Buying a car to make a profit

[sulli]

Managed to make money on several cars in the past - usually rare or well modified ones that I have owned for a while and just sold well.

Recently made redundant and have a few quid so one thing I have thought of is buying a car to sell - obviously the best thing is find someone who is desperate, but any tips to make a few quid?

[AndyT77]

Buy cheap sell for more. Sound easy, but i suspect it isn't.

I think you need an eye for a bargain, knowledge of how to put simple stuff right, the ability to 'detail' a car to a good standard and a bit of luck.

If i was looking to do this, modified cars are the last ones i'd choose to try and turn around for a profit. Keep it simple, good standard cars that are in demand.

Good luck!

[Harding91]

Small proffits are easy, a couple of hundred quid at the most each sale is no trouble at all, ive done it a few times myself, but something with a few small issues, fix said issues, detail the crap out of it and sell it on, However the time/effort its really not a good way to make spare cash.

I was doing it while training to be a mechanic so i enjoyed it, a learning experience and a bit of proffit, plus i insured and drove a few of them, good fun


However as for higher price bracket cars i dont know, im sure it can be done quite easially but you need to know your stuff.

[sulli]

Cheers, will keep my eye out - wonder if they will add a feature to the Beta classifieds, 'how long for sale'???

[Jasandjules]

Be careful or you could be deemed a trader by HMRC and they will want their share.

[mike9009]

Depends whether you are planning on just a few cars or to make a living. My next door neighbour is a trader and has a good relationship with our local main dealers. He basically takes their unwanted pxes at trade prices and then flogs on.

He currently has a mk1 RS Focus with 1 owner and 56k. So sometlimes he does get interesting stuff, but generally has motors from the bottom end of the market.

He is struggling this year though and is a fairly seasoned trader. Claims the market is dead!

Mike

[Truckosaurus]

AndyT77 said:

...modified cars are the last ones i'd choose to try and turn around for a profit.

I wonder if there is any merit in buying modified cars for less than the cost of a standard car, putting it back to standard and also flogging the modded parts on eBay?

[The Chemist]

In the old country, 99% of the cars are second hand imports from Japan auction houses. I once read an NHK report that the Japs were surprised that a broke nation was buying their used cars for almost the price of new models. Due to the 600% import tax on new cars, any car (even your '91 banged up corrolas) increase in value. I wonder if a similar situation would ever occur in the UK? A £3000 Corolla costs around £14k second hand, own it for a few years and sell it for at least £20k!