Anibal Katayama: Each state requires you to have a dealer's license if you sell over a certain amount of vehicles. This amount will vary by state, but please realize that a dealer's license can be a VERY expensive venture. Also, if you have NO experience in this field whatsoever, please understand (and don't take offense) that you will get eaten alive. Pros in this field are having a difficult time in this economy, and you want to join in?Buying cars from different cities costs money. Shipping them or driving them to your town costs money. Joining auctions costs money. And, in your price range, you won't be making a profit on very-low-end vehicles. And, usually, having to auction a vehicle off means losing money in the venture. The dealer wants the vehicle off his/her lot, so they'll take a quick loss and auction it. Very, very rarely do folks make any profit by buying cheap cars and trying to auction them....Show more
Jeannetta Gaffigan: final October i bought a 20! 04 Ford concentration with 51000 miles for $4600. optimistic it had a salvage identify yet is could be a much extra effectual deal than this motor vehicle. Few autos final previous 200,000 miles. i might assume this one to be on its final legs.
Virgilio Echter: A friend recently did this, but it took years.He would buy a car from an auto auction or a front yard, put a few dollars and sell it. It's hard work and takes a long time to build a reputation. He currently (10 years later) buys cars and sells them on a lot. Running a business is no easy venture, there are a lot of costs that you may not have considered. Most states have a limit on how many cars you can "turn over" in a year. The return on cars is usually quite low, usually between 5-12% of purchase price. Bottom line, if you are going to start this business, be prepared to hustle and make it a full time venture. If you want to turn it into some quick cash, you'd be better off investing your money somewh! ere else. I'd suggest property or mutual funds....Show more
Karey Dunken: ummmm... if you only have 1K... goodluck... trying to find people to buy piece of sh!!T cars is tougher than it sounds unless you live in the ghetto... you cant find anything decent for 1,000 in most cases.. and you will need to do a lot of repairs to get it in decent running shape and pay taxes/registration etc. that will cost $100 in most cases... also.. there is a limit to how many cars you can legally sell in a year.. most states I believe is around 5-7 cars without obtaining a Dealer's Permit.....Show more
Daria Verfaillie: One can buy & sell cars and make money at it if you are very careful and don't overpay.If your brother can check out the cars and do minor repairs for cheap you might be able to make a a few hundred on a car.But, by the time you consider taxes, registration costs, tags, insurance and the time it takes to sell it, you might find you only net $100-150.I started off doing what you are taking about. I was totally clueless and di! dn't know what I was doing. I paid $600 for what was, in hindsight, a $350-400 car.I spent 2 and a half hours washing, waxing & detailing it.I set it out for sale and sold it for $850 in about 3 weeks.Wow. I made $250 ! I had already spent nearly that much getting my dealers license & bond and at the time, my state didn't require insurance so I went without it and was lucky.That was my "start" and It got better from there but It took 6-9 months of mistakes & overpaying & so forth before I started making a decent amount per car.So, money can be made at it and Ive found its directly related to how hard you work at it combined with your knowledge. At at the beginning, you have no knowledge.I started with a lot more money than you and I went several years without ever taking a dime out, I reinvested every penny back into my business because I knew that I needed a larger capital base.Its nowhere near as easy as it sounds.Driving without insurance is a real risk...not just for ! tickets but for the damage you could cause. I was very lucky for a long! time. In hindsight, a single wreck when I first started that I couldn't pay for could have had my license revoked and pretty much screwed me up for life.So really, liability insurance is needed. Which of course reduces your profits.Then you have the "government" which has limits of how many you can buy & sell without a license.I carefully cheated my way through many of the rules & regulations and over the last 20-25 years, they've made it lots harder to do.And the thing with low end cars, things happen. Things that cost you money and reduce your profit or even cause losses.But, money can be made at it. The more you put into it, the more you will get out.(Effort & knowledge & luck=profits)You "job" is to find quality cars for people at a low price. If you can do that regularly, you can make money.If you cant, you wont.As far as auctions, you aren't going to have much luck selling them at auctions.Cant make enough. If anything....Show more
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