Buying and selling cars

[sly400ex]

Has anyone ever done this as a somewhat side business? Find a cheap car, fix, clean, whatever and sell for profit. I've found myself running across good deals all my life, and 90% of the time, selling the vehicle for profit after owning for years!

Has anyone dabbled at for extra cash, you know maybe a 2-3 cars a month.

Pros and cons about it?

Thanks.

[chris46250r]

I've messed with it some. More like 2 or 3 a year though. I dont anymore thanks to some changes in Kentucky law. The way I done it was get most or all of the money on a 30 - 60 - 90 day interest note depending on how long I needed to fix it or how long I wanted to play with it.:D Mostly what I bought was GM or Toyota 4x4's. Then sell it pay of the note and pocket the rest. While doing this I did a title only to get it in my name but not pay the taxes on it. Now Kentucky has changed that to where you have to go ahead and pay the taxes then. And they have changed it to where the least you can pay taxes on is half of the book value. That kinda messed me up. If I had say a $2000 truck I would sell it to someone I knew for cash and give them a bill of sale for $500 so thats all they would have to pay taxes on. Now I just mess with fourwheelers since we dont have to license them in Kentucky.

[sly400ex]

Yeah, here in Illinois you have to pay title transfer and taxes. I was thinking about just buying a vehicle, and have the seller sign the title, then I am just in the middle and the person I sell it to titles it.

I'll explain to them that I found a good deal on the vehicle because there was a minor issue with it, that's why the title's not in my name.....fixed it, now selling it.

I know some people may have a problem with that, but plenty more that could care less.

[parkers30]

To hold an open title requires a dealers license and at 2-3 cars a month you would surely get caught at some point, it would just be a matter of time. I know several people who do it regularly, but again they went ahead and got a dealers license to stay legal.

[sly400ex]

Do you mind telling me how you would get caught? I'm curios as to the different ways.

I know it is decieptful to an extent, by not payig taxes on a vehicle I purchase, but I'm not using it as a driver, only to make cash. The actaul person that purchases the vehicale to use will still pay the taxes.

The damn state always trying to get their cut, that's the way I look at it.

yea my dad does this for a living. He buys cars from the auctions, rebuilds and sells them. . He does about 1-2 cars a week. Some of them are pretty messed up like this audi a4 but you can double the profit if your lucky.

[SRH]

i dont see how they could do anything if you were doing1 or 2 a month, your a private individual, you got it, fixed it up decided it wasnt for you and sold it, your picky so what.....

[1fst400]

I know a guy that does this for a living.

He goes to auctions and buys cars that are tricked out, Usually kids cars. Had an evo at one point with a bunch of aftermarket stuff it.

Then he takes all the aftermarket stuff off and puts stock stuff on and sells the car for more money than he paid. Then has all these sick aftermarket parts.

[my88r]

theres good money in it. but our area we have one dealership. that has taken over almost every dealership around. :mad:

[dirtbike&quad]

Originally posted by Dmaciorowski
yea my dad does this for a living. He buys cars from the auctions, rebuilds and sells them. . He does about 1-2 cars a week. Some of them are pretty messed up like this audi a4 but you can double the profit if your lucky.

that has like $15 grand in damage...atleast i bet. no way you could turn that around for like $30 grand and sell it, after someone knows it was like that, and used. doubt it would double. who knows though

Originally posted by dirtbike&quad
that has like $15 grand in damage...atleast i bet. no way you could turn that around for like $30 grand and sell it, after someone knows it was like that, and used. doubt it would double. who knows though

your wrong it only cost about 4 grand to get that car in good shape most parts were aftermarket and made 7gz profit off it in about 3 weeks by the way dmaciorowski is my brother and that was one of my dads audis

[parkers30]

Originally posted by sly400ex
Do you mind telling me how you would get caught? I'm curios as to the different ways.

I know it is decieptful to an extent, by not payig taxes on a vehicle I purchase, but I'm not using it as a driver, only to make cash. The actaul person that purchases the vehicale to use will still pay the taxes.

The damn state always trying to get their cut, that's the way I look at it.

don't believe the dealers license is to expensive at this point, but you never Blagovich is going to want to change that too.

Actually putting that many cars in your name is not a good plan either, then the state will require you have a dealers license, but again holding an open title is what could get you in trouble too, kinda screwy, not sure how the could catch you unless someone reported you for something else and they found out, or if someone who bought the car from you reported they bought it from you.

Originally posted by dirtbike&quad
that has like $15 grand in damage...atleast i bet. no way you could turn that around for like $30 grand and sell it, after someone knows it was like that, and used. doubt it would double. who knows though

you have to know the right spots to get the cheapest parts, and my dad does the labor. that was about 5 gs in damage.

[Hyperwarrior22]

quad and dirt bike what you know

just bounce

[416exmx]

I actually think by law here in IL you can only have like 12-13 vehicles per year titled in your name that you have bought/resold. Holding an open title like what you are saying is yes, illegal, and is getting harder and harder to get sellers to do. The title not only would have to NOT be signed by you, but also NOT dated as you have 30days to get the title transferred before a penalty. Yes people do it everyday, and it’s all good until you get caught. We are licensed IL dealers and obtaining/keeping your dealer license is no small feat. The insurance is the huge killer money wise.

It cost 10gz just to get a dealer liscence but with that you get access to all the insurance auction and you get dealer plates aka temporary plate