Cars are almost like currency. They can turn into cash just about whenever you need them to. The following five ways of transforming your car into money are not magic, but at times when you need money the most, it will certainly seem like it.
Sell Your Car Outright
Selling your car outright means that you will not have a car, but you will have money. As a private seller, buyers may pay your asking price, or the savviest of buyers will only pay the "Blue Book" value. Knowing how, where, and when to sell the car makes all the difference. Additionally, there are several "cars for cash" businesses out there that will buy your car, too.
Sell Your Car for Parts
Sometimes you can sell your car "as-is" when it no longer runs. Sometimes buyers are not that interested because they do not want the whole car, nor are they looking for a project car. To make any money off of it, you can just sell auto parts off the vehicle until it is either all gone, or it is mostly a hull.
Salvage is another way to turn your vehicle into cash. When it is too expensive to fix or too old to drive anymore, you can either drive your vehicle to a salvage yard or have the salvage yard pick it up. Typically, if you take the vehicle to the salvage yard, you will get a little extra money for your trouble because then the salvage yard does not charge you the towing fee. Be sure to check around to see what each salvage yard is willing to pay because some will pay more than others.
If you do not want to sell the car at all, and it is still a running vehicle, you can get a title loan. The title loan will have to be repaid, but it does provide you with cash when you need it. Unless you default on the loan, the car remains in your possession the entire time you are repaying the loan.
At a pawn shop you can do two things with your car. You can haggle and bargain with the shop's sales representative to sell the car to the shop, or you can just get a pawn loan. Either way, you are without a car, but if you choose the loan route, you at least have a chance of getting the car back if you still want it.