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