I've made money on all the tow vehicles I've used for the race cars. Basically bought low, fixed as necessary, made them look nice and used for several years. The most I ever made was on the toterhome that burned up in my driveway. I had agreed value coverage for less than comparable toters and the insurance company didn't bat an eye at paying me the agreed value.
This makes me think I should have taken the free early 90s Buick LeSabre my inlaws offered us. I could probably have sold it for $1k. I think at the time we were deep into the new baby thing though and I didn't want to take the two hours to drive it down from Mass.
Harvey wrote: This makes me think I should have taken the free early 90s Buick LeSabre my inlaws offered us. I could probably have sold it for $1k. I think at the time we were deep into the new baby thing though and I didn't want to take the two hours to drive it down from Mass.
meh, ifs and buts.
My wife was given a late nineties olds 88 from one grandma. She drove the wheels off the thing for close to ten years. When it was time for us to sell, we gave it to her other grandma, who still drives it today.
If you get too focused on the 'profit' you can miss other things.
I never make money. I have gotten close over the years, but I always end up spending money making things right (See the Accord build, which netted me an Accord for a total of $1300 without labor) and therefore I end up with slightly more in the vehicle than it would typically sell for.
I've made money on more than a few cars over the years, but that doesn't count my labor.
The best money made is buying low from non-car people that don't know what is wrong with their cars.
It's the "easy fix" that nets the most profit.
fornetti14 wrote: I've made money on more than a few cars over the years, but that doesn't count my labor. The best money made is buying low from non-car people that don't know what is wrong with their cars. It's the "easy fix" that nets the most profit.
This seems to be the overall best bet if you can find the cars with the easy fix that don't have the difficult fix hidden somewhere.
I speculated that the RX-8 might be that type of car at this point as the engine problems make people pretty nervous over them, but in some cases the plugs and coils just need changing... some cases.
It always seems that I lose money on each car, but in the end, after adding in the parts that I've sold off of it or even the parts that I've been given because of owning it, I somehow seem to come out even or sometimes ahead by a tiny bit.
Factor in all of the fun, adventure, learning, new "friends" and such and I definitely come out on the plus side of it.
Seems to be a couple of Saab threads that look promising for a good return on fun and potential money ($50 saab and a $250 saab) - both purchased as non-runners. Both running now
The only car that won't loose money is a garage queen, and then you're still paying to maintain that garage and pay the property tax, etc.
Cars are, for most people, a necessary expense. The best you can hope to do is lower that expense.
The perfect target for a profitable car is a 60+ couple. They bought a pretty nice car and maintained it well. Its going to have some minor body damage and probably a few electrical issues. They lived with them because the car is 10 years old and "not worth anything". They are ready for their next chapter and went to a dealership to buy something smaller with good gas mileage. The dealer offered them between $1k and $2k on trade. They know its worth more, but don't want to sell it to someone who will blame them when it blows up in a month. They know you and know that you understand the risk and will appreciate the car.
When you go to buy this car, pay in cash. They appreciate cash and an easy transaction. They don't want to hear anything about this car going forward unless it is praise and thankfulness for them selling to you. Do not tell them how easy it was to fix or how much money you made off of it.
Detail it or pay to have this done ASAP. Take lots of pictures of it while it is freshly clean. Keep it clean and fix all of the little things until you sell it. Be honest about anything not working or bad.
In the end you'll get future cars like it to buy, and possibly future buyers.
In reply to Harvey: I do both, I buy new and drive the wheels off accepting depreciation as the cost of mobility. My current vehicle is approaching 400,000 miles and in repairs has cost me less than $2000 over the 17+ years I've owned it.. In that time only once did it fail me and leave me stranded.. (I also buy and toss money at like a drunken sailor if I really like the car..)
The other thing I do is buy cheap, fix, and keep. That hasn't always worked as well as I'd like.. In spite of having space, knowledge, and time, not to mention a tool inventory most would drool over..
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