a history that can be checked online. It's a good sign if they have an avid fan club 20 years later.

The Downsides of Older Cars

The worst thing to ever happen to an old-car enthusiast was the Cash For Clunkers program in the late 2000s. A huge majority of the older cars that were running fine disappeared off of the market forever. 

Finding replacement parts can be tricky. You'll have to shop around for some of the rarer parts. If you can't find a part that you need anywhere, try the junkyards. 

Call around to check availability. Some junkyards will insist on pulling the part themselves, but others have a 'U Pull & Pay' policy that will save you even more money.

If you're lucky enough to find a model older than 2000, you can learn to do much of the repair and maintenance yourself, saving even more money. 

Shop manuals for the older models can be found in thrift stores, libraries, and sometimes even online. It doesn't have to be pretty to get you into a Classic Cars Club, and the other members will have valuable advice for you.