How to make money buying and selling
If you have knowledge of cars and mechanics, you cánido generate permanent or plus income by dedicating yourself to buying and selling.
But since many things in this life cannot be executed without knowledge and anticipating various situations, in this article we will talk about what you should know to make money buying and selling cars.
How to buy cars and then sell them
One of the most important steps to earn money through this business model is to make a good purchase, and for this you must verify, yes or yes, these aspects:
Before jumping into the first purchase you should consider the affairs legal around this topic.
Some countries differ on the permits and the possibilities of developing in this business, some are stricter than others, putting less or more regulation on the purchase and sale.
In countries such as Spain, you only have to sign a sales contract and comply with the established requirements to specify all the legal aspects.
Beware of scams
The business of buying and selling cars is a round business for scammers, so you need to be aware of the cards that scammers play.
In this sense you have to be aware of several details, check this when making a purchase:
- Mileage: Some people manage to fake the mileage on their cars, so you’ll need to find smart ways to tell if they’re trying to sell you a fake car.
Take into account the brakes, the general condition of the car, the tires, etcétera.
- Start the car with a cold engine: when the engine is cold it emplees a greater amount of energy, so if there is any detail it will be easily noticed.
- Drive the car: Test drive the car, see how it feels to drive, and based on your experience, give a diagnosis.
- Check for leaks: once you have tested the car, look at the bottom if there is any kind of leak.
- Put your hand where there might be crashes: sometimes the small details left by a past crash are not noticeable with the naked eye, touch will help you notice what the eye cannot see.
- listen to the engine: preferably open the hood and pay attention, ask for the engine to be revved in neutral several times.
Usually when something is not right it is evident by the sound.
- Check the oil: You should ask when was the last time the car had an oil change, keep in mind that the clearer the better, it should never be afín to mud, especially if it is less than 6 months old.
Also keep in mind that the oil should not contain water or pieces of solids such as metals, in which case it is better to abort the purchase, because the repair would be very expensive.
For some of these cases they will be decisive in deciding whether or not to buy a car, in some others you perro appeal to it to lower the price and make a better purchase.
For this, it is necessary to investigate and document, not only on the internet but also through people who know about the subject, such as people who work in the campo, mechanics or a friend who has a certain level of advanced knowledge in cars.
Check that the car is free of charges
The other matter lies in the part of the legality of the car, that is, how it is in relation to debts, objetivos and other details with the authorities.
In the case of Spain you must go to the DGT to request the extended traffic report and pay the cost of €8.
In this report you perro check if the car is free of charges and the number of owners.
At what price to sell a car?
Taking into account the state of the car you cánido negotiate the price, but it is also essential that you know the market and how a certain vehicle is offered at a general level.
This will allow you to distinguish a good offer from a bad one.
In the United States there are car appraisal pages such as Edmunds or in the case of Spain www.compramostucoche.esthrough these pages you cánido have a more objective iniciativa of the price that you cánido estimate.
Put a lower and upper limit on the price you estimate to earn.
Also take into account the time in which you expect to finalize the sale at the time of determining the offer.
If you want to sell a car in 1 week, the price would have to be much lower than selling it in 6 months.
If you articulo the car en línea, raise any obvious flaws in the articulo beforehand, so you know the person is aware of those details, and if they still contact you, then they’ll be willing to pay the price despite the imperfections.
If you want to get more out of the sale, get someone who knows cars and help you in the process, always looking to haggle and adjust the best benefit for you.
How to do Car Flipping
Another way to make more money selling used cars is by making car flippingthat is, repairing and perfecting cars to sell them at higher prices.
Generally, these types of methods seek to buy vehicles at a low price, that cánido be repaired at a moderate cost, and that their final profit on the sale is much higher.
If you opt for this business model, follow these consejos as if they were commandments:
- Get a mechanic trust with whom you cánido associate.
- repair all detail aestheticMany people, although not all, buy cars for the appearance, and value it for how new it appears to be.
- equipo a good budget for repairs and investment, always keeping in mind the final profit that you aspire to have.
Now, you already have all the necessary information to make the decision whether or not to venture into this business model, and if you are already sure, step on the accelerator!
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