Cars are your passion. You spend many happy hours each week tinkering under the bonnet and bringing your latest car back to life with tender loving care. There’s little that you don’t know about cars so what’s to stop you from buying and selling and making a little bit of money from your hobby? The answer is nothing if it’s something that appeals.
If you have the time and space in your garage or on your drive for repairs, then it makes sense to buy a car that needs a little bit of work and to do what you do best, lovingly restore it. Doing it up so that it looks aesthetically pleasing. You don’t have to spend a fortune either. It can help if you have connections in the car industry so that you can buy parts at cost but then the rest of the investment is for actual cost of the vehicle and for your time.
Buying a car with the purpose of reselling is very different to buying a car which appeals to you. You need to think of a car that would be easy to sell on and be economical to repair. It’s easy these days to pick up a bargain and to buy a car that needs to be sold on quickly. Do make sure however that there isn’t a dodgy reason as to why the car has to be sold on. This is where your instinct comes in. If it feels wrong, walk away. Take a look at auctions, online dealerships and local dealerships, you will soon develop an eye for the type of cars that you should purchase. Once you are sure, buy the car and have it safely installed in your garage where you can get to work.
The important thing when buying and selling is to keep your accounts. Log the amount of time you spend on each vehicle too. After all, the idea of buying and selling is to make a little money. If it takes a big investment financially and with your time, it may not be worth it. Keep an itinerary of all costs and receipts too. This will provide the buyer with confidence and they can see what work has been done.
It’s also a good idea to have a physical copy of a car check which details that the car is not written off, on finance or stolen. While the buyer may wish to still purchase their own check – and should do so, it will certainly provide them with peace of mind that the car they are buying is a gem. Once you have done up a few cars and made a little profit, you will soon learn which cars have the most profitability.
“Image courtesy of [vectorolie] / FreeDigitalPhotos.net”.