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Buying And Selling Blog > Buying Selling > Car Buying And Selling
Find Out How To Buy And Sell Cars
make money. For example, I gave my brother $950 to buy an old truck because he said it was worth more than twice that. Sure enough, he sold it in a week and returned my money, plus half of the $900 profit.
I gave another friend $3200 to buy an old plastic-bodied car. He paid $2200 for it, and put a transmission in it, along with other minor repairs. I didn't know what a Corvette was, why anyone would want a car from 1976, or where to go to get a transmission put in for $800. Fortunately, my friend did.
Less than two weeks later he sold the car for $4200 and returned my money plus my half of the profit: $500. I've done this a number of times now with friends who know more about cars than I do. Are you cash poor? A short term cash advance on a credit card would have cost me about $50, still leaving a profit of $450.
Here in Michigan, the law says you need a dealer's license if you sell more than six cars in a year. You could have six titled in your name, six in your friend's name, and six in your wife's name. That gives you a good chance to see if you like the business enough to get a car dealers license. Check the relevant laws in your state.
The key to buying and selling cars for profit is knowledge - but you can get that from a friend.
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