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Old November 24th, 2010 #1
Donnie in Ohio
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Default Income from selling used cars

Your money should always be invested in something that is turning a profit.

Here is something I have personally done for 20 years, and anyone can do it:

Locate your nearest state/county auto auction.

It's a place where vehicles that have been repossessed by banks, confiscated by police, used cars from dealerships unloading their trade-ins, etc. are auctioned off to the highest bidder.

You can often purchase these vehicles for far less than market value.

Find a good deal, purchase the car & do a good cleaning & any basic repairs that will increase the resale value.

Advertise the car for sale at a reasonable profit.

Sell car. Rinse & repeat.

Some tips:

1. Find out how many vehicles an individual can title annually without a dealership license in your state. It's usually a lot more than you think.

2. Do your homework on what a particular make/model of car with similar mileage/wear is selling for locally. The Auto Trader website is great for this. Know what you can reasonably expect to get from any particular vehicle you might be bidding on.

3. I can't emphasize enough how important an intensive cleaning/detailing of a car can be to a quick sale. Apply a commercial degreaser and then power-wash the engine bay. Shampoo the carpet/floor mats. Clay bar the exterior of the car, then a nice coat of good wax. They sell a compound that will restore dulled headlights. Easily accessible faded exterior trim can be spray-painted to look new. Treat the tires, weather stripping, engine hoses with Armor All or a like substance.

4. Stay away from salvage titled vehicles and those with any sort of electrical problems. If you are not a mechanic, be damn sure you take one with you to the auction when you look at the vehicles before the sale. Know how much you can expect to pay to fix any problems the car might have.

5. Deal in cash only. When you advertise the vehicle for sale, set the price as "X amount, FIRM." This will save you a lot of calls from people wasting your time with low-ball offers. If you decide to drop the price a hundred bucks or whatever your profit margin allows once the guy is there with the cash to make the sale, that is up to you.

You will be surprised the extra income a motivated person can generate this way.
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"When US gets nuked and NEMO is uninhabitable, I will make my way on foot to the gulf and live off red snapper and grapefruit"- Alex Linder

Last edited by Donnie in Ohio; November 25th, 2010 at 01:37 AM.
 
Old November 25th, 2010 #2
Alex Linder
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Good post. Lots of people asking me about ideas, Donnie's got a good one.

What is a business anyway? It's something people want done. Working for others is just one way in this world. Find out what people want done, and do it for money. That's all it is. Hustle. Work hard. Do something useful. Use your brains and shrewdness. It's a great day to be alive.
 
Old November 26th, 2010 #3
Donnie in Ohio
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Quote:
Originally Posted by Alex Linder View Post
Good post. Lots of people asking me about ideas, Donnie's got a good one.



At the risk of sounding like an investment banker, I have found it to be a great way to have at least a portion of my money making money for me, at a hell of a lot higher return than I could get most anywhere else legally.

I honestly don't know how many cars I have flipped over the years. Has to be 75 at least.

The most I ever made on a car was 8K.

It was a 1979 Pontiac "Bandit Edition" Trans-Am in solid driver condition that I lucked upon during a poorly attended auction selling at no reserve for a little less than 5K out the door, which was an absolute steal.

I put an additional 6K in it by contracting out a frame-on restoration, which took about 4 months.

I drove it occasionally for a summer then advertised it on Auto-Trader Classic & Craigslist for 20K. The first guy who came and looked at it offered me 19K cash & I took it.

I should have held out for the whole 20K, because I got dozens of calls during the week that ad ran.
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Old November 26th, 2010 #4
Alex Linder
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Good stuff. To me, it sounds like running a car lot without the hassle of getting a lot and showing up every day. You can make some of the profits with none of the overhead or general hassle. Of course, you have to know cars, and how to fix them, and which ones will draw the highest return on modest investment.
 
