Our Scrappage, Recycling and Car Blog

later post  |  index  |  earlier post

Does the scrap value of steel affect your car’s scrap value?

  Friday, 26 July 2024

Have you had your vehicle valued for scrappage recently? Was the price you were given higher or lower than what you were expecting?

There may have been quite a bit of difference in the price you would have received only a few months ago. That is because steel, aluminium and copper dominate the scrap metal market, and this is the stuff that cars are made of more than other metals. The scrap prices for end-of-life vehicles are likely to feel the effects of fluctuations in scrap metal prices more keenly than other products.

So yes, the scrap value of steel does have a major impact on the amount of money you might be able to get from your car as scrap. Like the price of oil, certain countries exert a major influence over scrap metal prices. They are also affected by world events. For example, the performance of the Chinese economy will have a huge influence on European steel prices. Turkey is the world’s largest importer of scrap metals, and so a reliable indicator of global steel values is the Turkish TSI index.

How can I ensure I get the best price for my scrap car?

We are committed to providing customers with the very best possible price for your unwanted or end-of-life vehicle.

Vehicle recycling firms like ASM 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 status. These materials must also be clear of foreign contamination to achieve the best possible prices.

How are scrap cars valued?

Today, the vast majority of scrap car prices in the UK are given to vehicle owners per tonne. Be mindful that the value of scrap metals fluctuates daily, so scrap car values can change day to day. 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 phone too.

The scrap metal marketplace can be affected by a range of factors, from the overall demand for new metals, to the performance of the construction industry, to the location of individual scrapyards.

All fees for your scrap car are now paid via cheque or electronic bank 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 stealing vehicles off driveways and selling them at scrap yards for cash, amongst other metal theft.

Is steel valuable?

Steel will get a fair price but is generally the least valuable of the main types of scrap metal, behind lead, aluminium, titanium, brass and copper. This is because it is very widely available. Stainless steel is more valuable, and a lot of automotive parts are made of stainless steel.

What are the benefits of vehicle recycling?

Vehicle dismantling is the most environmentally friendly way to scrap your vehicle. It’s a process where salvaged car parts are removed from the shell of the vehicle, cleaned and tested for use in other second-hand vehicles. Our used car parts store includes over 100,000 used car parts available for purchase. As part of a vehicle’s dismantling, all of 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 is sitting unwanted on a driveway, get an instant quote on what we will pay. If you have no way of getting the vehicle to ASM Auto Recycling, we will arrange collection from your home at a time and date to suit you.

later post  |  index  |  earlier post

---