3 Ways You Save Money by Selling Your Car for Cash

January 17, 2022

As the cost of living goes up throughout the country, most people are looking for ways to tighten their budgets and save money where they can. While there are usually several obvious ways to curtail extra spending, there may also be less obvious methods. You can realize savings when you sell a vehicle for cash. Besides the money the sale will put in your pocket, you will also save in other ways.

1. Reduces Your Insurance Rates

If you have an older vehicle on your property that is still registered, you are required by law to at least have minimum liability insurance on the vehicle. The cost of insuring this vehicle is easy to overlook, especially if it is included on a policy with the other vehicles in your household.

Although you may have removed full coverage on the vehicle when it was no longer required, liability insurance is always required to pay for injuries or damages to others that could arise from an accident. In Illinois, the minimum coverage required is:

$25,000 for injury or death of one person in an accident
$50,000 for injury or death of more than one person in an accident
$20,000 for damage to property of another person

If you operate the vehicle without insurance, you could face a minimum of a $500 fine. You could also face a minimum of $1000 fine for a suspended registration for having no insurance.

When you sell the vehicle, you will no longer be required to register it or carry insurance on it. Not having to maintain this extra insurance could potentially save you hundreds each year. As calculated by Bankrate, you could save $442 per year or more for your insurance and $151 per year for the cost of your renewal sticker for your license plate.

2. Saves You Abandoned Vehicle Fees

Did you know that if the city classifies your vehicle as an abandoned vehicle, the city can tow your vehicle from your property and then charge you? You could be facing a $500 fee if your vehicle is left on private property and a $600 fee if your vehicle is on state or federal property.

Unfortunately, it does not take much to meet the criteria for an abandoned vehicle. According to the City of Chicago, these criteria include the car:

Being left on a public way (such as a street), in an un-drivable state of disrepair
Being unmoved and deserted for more than seven days
Being stranded on a public way without a registration card for two or more days
Being able to be viewed in a hazardous dilapidated state on public or private property

Anyone can report your vehicle and have it deemed abandoned by calling 311.

3. Eliminates the Cost of Towing

When you sell a non-running vehicle, you are often put in charge of relocating the vehicle to the premises of the company that purchased it. Unless you have a roadside assistance program that will tow the vehicle for you, you face the cost of a tow.

The cost of the tow will cut into any profit you may see. Your profit depends on how much the company pays you and the distance the car has to be towed.

When you sell your vehicle to Cash for Cars, we will come and get your vehicle from you. By maintaining a fleet of tow trucks, we can tow your vehicle and not pass the cost on to you.

We at Cash for Cars will also save you money by eliminating a trip to the bank. Unlike some other companies who may want to send you a check, we will pay you top dollar in cash the day we pick up your car. Give us a call so we can get you paid today.

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