The idea is that I have about $10,000 that I got as a severance check from the military. I found that from my previous cars that I bought to own, I have a knack for finding good deals on cars. So I'm going to put that to good use. I scour the internet used car sites, find a good quality used car around $9000. I'm not looking to make repairs, so I'm going to be very tedious with my research to make sure that I've found a good car with low miles and no problems.
I have taken this a little farther than on paper and have found my first vehicle to sell. I won an ebay auction on a 2005 Jaguar XJ8L that blue books for $14,300. I paid $9100. The car checks out, there's nothing wrong with it. Had it inspected by a mechanic.
I am now looking for how to sell this car quick and for the maximum profit. My first hurdle is taxes and registration and titling. Title processing takes weeks, it will cost me over $950 to title the vehicle in my name (I'm in Tennessee, highest sales tax in the US, yay!). So that's not an option that I'm all for. I'm limited to selling 5 vehicles per year, so if my wife and I each do 5, that's 10. This isn't my primary means of income, just a supplement while I go to college. The first way around this is to get a dealer's license. Apparently, the dealers around here own the politicians because it's retarded hard to get a dealer's license. So that's out of the question.
I have seen that most people who flip cars just title jump them. That is, get the seller to just sign the back and leave the rest blank, print out a bill of sale for my personal records, and then put the new buyer's information on the title. No taxes, no wait time, etc. All it takes is some interesting stories as to why someone else's name is on the title, and that's that. Also, I wouldn't be limited to 5 a year, because technically, I never owned the car. I'd like to avoid this option if at all possible, because it's obviously illegal. It's a law that isn't enforced at all, from what I've read.
So I'm not ripping anyone off, just taking advantage of being able to find deals on the internet. My hurdle is the processing time for selling the car, really. I'd like to avoid the $950 in taxes, but I might be willing if the processing time was a couple of days instead of weeks.
Anyways, if anyone has any experience in this, it'd be appreciated.
PS: It's worth mentioning that I'm only very slightly mechanically inclined, and I do not want to buy/sell cars that are in a cheaper price range or have problems. I literally want to detail the car, and use my marketing skills on the internet to get my profit.
I have taken this a little farther than on paper and have found my first vehicle to sell. I won an ebay auction on a 2005 Jaguar XJ8L that blue books for $14,300. I paid $9100. The car checks out, there's nothing wrong with it. Had it inspected by a mechanic.
I am now looking for how to sell this car quick and for the maximum profit. My first hurdle is taxes and registration and titling. Title processing takes weeks, it will cost me over $950 to title the vehicle in my name (I'm in Tennessee, highest sales tax in the US, yay!). So that's not an option that I'm all for. I'm limited to selling 5 vehicles per year, so if my wife and I each do 5, that's 10. This isn't my primary means of income, just a supplement while I go to college. The first way around this is to get a dealer's license. Apparently, the dealers around here own the politicians because it's retarded hard to get a dealer's license. So that's out of the question.
I have seen that most people who flip cars just title jump them. That is, get the seller to just sign the back and leave the rest blank, print out a bill of sale for my personal records, and then put the new buyer's information on the title. No taxes, no wait time, etc. All it takes is some interesting stories as to why someone else's name is on the title, and that's that. Also, I wouldn't be limited to 5 a year, because technically, I never owned the car. I'd like to avoid this option if at all possible, because it's obviously illegal. It's a law that isn't enforced at all, from what I've read.
So I'm not ripping anyone off, just taking advantage of being able to find deals on the internet. My hurdle is the processing time for selling the car, really. I'd like to avoid the $950 in taxes, but I might be willing if the processing time was a couple of days instead of weeks.
Anyways, if anyone has any experience in this, it'd be appreciated.
PS: It's worth mentioning that I'm only very slightly mechanically inclined, and I do not want to buy/sell cars that are in a cheaper price range or have problems. I literally want to detail the car, and use my marketing skills on the internet to get my profit.
