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8 SIMPLE STEPS TO MAKING A PROFIT FROM BUYING AND SELLING CARS

This is an article for beginners wishing to buy and sell cars for a profit. You can buy and sell any vehicle using the steps laid out in this article. Everything I mention in these pages is the process I followed in my own business.

My wife and I loved classic cars so those are the cars we focused on most. However, since our eyes were always open to finding a deal, we also came across many others: newer cars, pick-up trucks, motorcycles, even a car hauler and a dump truck! We made great profits selling these using the same simple steps outlined in this article. I have also provided samples of documents and checklists I used and you may copy these for use in your business.

Have fun with it and put some money in your pocket!

8 SIMPLE STEPS TO MAKING A PROFIT

 

FIRST

 

You NEED to get your hands on these 2 books: Collector Car Price Guide (most current edition) NADA Price Guide (most current edition)

SECOND

 

Set up an eBay account and a PayPal account

THIRD

 

Find the Car: There are many ways to find them and all the details are explained in Chapter 2.

FOURTH

 

Evaluate the Car: After you find a car to consider you must determine these 3 simple things.

FIFTH

 

Buy the Car: What do you pay for the car is one of the 3 simple questions to ask yourself.

SIXTH

 

Get Car Ready to Sell: Do some ‘physical’ labor or use your elbow grease as I call it. Here’s where you will also need a great description and plenty of super photos. If you have children, maybe you can coax them into helping you for a few dollars.

In this way you spend some quality time with your kids and teach them how to run a business from home!

SEVENTH

 

Sell the Car: You will have to run a classified ad, a Craigslist ad (free) and/or eBay (not free).

EIGHTH

 

Collect the Money: Putting that nice big profit in your pocket feels great! Be sure to use some of it to buy your next car and keep on Flippin’

TOOLS YOU WILL NEED

GOOD JUDGMENT

This may sound like a no-brainer but we don’t want to overpay for any car. The price we BUY the car for determines the profit you can make. Don’t get emotional about the car. You make your money when you buy, not when you sell.

COLLECTOR

CAR PRICE GUIDE You can purchase this through Amazon or head to your local Barnes & Noble. This article not only gives you prices but it explains how to rate the condition of a car which you really need to know if you will be dealing with classic cars (not so much for newer ones). You will probably never run across a #1 rated car as those are exceptional. Get very familiar with what they say about the condition ratings. This will help you negotiate a price when you buy and it will also give you a good idea what price range you will be able to sell it for.

NADA PRICE GUIDE

You can also purchase this article through Amazon or a book store. This is a must-have and also has condition ratings.

GOOD DIGITAL CAMERA OR SMARTPHONE

Photos are of the utmost importance in selling your vehicle. A Photo Checklist in provided in the Appendix.

TARP OR CARPET SCRAP

to keep in your trunk to use when checking out a vehicle. Sometimes you will want to get on the ground so you can look under the car, use your carpet scrap to lay on to keep from getting dirty.

SIMPLE CLEANING PRODUCTS

Window cleaner, chrome polish (especially needed for classic cars with lots of chrome), Fabreze Fabric Refresher, leather polish (if car has leather interior), soft rags and paper towels, etc.

CAR CHECKLIST

You will find this in the Appendix section of this article. It is a checklist my wife and I made up over the years so that we did not forget to look at or ask everything when checking out a car. Feel free to add something to the list if I missed anything and also write special notes on the back for your own info.

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