"Scrap value" refers to the worth or value of something when it is no longer usable or functional, and can only be sold as scraps or parts. Full definition
Yes I need a car but I'm not going to pay for metal that'll be worth scrap value in 5 years time. (youngfiguy.com)
I was looking for scrap values for some other jackup rig drillers. (greenbackd.com)
So while I love the bargain approach to buying ships below scrap value, drilling rigs when it was unprofitable to drill offshore, and pipelines when no one else wanted them, I wouldn't be excited about owning them permanently. (basehitinvesting.com)