Scrap Metal Prices: How They Affect Your Junk Car's Value

Scrap metal prices fluctuate based on global supply and demand, directly impacting how much junkyards pay for vehicles. Here's what you need to know about this important factor.

What Affects Scrap Metal Prices?

Several factors influence scrap metal pricing:

• Global Economy - Strong economies increase construction and manufacturing, raising demand for scrap metal.
• Supply and Demand - When supply is low and demand is high, prices rise.
• International Trade - China and other major importers heavily influence U.S. scrap prices.
• Seasonal Changes - Prices often rise in spring and summer due to increased construction activity.

Types of Metal in Your Car

Cars contain various metals with different values:

• Steel (body and frame) - Most of the car's weight, lower value per pound
• Aluminum (engine blocks, wheels) - Lighter and worth more than steel
• Copper (wiring, radiators) - High value, but small quantities in most cars
• Platinum and Palladium (catalytic converters) - Extremely valuable but heavily regulated

Current Price Ranges

As of 2024, typical scrap prices per ton are:

• Steel: $100-$200 per ton
• Aluminum: $600-$1,000 per ton
• Copper: $2.50-$4.00 per pound

An average car weighs 3,000-4,000 pounds, with about 65% recyclable as steel. At current prices, the metal alone is worth $200-$400 in scrap value.

Should You Wait for Higher Prices?

While scrap prices do fluctuate, waiting for higher prices isn't always worth it. Consider:

• An idle car deteriorates over time, potentially losing value
• You're still paying insurance and registration fees
• The car takes up valuable space
• Price increases are unpredictable and may not materialize

For most people, selling sooner rather than later makes more financial sense. The peace of mind and freed-up space often outweigh any potential price gain from waiting.