| Our neighbor Jose doesn't speak much | | | | For example, I gave my brother $950 to |
| English, which makes it tough to live | | | | buy an old truck because he said it was |
| here in northern Michigan. Despite that, | | | | worth more than twice that. Sure enough, |
| he made a profit of over $30,000 last | | | | he sold it in a week and returned my |
| year selling cars out of his front yard. | | | | money, plus half of the $900 profit.I |
| It's true that he's a mechanic, and that | | | | gave another friend $3200 to buy an old |
| helps, but it isn't the key to his | | | | plastic-bodied car. He paid $2200 for |
| success.The Key To Buying And Selling | | | | it, and put a transmission in it, along |
| CarsTo make money selling cars you have | | | | with other minor repairs. I didn't know |
| to know the value of cars. Knowing which | | | | what a Corvette was, why anyone would |
| cars people most want might help too, | | | | want a car from 1976, or where to go to |
| but any car will sell for some price, | | | | get a transmission put in for $800. |
| and you need to know that price. Drive | | | | Fortunately, my friend did.Less than two |
| around looking at cars for sale, or cars | | | | weeks later he sold the car for $4200 |
| just sitting idle in people's yards. | | | | and returned my money plus my half of |
| When you can easily look at a car and | | | | the profit: $500. I've done this a |
| guess how much it will sell for, the | | | | number of times now with friends who |
| rest is easy - just offer $1000 less. | | | | know more about cars than I do. Are you |
| You'll eventually buy a car, and sell it | | | | cash poor? A short term cash advance on |
| for a profit. Then you can and repeat | | | | a credit card would have cost me about |
| the process.To start learning about the | | | | $50, still leaving a profit of $450.Here |
| used car market, you can watch the | | | | in Michigan, the law says you need a |
| classified ads, keeping in mind that the | | | | dealer's license if you sell more than |
| asking prices are not the sales prices. | | | | six cars in a year. You could have six |
| Take notes. Used car pricing guides, | | | | titled in your name, six in your |
| such as the "bluebook," generally show | | | | friend's name, and six in your wife's |
| inflated retail prices. Use them, but | | | | name. That gives you a good chance to |
| assume you'll sell the car for the "loan | | | | see if you like the business enough to |
| value", or average wholesale price. In | | | | get a car dealers license. Check the |
| any case they are good to show to your | | | | relevant laws in your state.The key to |
| prospective buyers.If You Know Nothing | | | | buying and selling cars for profit is |
| About CarsWhat if, like myself, you know | | | | knowledge - but you can get that from a |
| nothing about buying and selling cars | | | | friend.Steve Gillman has been studying |
| and don't want to learn? Find a friend | | | | every aspect of money for thirty years. |
| who knows cars and wants to make money. | | | | |