Securing cash for cars without a title isn’t a problem. Titles get lost all the time. It’s why I always make electronic backups of all paperwork and store them in the cloud. But getting cash for cars without a title is not a problem. Recently, I was thinking about buying a car without a title. The guy was selling a 1995 Eagle Talon TSi on Craigslist. It was in excellent condition. However, he was selling it as a track car only. He was doing this because he lost the title. The poor guy figured the only way anyone could get any use out of the car was to just use it on a private race track. He was selling the car for about half price. Little did he know, there are plenty of other ways of getting good cash for your old car.
No surprise, the car sold within just a few hours. No doubt the buyer knew what I’m about to tell you. Cars without titles are still very valuable. After all, you’re just missing a single sheet of paper. So instead of selling your car to some ‘cash for cars without a title’ fly-by-night outfit that’ll probably give you about $200, this post tells you how to get the most money possible. In fact, you can easily get full price. Keep reading.
Fly-by-night car sellers know what I’m about to tell you. This is how many of them make money when buying cash for cars without a title.
- Visit the DMV’s registration and titling page or go to a physical location if you enjoy lines.
- Request an Affidavit in Lieu of Title form (state-specific). Fill out the form to prove your ownership. Use a past bill of sale, old insurance documents, etc. Processing can take up to 10 weeks or as little as a few weeks.
- You’ll be reissued a title once you have proven ownership. Congratulations, your car is now worth double what it was without a title.
Another way to get cash for cars without a title is to get a bonded title. But it’s challenging to get insurance with a bonded title. There are also a myriad of other ways to do this, but none are 100% legal.
Getting the most for a title-less car means proving that you in fact own the car. If getting an affidavit sounds daunting, it’s about the same process you’d have to go through if you just went the lazy route and called up a classy ‘We buy no title cars’ place. With them, you will still have to prove ownership of the car. They can’t just take a car, no questions asked. The process of getting an affidavit or selling to a no title place is to prove you in fact do own the car. That must be proven before any money changes hands.
Less Lucrative Ways of Getting Cash for Cars without a Title
A few other random options for getting cash for cars without a title would be to part-out the car, sell it as scrap or sell it as a race car. But parting out takes a lot of time. Selling it as scrap means you’ll get about $300 for a sedan with today’s metal prices. Selling it as a race car means you’d have to own a sports car already and you’re selling to a very limited market.
The only downside to getting an affidavit and thus getting a new title is that it takes some time. But that’s how money works. Money takes time. It’s like how I’m putting $5,500 into my Roth IRA each year and that means I’ll be a millionaire around age 40. Good things come to those who wait. I know getting a new title isn’t the easiest option, but please do it. I know dealing with the DMV sucks. But think of it this way. Say it takes you one hour to prove ownership of the car. This assumes you do most of the stuff online, of course. So for that one hour of your time, you could double the value of your 1995 Eagle Talon TSi. Sounds like a pretty good use of time to me. That’s like getting paid thousands of dollars per hour.