Old November 26th, 2010 #5
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I think Virginia will allow as many as five (5) cars titled per year without a dealer's license. I guess the wife could do her five also.
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Old November 30th, 2010 #6
N.B. Forrest
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Quote:
Originally Posted by Alex Linder View Post
Good stuff. To me, it sounds like running a car lot without the hassle of getting a lot and showing up every day. You can make some of the profits with none of the overhead or general hassle. Of course, you have to know cars, and how to fix them, and which ones will draw the highest return on modest investment.
There's the rub for the non mechanically-inclined, like me. So what. Like Donnie's other great "T-Shirt War" gambit, this sort of useful idea is what primes the mental pump. Thanks.

The other week I read a column from a guy who buys jewelry cheap at yard sales & flea markets, then resells it at coin shops, etc. He often buys all the "junk" jewelry a seller has on hand then sorts through it later in search of the one or two pieces that'll make it profitable. He says that there's stiff competition out there, too.

I thought the idea was worth a test, so I looked in the classifieds of the local rag and found a yard sale listing jewelry. I showed up right at the stated opening of the sale - only to discover that an "early bird" had indeed bought it all: an old nig heffa bitched that "he neva eben let me see it...."

This indicates to me that there really is money to be had in this little enterprise. I'll be trying it again in the future, hopefully with success.

http://www.backwoodshome.com/articles2/buckley126.html
 
Old December 1st, 2010 #7
Donnie in Ohio
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Quote:
Originally Posted by N.B. Forrest View Post
There's the rub for the non mechanically-inclined, like me. So what. Like Donnie's other great "T-Shirt War" gambit, this sort of useful idea is what primes the mental pump. Thanks.

The other week I read a column from a guy who buys jewelry cheap at yard sales & flea markets, then resells it at coin shops, etc. He often buys all the "junk" jewelry a seller has on hand then sorts through it later in search of the one or two pieces that'll make it profitable. He says that there's stiff competition out there, too.

I thought the idea was worth a test, so I looked in the classifieds of the local rag and found a yard sale listing jewelry. I showed up right at the stated opening of the sale - only to discover that an "early bird" had indeed bought it all: an old nig heffa bitched that "he neva eben let me see it...."

This indicates to me that there really is money to be had in this little enterprise. I'll be trying it again in the future, hopefully with success.

http://www.backwoodshome.com/articles2/buckley126.html


You can truly find some incredible deals at estate sales/yard sales. Great way to turn a quick profit.

We went to an estate sale last month. Nice house, the elderly owner dies, his children were selling everything in the house.

We go looking through a room that is filled with dozens of cardboard boxes that are going to be auctioned off in lots.

The boxes are filled with everything. Small kitchen appliances, books, clothing, old radios, etc.

My wife is looking through a box with 'winter coats' written on it. From it she pulls out a WW2 leather bomber jacket. The kind with the fleece lining inside and around the collar. The real deal.

We put it back in the box (on the bottom ) & hoped nobody else decides to dig too deep into it.

When it came up for auction, I was the only one to even bid on the lot that the box was in. Paid $20 bucks for 6 boxes. His daughter said they were going to give "Dad's clothes and stuff" to the Salvation Army if it didn't sell. She just wanted it gone.

Next day I took the jacket to a vintage clothing store on the OSU campus and sold it instantly for $225. He said he would have no problem moving it for $400-500.
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Last edited by Donnie in Ohio; December 1st, 2010 at 05:23 AM.
 
Old December 3rd, 2010 #8
N.B. Forrest
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Quote:
Originally Posted by Donnie in Ohio View Post
You can truly find some incredible deals at estate sales/yard sales. Great way to turn a quick profit.

We went to an estate sale last month. Nice house, the elderly owner dies, his children were selling everything in the house.

We go looking through a room that is filled with dozens of cardboard boxes that are going to be auctioned off in lots.

The boxes are filled with everything. Small kitchen appliances, books, clothing, old radios, etc.

My wife is looking through a box with 'winter coats' written on it. From it she pulls out a WW2 leather bomber jacket. The kind with the fleece lining inside and around the collar. The real deal.

We put it back in the box (on the bottom ) & hoped nobody else decides to dig too deep into it.

