After the gloomy news about scrap car values at Halloween, November has brightened up, in terms of scrap prices, not the weather! There has been a welcome increase in the prices paid for scrap cars this month, valuing scrap cars at 12% higher than they were in October! This big rise in value means that the prices being paid for scrap cars in November 2019 is 3% higher than the prices on offer in November 2018.
Because scrap metal values can fluctuate, there is no guarantee that prices will stay as high as they are as we move into the festive season. So if you’re looking to scrap your old car and get a bit of extra Christmas spending money, now’s the time to do it!
The CarTakeBack Scrap Car Price Index is a rolling monthly index covering the last 13 months. It’s updated monthly using the prices paid for scrap cars at CarTakeBack recycling centres throughout the UK. The prices are shown as a percentage, using the first month as the base price.
We’ve taken into account that cars come in all shapes and sizes, which has an effect on their scrap value, by adjusting the prices to show what the average car would be worth. This means that the index gives a great indication of the movement in the value of scrap cars from one month to another.
SMMT recently released data about the registration of new vehicles in October, showing that fewer people have been buying new cars and vans. There has been a drop of 6.7% of new car purchases when compared to last year.
There has been a change in the types of cars bought too. Diesel has had some bad press, and a drop of 28.3% in the purchase of diesel cars shows that the public are getting more environmentally conscious. The registration of petrol cars has also reduced, though less dramatically than the reduction of diesels, by 3.2%, with consumers favouring greener electric vehicles, which have seen an impressive 34.3% increase in uptake!
Could these changes be an indication that people are starting to think ahead to the diesel bans and clean air zones being penned for release in the future? Are people becoming more conscious of their carbon footprint and opting for second hand cars or public transport instead?
The value of scrap metal is in constant fluctuation, in line with global demand. As cars contain around 75% metal, this is a large factor when valuing your vehicle for scrap. There are also other things to consider, such as the potential of any reusable parts, and the cost of recycling the other materials in the vehicle. At least 95% of your car is recycled when you use CarTakeBack to scrap your car, so that’s a lot of bits to influence the value!
To find out how much your car is worth as scrap right now, enter your reg and postcode into our online form to see the price on screen. If you’d prefer to talk to someone, you can call our Customer Services Team for a quote over the phone. The price we quote is dependent on the information you give us and is valid for seven days, so if the value does start to fall, you can still get the best price!