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Buying and reselling cars

Discussion in 'Making Money' started by Rockon222rock, Mar 4, 2017.

  1. Rockon222rock

    Rockon222rock Newbie

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    So, i'm intrested in buying and reselling cars and my father has just started to do this and i want to help out, what would you guys suggest, i'm talking about a list to go buy e.g.
    1.The car must be made in 2004 or above
    2.The car must be made by a popular car manufacturer
    That kinda thing, My father has already made 2/3 successful purchases and selled them and made profit and i actually invested a bit of money into his first purchase and stuff like that and i want to keep this going.

    Anyone willing to give tips or well, a list to go buy to 70% guarantee a profit or something like that, or maybe some people here have done the same, and if so, what kind of websites do you use the most, and help?
     
  2. 2colt5

    2colt5 Jr. VIP Jr. VIP

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    No websites, local only so you can see the car. Browse craigslist and find a list of around 10 vehicles listen in the last few days that have the price close to blue book value. Go see each car, have cash in hand. Offer them 1000 under BLUE BOOK VALUE, not what they are asking for the car. out of ten people, one will say yes. sell the car for blue book value after washing it and detailing it yourself. Use my simple trick, buy an air freshener labeled new car smell. Place it under the seat, make sure the car smells good this matters a lot. Sell, and profit 1000 for the week. Rinse and repeat.
     
  3. Rockon222rock

    Rockon222rock Newbie

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    But what if i did go for websites? what would be your answer then
     
  4. datsunguy

    datsunguy Supreme Member

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    i've interested in the same concept but focusing on classic cars instead and promoting via social media.
    do you have a real interest in cars and know the basics of what to look/watch out for when flipping cars? overlooking service history or anything mechanical/cosmetic can really trip you up.
    also check out your laws on flipping cars so you dont get the tax man knocking on your door.

    If you are looking at getting potential better deals check out Copart.com its more risky but the payoff can be real good.
    video on copart that's worth the watch:
     
  5. Exxtra

    Exxtra Junior Member

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    There's a number of things you could do. I actually had a business that worked like this:

    - Find a car that has a blown engine / tranny but is in otherwise good shape.
    - Purchase a rebuilt part to replace the damaged parts.
    - Sell via cars.com (free listings), ebay or wherever.

    While this works with any car, your best bet is to select cars that have been in the top 10 sellers for your market for at least 3-5 years. This means boring crap like toyota camry, honda accord, etc. Avoid brands with bad stigma like hyundai and kia because their resale values are in the shitter (rightly so in many cases). Fords and Chevys should not be overlooked because the replacement parts are cheap, so you can still make a good profit even if the prices are low.

    It helps if you are either a mechanic yourself or know one who is willing to partner with you. For me it was the latter, and the reason I don't do this anymore is that the mechanic moved onto doing other things and I wasn't going to do the wrenching myself. But for a few years it was quite profitable and most cars were sold within a week or so.

    The actual margin depends on the cars, the market, the cost to repair and whatever you spend on advertising. Between ebay and cars.com you'll have no problem selling as long as the cars are priced right. One of the real benefits of this model is that you have a lot more leverage to negotiate cheap pr ices for the damaged cars - most owners will be happy to get rid of them.
     
  6. drew32091

    drew32091 Junior Member

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    I've actually been doing this in and off for the past few years. It's also how I get car parts for my daily project. I find them on Craigslist and Facebook super cheap. Usually search for "mechanic special" and find a lot of cheap cars with simple problems people over look. If you don't have knowledge about cars or how motors work I wouldn't decide to make a business yet.

    Also don't knock older cars because they will keep resell.

    Example, I've bought a 88 Honda Civic with literally no interior and missing all.motor munts for $200. Fixed the mounts and got all the interior pieces from a junkyard for another $200 and sold the car with no tags or smog (I'm in CA) for $1500. The only reason ingot so much for that deal is because I know the EF civics are wanted in my area.

    (Just a heads up, Japanese cars and any kind of truck sells the best)

    Website wise if you were to do this I would just make a blog about flipping cars and how to do it. Make videos of what you do with the products you use and sell those products through affiliate links.

    Many ways just depends how you go about it.
     
  7. 2colt5

    2colt5 Jr. VIP Jr. VIP

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    you don't buy online because you will get ripped off on car with a bad engine that burns and leaks oil, you have to go look at the car, and know what to look for. It needs to sounds, run, and look good to sell
     
  8. Rockon222rock

    Rockon222rock Newbie

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    Thanks everyone for all your help, ill be using all your advice!