When it came up for auction, I was the only one to even bid on the lot that the box was in. Paid $20 bucks for 6 boxes. His daughter said they were going to give "Dad's clothes and stuff" to the Salvation Army if it didn't sell. She just wanted it gone.

Next day I took the jacket to a vintage clothing store on the OSU campus and sold it instantly for $225. He said he would have no problem moving it for $400-500.
That's the way to do it!

Today I went to a flea market and picked up some books, three of which were scientific textbooks, which are supposed to be the hottest sellling type of book on the internet. Paid $2 bucks apiece for them. I'll report any juicy profits.....
 
Old May 5th, 2011 #9
Donnie in Ohio
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Default Nice surprise

Yesterday I got a great deal on a very clean 1995 Buick Roadmaster. Talk about a boat. The thing is huge.

The guy had originally bought the car to use the somewhat desirable motor (LT1-350) in a restoration project, which he had since lost interest in.

He hadn't put any miles at all on the car, never driven it, just parked it in his garage, where he said it had been sitting untouched for almost 2 years.

Car drives great, mechanically sound other than a few minor issues. I should be able to triple my investment with little effort.

Upon looking the car over last night determining what needed done for resale, I opened the cavernous trunk to find.....Not one, but two (his/hers) full sets of older Wilson golf clubs in really nice bags.

Quick 'Net search reveals the clubs/bag sell for around $200 each. Going to offer them on Craigslist for $150.
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Last edited by Donnie in Ohio; May 5th, 2011 at 10:12 AM.
 
Old May 5th, 2011 #10
Nate Richards
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Quote:
Yesterday I got a great deal on a very clean 1995 Buick Roadmaster. Talk about a boat. The thing is huge.
Japan is fucked up and so is the price of gas. SMALL cars and trucks http://www.npr.org/2011/05/03/135962...o-sales-higher are selling best and they may be about the only used vehicles selling at all, soon. Better not sit on that Roadmaster for long. You may be the greater fool already, but you're wise enough not to mention what you paid for it

Light trucks are usually the most desired used vehicles, and I think a 5 speed(manual), 4 cylinder truck is the best vehicle to own. It's cheap transporation, a working vehicle, and with a shell it's a home when needed. Their popularity can only increase.

I've had a couple of Rangers and they were easier to work on than anything else I've owned, but I don't know about the newest ones. Anyone know a particularly sweet year for the ranger? I had a '93 that I bought for 300 dollars. Lasted me 2 years, almost made 300,000. Had to fix hood latch, a door latch, heater core. Heater core and door were very easy. In those two years, only failures were starter and U-joint. Both easy to replace. Didn't even need a jack to change the starter. Take 3 bolts out and it falls off, nothing in the way. I have a car at the moment but want another ranger.

I had a 91(?) S-10 and it was a lot of trouble, but then it was one of a couple years where they had a "throttle body injector" which was a step between carburetor and true fuel injection, and prone to problems. Maybe some years of S-10 aren't so bad, but I still wouldn't buy another one. Other parts were harder to work on, too.
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Old May 6th, 2011 #11
Donnie in Ohio
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Quote:
Originally Posted by Nate Richards View Post
Japan is fucked up and so is the price of gas. SMALL cars and trucks http://www.npr.org/2011/05/03/135962...o-sales-higher are selling best and they may be about the only used vehicles selling at all, soon. Better not sit on that Roadmaster for long. You may be the greater fool already, but you're wise enough not to mention what you paid for it .

Paid 1K. Probably have 1.5K in it overall before sale. Won't be a problem at all to move for close to 4K.

Everybody bitches about gas prices, but there will always be people who want a V-8, in my experience.

I was never much of a truck guy personally, but they do sell well.
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Last edited by Donnie in Ohio; May 6th, 2011 at 11:01 AM.
 
Old May 29th, 2011 #12
Donnie in Ohio
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Sold the Roadmaster this morning for $3,600.
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Old April 21st, 2012 #13
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Have an opportunity to purchase cars at auction. A friend has a wholesale license and will take me as a guest. I saw some nice trucks yesterday when we went to pick up a car he bought Thursday. Hope to replace my truck in the near future.

