
schlachten
to slaughter
To kill an animal in order to process it into meat and prepare it for consumption.
Der Bauer schlachtet vor Weihnachten immer eine Gans.
The farmer always slaughters a goose before Christmas.
to slaughter
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to slaughter
To kill an animal in order to process it into meat and prepare it for consumption.
Der Bauer schlachtet vor Weihnachten immer eine Gans.
The farmer always slaughters a goose before Christmas.

to strip for parts
Colloquial for taking an object apart in order to use its individual parts.
Er hat das alte Auto geschlachtet, um die Ersatzteile zu verkaufen.
He stripped the old car for parts in order to sell the spare parts.

to break open the piggy bank
In the fixed expression 'das Sparschwein schlachten' (to break open the piggy bank), it means to spend saved money.
Für die neue Waschmaschine mussten wir unser Sparschwein schlachten.
We had to break open our piggy bank for the new washing machine.
The verb 'schlachten' (to slaughter) is closely related to the noun 'die Schlacht' (battle). Both words have their origin in the verb 'schlagen' (to hit/strike) and refer to an act of killing or violent impact.
Früher schlachteten die Familien ihre Tiere selbst.
In the past, families slaughtered their animals themselves.
In its main meaning, 'schlachten' (to slaughter) is used almost exclusively for animals that are killed for meat production. Typical objects are 'ein Schwein' (a pig), 'ein Rind' (a cow/steer), 'ein Lamm' (a lamb), or 'Geflügel' (poultry).
Auf dem Hof lernt man, wie man ein Huhn richtig schlachtet.
On the farm, you learn how to slaughter a chicken properly.
This figurative meaning is colloquial. It is used for technical devices such as cars or computers that are taken apart so that the functioning individual parts can be reused.
Mein alter Laptop war kaputt, also habe ich ihn geschlachtet und die Festplatte ausgebaut.
My old laptop was broken, so I stripped it for parts and removed the hard drive.
The expression 'das Sparschwein schlachten' (to break open the piggy bank) is a fixed idiom. It is used only with the object 'Sparschwein' (piggy bank) and always means that you spend your savings on a larger purchase.
Für den Urlaub haben wir unser Sparschwein geschlachtet.
We broke open our piggy bank for the vacation.
to exploit / make the most of
To ausnutzen an old machine means to use the machine or its available performance as fully as possible. To schlachten it means, colloquially, to take it apart and reuse its usable parts. The key difference is whether the machine continues operating or is dismantled.

Wir schlachten die alte Maschine, um ihre brauchbaren Teile weiterzuverwenden.
We are stripping the old machine for parts so we can reuse them.
Wir nutzen die alte Maschine bis zum Ende ihrer Lebensdauer aus.
We will use the old machine until the end of its service life.