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I am looking to start buying and selling used cars. ANY Help/Advice is greatly appreciated

Discussion in 'Offline Marketing' started by Dclift, Apr 14, 2016.

  1. Dclift

    Dclift Newbie

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    Hi all, I am looking to start my own business buying and selling used cars. I've got some $ to get started, I also have a good friend that is an ASE certified mechanic and he is willing to help me if needed for a small percentage. I really need info on the best ways to obtain vehicles for very low $. Any steps or procedures or tips/tricks that anyone with experience in this field would be willing to let me know, I would be extremely grateful.
     
    Last edited: Apr 14, 2016
  2. umairsaleem29

    umairsaleem29 Jr. VIP Jr. VIP

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    You have experience in such field? than Good to start, else get experience by working under expert than start.
     
  3. Harry Bank

    Harry Bank Newbie

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    Go on to secret academy entourage and get their book on car flipping.

    Best of luck
    HB
     
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  4. Dclift

    Dclift Newbie

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    I have some experience but I am always ready to learn
     
  5. hardybents

    hardybents Power Member

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    If you do not have your dealers license, get it, then do what every single other dealer does, go to auctions.
    I always thought it would be great to write script, and auto bid on every single car that was under the trade in value according to edmunds.com or like comparison site that has a workable api. If your budget is not there yet, then buy cars undervalued that you enjoy driving around, slap a dealers plate on it, drive it, and advertise it for sale. Once sold get another.
     
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  6. alexhupburn

    alexhupburn Newbie

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    hardybents, thank you for detailed and useful answer.
     
  7. 10zen

    10zen Regular Member

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    you might want to learn persuasion and negotiation.
    kenrick cleveland materials are top notch. criteria elicitation is
    very powerful.
     
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  8. kugundo

    kugundo Regular Member

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    Go to court auctions!
     
  9. OutsideGroove

    OutsideGroove Junior Member

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    Try to buy cars that are not shit boxes. Find cars that are popular with your area. Around my area that would be Subarus and Hondas. Try to find examples of these that are dirty and need detailing but run well and if they have proven service records that is a bonus. A friend of mine armed with just an OBD2 scanner will go to auctions and private sales looking for cheap cars for around $1000 and he will detail them inside and out ( does a really good job, shampoos carpet and seats if possible, waxes and polishes the outside ) and just cleaning them he can often sell that same car for double what he paid. People like clean things. He never lists his cars on Craigslist instead he takes them to shopping centers and parks them in a highly visible area and just lets the traffic come to him. He sells about 2 cars per month for extra income using this method.
     
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  10. Sp3ctrum

    Sp3ctrum Registered Member

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    I guess it can work out pretty well, especially with cars having large profit margins due to them being high price products, you just have to do research and make sure you can sell every vehicle you buy. I recommend watching some show like Fast n' Loud on Discovery channel, those guys are good at flipping lol.
     
  11. rrodrigues

    rrodrigues Newbie

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    Best thing is to go for popular/most wanted cars. I've had some "good" profits in some cars and a motorcycle I sold last year. But it's my main source income. Also I've had on that was a total disaster, but this was my fault, since I got a car in an emotional way, and though It was a rare model, It was pretty hard to sell. So my profit was only 400€.
     
  12. sWesUn

    sWesUn Regular Member

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    My dad does this, he is an auctioneer. I've helped him some over time., so know a little bit.

    A lot depends on your finances. The more you spend on a car, the less chances of getting problems, usually. Cheaper cars come with caveat and risk, but they also sell quicker in some cases. They might seem good on the surface, but when you dig in deeper, you might uncover problems that will make it not worth it long term. So its a gamble. Having a good mechanic, (or mechanics if your guy only knows certain things) is very important.

    If this guy is lets say is a good body mechanic, then buy cars that need body work. If he is good with electrical stuff, you can buy cars that need those type of repairs. If you are working on a limited budget, the best cars are those that need some work, been in accidents, etc.

    If you really want to make money, a lot of people make really good money buying 2 cars of the same model, one let's say with bad engine, and another totaled, but with good engine, and they swap parts, make one good car, and sell the rest for parts, etc.

    You can also buy clean cars, with few deficiencies at Manheim, but won't necessarily make a killing. Also be prepared to wait on sales, sometimes it drags on, depending on market, region and time of year. Want to move cars fast? Buy minivans, japs, etc.