It seems that what's selling fairly well around here are cheap used cars. What I'd call beater cars. Cheap work cars that get you to and from work.

I've seen two cars sell that I wouldn't give $500 for sell for $2,500. The guy made $500 each on them. One was a 12 year old Honda Accord with poor paint and flames on the hood. I couldn't believe he sold it and made money.

Anyway, I'm hoping to get into to it small time to begin with hopes of it developing into something that will provide a modest living.
 
Old April 21st, 2012 #14
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I think that will serve you well, OT. Much better than the motorcycle idea.
 
Old April 21st, 2012 #15
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Quote:
Originally Posted by Donnie in Ohio View Post
Sold the Roadmaster this morning for $3,600.
My son has been looking for one of those.
 
Old April 22nd, 2012 #16
Donnie in Ohio
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Quote:
Originally Posted by OTPTT View Post
Have an opportunity to purchase cars at auction. A friend has a wholesale license and will take me as a guest. I saw some nice trucks yesterday when we went to pick up a car he bought Thursday. Hope to replace my truck in the near future.

It seems that what's selling fairly well around here are cheap used cars. What I'd call beater cars. Cheap work cars that get you to and from work.

I've seen two cars sell that I wouldn't give $500 for sell for $2,500. The guy made $500 each on them. One was a 12 year old Honda Accord with poor paint and flames on the hood. I couldn't believe he sold it and made money.

Anyway, I'm hoping to get into to it small time to begin with hopes of it developing into something that will provide a modest living.
Just wait on a really good deal (you'll see quite a few) & find some high-traffic location(s) where you can leave the car with a FOR SALE sign. That helps.

Every WN should be looking for legal ways to make some extra cash. Money = options.

Good luck, squid.
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Old April 30th, 2012 #17
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I also like to hit the estate and garage sales to buy up used hi-fi equipment. If you know what to buy you can make some easy money. Many vintage stereo pieces go for quite a bit on ebay, craigslist or audiogon.

I also have sold many cars in the last few years. Not quite like some of you but it helps. My best was a 84 volvo turbo that wouldnt run. $350. Easy fix,sold for $1200.
 
Old December 16th, 2012 #18
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Default Replaceing Fule pump in 2002 chevy truck..

The fule pumps in every chevy truck will stop pumping fule ,,,,,they cost at the chevy dealership about $375,,,you can get it ftom a store that have one made in mexico.but its better to stay with a GMpart,you need to have AAA towing,its a $115 a year.i have had 2 replace it 3 times in the last 50 days.the clips are a pain to get to and if you have the extra money let the dealer fix.it ..Utube really helped me to see what was involved with a blow fush or the pump aging also if you are replaceing the cap/rotor,,,,the disturder is plastic,and is prone.to snap off,.then a zip tie,works in its place untill you have to spend more money and buy a bullet alum,from summit raceing.a nother 350....they are great trucks but thear is a lot of good people haveing this proublem.......some will take off the truck bed. as a short cut 2 get to the pump in the tank....
 
Old December 16th, 2012 #19
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[quote ]
You can often purchase these vehicles for far less than market value.
[/quote]

A friend, also named Alex, actually bought a Ferrari at one of those
and resupplied the family business [restaurant]
with machines they need simply by going to auctions.

He paid much less for equipment from other places that had gone out of business.
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Old December 16th, 2012 #20
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Has anyone on here ever attended or bought a property at a property tax auction? There used to be a number of people, most of them the fast talking shyster type, who were trying to sell to people their method of making it rich doing this via late night infomercials. I recall a couple names, Charlton Sheets and John Beck.

Here is a short clip of one of John Beck's commercial. Guy was funny as hell to watch, his hands move to and fro and about as he talks, won't see it here (short clip of him at the start has him with his hands up,lol) but watching the infomercial I would wonder who the hell would pay that guy anything for anything. Not a sentence goes by without him making animated hand gestures.


There are alot of complaints on online consumer boards about Beck and others, though some claim to have made substantial income by doing this.

Anyone on here with experiance in this - are car auctions less trouble and more profitable?
 
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