Consumer habits are changing fast, and one of the fastest-moving trends is the demand for convenience. People want to be able to buy and sell things as quickly and conveniently as possible. To that end, an entire online industry has developed around making these tasks as easy as possible.
The sale of cars is one particular area that is changing quickly. There are many tried-and-tested channels, such as online platforms like Craigslist. But this approach is time-consuming for both buyers and sellers. Plus, there are all the paperwork hassles. But online services came along that made the process much easier for all parties. One such service is Cash for Cars ( www.cashforcars.com ). Let’s explore this platform in detail as we check out how it works.
Cash for Cars: What is It?
Put simply, Cash for Cars is a commercial platform through which people get instant offers on their used vehicles. Should a bid be accepted, the company arranges pickup and direct payment to the seller via check. It’s a fast and convenient solution to the problem of selling a car when a seller is:
- In urgent need of the cash from a car sale
- Unwilling to go through the steps required to sell their vehicle via regular channels like Craigslist
- Reluctant to sell via different channels
Cash for Cars provides an alternative to sellers in these circumstances.
How Does it Work?
The first step in the selling process is to contact a Cash for Cars representative via phone (800-227-2983). Or, a form can be submitted via the company’s website, and an agent will contact the seller by phone or email.
The company claims to buy just about any car regardless of age or condition, including cars that carry junk, dismantled, or salvage titles.
Once the no-cost, no-obligation quote is received, the seller decides the next course of action. Do nothing, and the process ends right there. The next step kicks in if the offer is accepted.
Upon confirmation of the guaranteed-price offer, the company will dispatch a retrieval agent from one of its 200 U.S. locations. The representative from a nearby branch will call to arrange a pickup time and location. Cash for Cars doesn’t charge for the tow-away service, and the seller can arrange a pick up from home, work, or an auto repair shop.
The agent will arrive at the appointed time and place, hand over the check, and tow away the vehicle. Alternatively, the company can mail a check if the owner isn’t present at pick up. Cash for Cars handles all the paperwork, so there isn’t much the seller needs to do other than show up with the car.
It’s a straightforward approach that almost seems too easy. But, Cash for Cars is one player in the larger instant car offer industry. It’s a part of the car business that focuses on sellers seeking speed and convenience. Of course, be sure to get competing bids from local and online dealers, and check out Topmarq’s price comparison tool to get multiple offers in minutes.
Cash for Cars: What Options do Customers Have?
Cash for Cars deals with vehicles from numerous manufacturers. According to its website, the company actively makes offers on these brands:
|
Acura |
Alfa Romeo |
Audi |
Bentley |
BMW |
Bugatti |
|
Buick |
Cadillac |
Chevrolet |
Chrysler |
Dodge |
Ducati |
|
Fiat |
Ford |
Genesis |
Honda |
Hyundai |
Infiniti |
|
Isuzu |
Jaguar |
Jeep |
Kia |
Lamborghini |
Land Rover |
|
Lexus |
Lincoln |
Lotus |
Maserati |
Mazda |
Mercedes-Benz |
|
Mercury |
Mini |
Mitsubishi |
Nissan |
Plymouth |
Pontiac |
|
Porsche |
Ram |
Rolls Royce |
Saab |
Saturn |
Smart |
|
Subaru |
Suzuki |
Tesla |
Toyota |
Vespa |
Volkswagen |
|
Volvo |
In addition to these vehicles, Cash for Cars makes offers on motorcycles, boats, and RVs. While the website claims to purchase any car, it favors vehicles from 2002 onwards. You can still make inquiries about older cars, but current information indicates that it's most interested in autos from the last two decades.
As mentioned earlier, the company accepts cars in varying conditions, from those in good running order to those needing repair. Cash for Cars will even make offers on vehicles ready for the junkyard. So, sellers of most cars in just about any shape can turn to this platform for an offer. Getting a quote is quick and easy and often occurs within a few minutes during working hours. Vehicle pick-up is rapid, too. Frequently, this can happen within 24 hours, depending on the seller's proximity to the nearest Cash for Cars center.
What Options are Not Available
Unlike many other instant-offer operations (Carvana and CarMax, for instance), Cash for Cars doesn't sell vehicles. Its parent company, Copart, is a California-based salvage company that began as just a single yard. The company expanded quickly, and Cash for Cars is now under this corporate umbrella.
The origins of this firm suggest why there is no option to purchase cars through the platform. It is, first and foremost, a salvage company. Its background is in getting hold of clunkers—old and broken-down vehicles—that get turned into recycled metal.
As time has passed, Cash for Cars has expanded into accepting newer cars, which instead get sold to dealerships or to customers via different channels. However, the Cash for Cars platform remains focused on purchasing cars from private individuals.
How Much Do They Pay?
Prospective Cash for Cars customers may wonder how much the platform will pay for their vehicles. It's a complex number to pin down as certain factors impact an offer. Even minor differences in trim and condition can affect the amount.
An owner of an inoperable "junker" can expect to receive $100 to $400 from the company. It's a base figure that reflects this car is nothing more than scrap metal. There's no hope of restoration and making this vehicle roadworthy. So, Cash for Car's offer demonstrates this status.
However, a much newer car in good shape will fetch a much higher price. Customers have been known to get $10,000 to 15,000 depending on the make, model, year, and condition. High-end or unusual vehicles may have even greater value.
Do They Pay More than a Dealership?
One factor that affects a Cash for Cars quote is what the company intends to do with the vehicle. A good-condition car in demand locally may receive a better offer from a nearby dealer. After all, Cash for Cars has to take its share of the profits. In other words, shop around before selling.
Take note that there is a trade-off between convenience and money in your pocket. The less work you need to do, the lower the check. Not only are instant offer companies taking on risk by buying your car, but they also have the expense of retrieving the vehicle and dealing with the paperwork. A private will sale will almost always result in a higher price for your ride; you'll have to work to make it happen.
Pros and Cons of Cash for Cars
Let's look at the advantages and disadvantages of using a service like Cash for Cars.
Pros
The primary benefit to Cash for Cars and similar platforms is the ease of getting an offer and selling a car. It's an approach without the complexity and time requirements of a private sale, but you'll pay a premium (in the form of less money in your pocket). Just accept the company's quote, and Cash for Cars takes over.
Another benefit is that vehicle condition is irrelevant to the selling process. The car's state affects the price a customer can expect, of course, but the fact is that this company will accept most vehicles in any shape. Lastly, Cash for Cars customers appreciate the speed of the process. Someone in urgent need of cash can sell their car and have payment in hand in as little as 24 hours.
Cons
The final price is the primary disadvantage of a quick vehicle sale through Cash for Cars and similar operations. Fast cash is always good, but an offer from Cash for Cars is unlikely to beat the bottom line of a private sale.
Another drawback to the instant-offer method is the lack of negotiation; the offer is the offer. The only way to search for a better price is by contacting other companies.
There's an opportunity for back-and-forth discussions with a private sale or local dealership transaction. During this dialogue, you can highlight the car's condition and other factors to justify a higher price. It's an exchange that won't happen when using a platform like Cash for Cars.
Cash for Cars: Is it Worth it?
In the end, is this service worth it? There's no easy answer, but Cash for Cars is the ideal solution for someone who wants to quickly sell a car without the hassles of traditional methods. This is especially the case with a beater that only has scrap value. Just remember that convenience comes at a price.
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Jessica