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Buying And Selling Cars For Profit
Our
neighbor Jose doesn't speak much English, which makes it tough to live
here in northern Michigan. Despite that, he made a profit of over
$30,000 last year selling cars out of his front yard. It's true that
he's a mechanic, and that helps, but it isn't the key to his success.
The Key
To Buying And Selling Cars
To make
money selling cars you have to know the value of cars. Knowing which
cars people most want might help too, but any car will sell for some
price, and you need to know that price. Drive around looking at cars
for sale, or cars just sitting idle in people's yards. When you can
easily look at a car and guess how much it will sell for, the rest is
easy - just offer $1000 less. You'll eventually buy a car, and sell it
for a profit. Then you can and repeat the process.
To start
learning about the used car market, you can watch the classified ads,
keeping in mind that the asking prices are not the sales prices. Take
notes. Used car pricing guides, such as the "bluebook," generally show
inflated retail prices. Use them, but assume you'll sell the car for
the "loan value", or average wholesale price. In any case they are
good to show to your prospective buyers...
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