Salvage value

saturn
sw

#1

The engine (192,000) in my car(2000) is dead and not worth repairing. However, the dealership is eager to “rid” me of the car at no cost, if I just sign the title over to them. I’m curious if the car has any salvage value and if they could ultimately make money from it. Would I be naive to just sign over the title?


#2

Call your local auto recycling center (junk yard) and ask them what the car is worth as scrap. Then you’ll know.

Someone may want to install a used engine and sell the car, but I don’t know how many buyers there are for a Saturn with nearly 200K miles on it.

What kind of “dealership” is offering to take the car off your hands? I thought all the Saturn dealers were closed.


#3

The least you can expect from a salvage yard is 2 cents/lb. That would give you $60 for a 3000 lb car.

I would advertise it for parts, and someone will see enough value in parts to get of and offer you more. There are many shadetree mechanics who will buy several and combine the good parts to make one sound vehicle, then sell the rest for scrap.


#4

Donate it. Some places (recycle for gold) will take almost anything, and you can write off the KBB value of "fair’


#5

You can find a link right here somewhere to donate it to NPR - it just has to be a complete auto. You then write whatever it was deemed to be worth off on your taxes.


#6

List it on craigslist as a parts car…Someone may have a good engine but a wrecked body…Try for $400…You can always come down…


#7

"and you can write off the KBB value of “fair’”

Nope, IRS changed the law a few years back. Now you can only write off what they sell it for, not the KBB value.


#8

Call a salvage yard. They will get maybe $50-$100 for it however a fair fee given the hassle.


#9

I have a strong feeling this car is sitting on a dealers lot. $400 - (the tow fee home) seems hardly worth it.


#10

Wow thanks to all who replied. The car is at the local GM dealer and the replies don’t seem to indicate there is much value. As suggested, I’ll check with a salvage yard. I’ve got to purchase another used car as a backup so I was hoping I could negotiate a bit a value if I decided to purchase from this dealer. The Saturn was a great car and except for the timing chain that has broken inside the engine, I had hoped to keep on going. Again, thanks to all who replied.


#11

"Donate it. Some places (recycle for gold) will take almost anything, and you can write off the KBB value of “fair’”

That is no longer legal. If the OP is audited, the IRS will not look kindly on it. The donor will receive a bill of sale from the charity and that is the only thing the IRS finds acceptable. It is possible to get around this by donating to an organization that will use the car, but this car doesn’t look like one that they would want.


#12

Check my reply above. This is not legal.