Does the steel market affect the value of your scrap car?
Tuesday, 12 June 2018
Have you had your end-of-life vehicle valued for scrappage recently? If so, the chances are you will have been surprised at the amount of money you’d receive. As with other commodities, scrap metal experiences fluctuations in its value, driven largely by the world market. Presently, the British and European steel markets are experiencing an oversupply of materials, resulting in a greatly reduced demand. This has hit prices somewhat in the last couple of years.
Furthermore, exports of cheaper Chinese steel have also been blamed for forcing down the value of UK scrap prices. As the Chinese economy has stalled worse than anticipated, their steel surplus has been offloaded into the European marketplace at uneconomic prices. Another reliable indicator of global steel values is the Turkish TSI index. Although the index has experienced steady improvements in values during recent years it has still not yet reached pre-recession levels of 2007.
How can I ensure I get the best price for my scrap car?
Despite the current fluctuations and downturn of the scrap metal market, at ASM Auto Recycling we are driven to provide our customers with the very best possible price for their unwanted or end-of-life vehicle.
Vehicle recycling firms such as us will pay more money for scrap metals that are considered ‘Grade 1’. High-grade metals are those with no associated alloys found within the material. In addition, the metals should have no signs of corrosion and be of a minimum size and diameter to be accepted.
‘Grade 2’ scrap metals are often made from alloy(s) alongside the primary metal you wish to scrap. Even 1% alloys in a material will see it handed a Grade 2. These materials must also be clear of foreign contamination to achieve the best possible prices.
How are scrap car values measured?
Today, the vast majority of scrap car prices are given to vehicle owners per tonne. Be mindful that the value of scrap metals is currently fluctuating daily, so the offer you receive today could be quite different to what you’re offered tomorrow. By keeping a keen eye on trends in the value of scrap metals you can see the right time to cash in on your unwanted vehicle. The London Metal Exchange is the most genuine indicator, but at ASM we can always tell you the daily prices over the telephone too.
All fees for your scrap car are now paid via cheque or electronic money transfer. Since 2013, it has been illegal for anyone to be paid in cash for their scrap vehicle — a move designed to prevent thieves from pinching vehicles off driveways and selling them at scrap yards for cash, amongst other metal theft.
What are the benefits of vehicle recycling?
Vehicle dismantling is the most environmentally friendly way to scrap your vehicle. It’s a process where salvage car parts are removed from the shell of the vehicle, cleaned and tested for use in other second-hand vehicles. We now proudly stock over 250,000 used car parts on-site available for purchase. As part of a vehicle’s dismantling, all of the its potential toxins such as fuels, oils and brake fluids are removed as part of the de-pollution process, in line with the European End-of-Life Vehicle (ELV) Directive.
Each year, hundreds of thousands of end-of-life vehicles are dismantled and recycled in the UK alone. If your vehicle has given up the ghost or it’s sitting unwanted on a driveway, give us a call on 01844 268 940 (Option 3) to discuss your recycling requirements. At ASM Auto Recycling we can even collect an ELV from your home at a time and date to suit you.
- Scrap My Car for Cash
- Car Cleaning Tips
- Used Tyres Guide
- MOT: the complete guide
- Buying used cars at online auctions
- Green car parts explained
- Avoid problems when selling your car
- What is Gap insurance?
- Best used small cars to buy
- Best used SUVs to buy
- Buying a Write-Off Car: Pros and Cons
- Best used family cars to buy
- Guide to finding a replacement car engine
- Best used city cars to buy
- Does the steel market affect the value of your scrap car?