[Mosaud1998]

My family is thinking about starting a small side business. My dad came up with the idea of buying cars that need some sort of mechanical or light body work done.

But, I don't know where to look for those types of cars? Copart? Craiglist?

Copart it seems like all their cars are heavily damaged

I've got no clue any help?

[Higgs Boson]

get a dealer license or be prepared to pay tax and registration on each car before you sell it so the title will be in your name. might not be as profitable as you hoped. otherwise you'd just be curbstoning.

[CTinline-six]

It really isn't that profitable without screwing people over honestly.

If you buy salvage, the car will always have that label or "rebuilt", unless you hide something. Many co-part cars are complete disasters and with modern vehicles you have to really know what you are doing.

It's one thing to buy a used car, fix a few things up on it and re-sell it, but it's a whole different ballgame buying something that is damaged or salvaged. Even buying a car to fix up you can get burned on hidden issues.

[Efthreeoh]

No FLIPPIN' way I'd start a business selling used cars.

[TiMSport]

After all, there's an expression "used car salesman" for a reason.

[tdott]

Originally Posted by Mosaud1998

But, I don't know where to look for those types of cars? Copart? Craiglist?

That's the key, to be successful, you have to figure out how to find cars for cheap that you can sell for a profit. It's very competitive as there are a lot of people trying to do the same.

Some will be good finds that you can make money on, some will be duds that you will lose money on.

Your ability to make a profit will depend on your luck/skill of finding good bargains and avoiding the bad ones.

[Mosaud1998]

I found a 2003 Honda Civic with 148k miles. The seller is selling it for $600. Appartleny it runs and drives fine just as an oil leak and some minor rust.

I checked KBB on it and I can sell it for $1,500-$4k. I listed the seller's car with his same exact pictures on my end and I already got a few offers of $3,500

So, if I buy the Honda for $500 and put $500 max into it, clean it up at home (might need spark plugs not sure if PO changed them and ofc an oil change), sell it for $3,500 I make a $2500 profit. I doubt the oil leak is hard to fix. It's a Honda. VCG are easy on those.

In the end, it's not really profitable.

[TiMSport]

Don't forget that TIME is money.

[Fast.F10]

My wife also has a "side business" but for furniture. She sells on social media as well as being a vendor at a local resell shop. She sources GoodWill and such type stores, marketplace, and a few other places. She repurposes/finishes the items..sanding, painting, destressing...and such. Just because someone shows interest..do not count on a sale. Perfect example, she just put for sale an entry and end table and one the first day had about 30 messages on marketplace, over 2k views, alot of saves...and here we are about a week later and still sitting in her vendor booth. Factor in all aspects and dont count on anything other than cash in hand so to speak. Alot of people kick tires, window shop, and/or just message to try to low ball to get something...all these replies takes time. And to be successful, you need to be prompt in the reply. She has been doing it for about 1yr now and while it is profitable, can be very time consuming process. Her Saturday/Sunday starts off sourcing items (as well as during the week too)...a few hours out. Then returns home to start her process. Make sure you cover all legal aspects as well as have standard set. Her going rate per hour I believe (for custom jobs) is $40-50 and I can tell you this much...my 3 car garage...is FILLED with furniture. Either waiting to be refinished or taken to her vendor booth.

Best of luck to you and your families journey.

[Mosaud1998]

Originally Posted by nawfoo

The only problem is how you are going to sell the car. It's going to be easy for you to find a car to purchase but when it is ready to be sold it will be hard to attract buyers. Only a specific amount of people use facebook market or craigslist, and those people tend to low ball.

I mean, I brought my E90 off offerup for $8k

Shouldn't be too bad.

[CTinline-six]

A better option since you live in a rust belt state would be get a dealer license, a car hauler, and buy rust free vehicles from the south and sell them in your state.

[IndyRed128i]

The bottom line is to be successful you have to:

1. Know the market and what's sells/what doesn't sell
2. Know how to spot a "diamond in the rough" so to speak.
3. Be at the high end of the car market.

Watch VinWiki on Youtube and see some of the car flip stories. That is how
you need to be to make real money at it.

[dreamingat30fps]

Damn dude just do something. Last week you were going to flip houses, then work at a dealership and go to school and now I guess we're flipping cars instead.

If it was me I would try doing something I had some knowledge in. As for flipping cars, I've heard you can make more taking them apart and selling the parts online, but I don't know anything about car flipping so...

[Mosaud1998]

Originally Posted by dreamingat30fps

Damn dude just do something. Last week you were going to flip houses, then work at a dealership and go to school and now I guess we're flipping cars instead.

If it was me I would try doing something I had some knowledge in. As for flipping cars, I've heard you can make more taking them apart and selling the parts online, but I don't know anything about car flipping so...

Car flipping wasn't my idea

It was my dad's. He wants to start some small business on the side.

The house flipping thing is an afterthought for me.

After I graduate

[Mosaud1998]

https://chicago.craigslist.org/chc/c...294322404.html

I found this Accord. I got him down to $1,750. I wonder if it’s actually got 93k miles or not. From the seat it looks like it’s got more