The Question
Find cars on Craigslist that just need minor repairs that are sold “as is” fix them up so they are drivable and sell. Just got a truck for $900 last weekend that has a rebuild engine and just had one part that was jammed in the new rebuilt engine because it needed greased up. Had a mouse nest in the air filter too. Cleaned it up, added oil and sold for $2,500!!!
For just the price of an air filter and some engine grease and the dolly rental that was $65 for the day! Now with that money we made, husband wants to buy a Kia that’s $1,500 that comes with the parts needed to fix it, but the guy doesn’t have the time to fix it.
The Kia would be for me and gets great gas mileage which I need working an hour away from home.
So basically bought and fixed up a car, sold it and with the money we made, now I get a free car plus $100 on top we can use for taxes.
ANSWER 1
I did that last year although I started to get into $4-5k cars. My best one was I bought a bmw at copart for $4k and fixed all the damage and sold it for $9.5k. I only put about $400 into it. I may start again soon to make some extra $
ANSWER 2
Watch your state laws. Here in my state, an individual is only allowed to sell six cars a year without a dealer license.
ANSWER 3
I so wish I was mechanically inclined. I've got a friend that does this with "junk" cars too. His last deal was a 94 Jaguar. He traded the guy a hammer drill and a six pack. Hauled the car home, got a 20$ part on Amazon and it fired right up. Awesome hustle!!!! Yall will be debt free in no time!
ANSWER 4
Hubby got our son’s first car because a friend couldn’t start it. Sat in his driveway for two years. Told hubby if he could start it, he could have it. Challenge on! He went over, popped the hood, cleaned out a bird nest, sprayed with some starter stuff and voila! Free grand am for the kiddo. He drove that car for four years. FREE!