|
Buying And Selling Cars For Profit
If You Know Nothing About Cars
What if, like myself, you know nothing about buying and selling cars
and don't want to learn? Find a friend who knows cars and wants to
make money. For example, I gave my brother $950 to buy an old truck
because he said it was worth more than twice that. Sure enough, he
sold it in a week and returned my money, plus half of the $900 profit.
I
gave another friend $3200 to buy an old plastic-bodied car. He paid
$2200 for it, and put a transmission in it, along with other minor
repairs. I didn't know what a Corvette was, why anyone would want a
car from 1976, or where to go to get a transmission put in for $800.
Fortunately, my friend did.
Less than two weeks later he sold the car for $4200 and returned my
money plus my half of the profit: $500. I've done this a number of
times now with friends who know more about cars than I do. Are you
cash poor? A short term cash advance on a credit card would have cost
me about $50, still leaving a profit of $450.
Here in Michigan, the law says you need a dealer's license if you sell
more than six cars in a year. You could have six titled in your name,
six in your friend's name, and six in your wife's name. That gives you
a good chance to see if you like the business enough to get a car
dealers license. Check the relevant laws in your state.
The
key to buying and selling cars for profit is knowledge - but you can
get that from a friend.
|