There’s a huge market out there for cheap cars, and one of the best ways to capitalize on this is by finding old clunkers and give them a second chance at life. However, knowing which vehicles are going to sell and which ones are worth buying is an art. You also have to know a bit about fixing cars if you want to make a profit. Here is how you could start selling cars for money.
Get the Tools
You first need the right tools, and it all starts with a nice ratchet set. This will be essential for changing things like brakes or removing tires. You will also need to get a full set of sockets to go with it. Other things you will regularly use include a jack, screwdrivers, and pliers. We also suggest you invest in an impact gun as well.
Start Looking at Your Market
What kind of vehicles are popular where you are? Do people prefer exotic cars or American sedans? Is it an SUV/minivan town, or is it pickup country? What are the demographics?
These are all the kinds of things that should give you an idea of what type of vehicles are going to sell. If you live in a small college town, for instance, then compact economic vehicles might be a better niche. In this case, you could concentrate specifically on these vehicles.
There are many places where you could source vehicles. But if you’re looking at cars under $1,000, buying from an independent seller is usually where you’re going to find the best deals.
Always make sure, however, that you bring someone who knows mechanics with you for a summary inspection. Dealerships could be a good option too, but they’ll usually charge more as they’re less likely to sell at a loss simply to get rid of a vehicle.
Then we have auctions. A lot of people see them as the holy grail, but they’re a lot of trouble. For one, you cannot test drive the car in any way, which makes little sense as a buyer. You can only look at the vehicle before the auction goes live and try to guess. This is a very risky way to buy vehicles and should be left to experts only.
Restore and Sell
The goal is to find a vehicle with minor repairs or replacements that need to be made, or a vehicle that could be easily upgraded. For instance, some vehicles may have a dirty interior with damaged seats. Old seats can easily be found at a scrap yard for cheap. Another thing you could do is to apply a fresh coat of paint. While this may seem challenging, painting a vehicle isn’t that difficult once you get the hang of it. Learning this skill alone could help you resell vehicles for way higher than you paid for them and requires little effort.
Buying and selling cars for profit is something virtually anyone can do, as long as they’re ready to do the legwork and know how to go about it. Learn a few skills, and make sure that you study your market inside and out. Also, make sure that you start small and use this time to perfect your craft.