How I became a used car dealer, short term | Gen X Finance


This bank did not want to be a used car dealer so they just sold off the cars they reposesed really cheap. That is where I came in. I would pick up these cars at amazing prices, keeping in mind that the prior owner did not have the money they needed to take care of the car.

The first car I got was a Honda Accord.  It was the nicest newest car we had ever owned. This Accord was a V6 with power everything, sunroof, leather seats and all the other bells and whistles. As is common with repossessed cars there was a number of things that needed to be fixed on this car. I was pretty handy with fixing cars so it worked out well for use. I only had to put another $500ish into it and did a really nice cleaning before it was in mint condition. I remember after we got it thinking this would be a nice car to keep for ourselves. But as Corinne and I talked about it more we decided it was best to flip this car and bank the extra money so would have more money to work with on future deal. First I put it up on craigslist.org for sale. Then I also put a sign on it and parked it in a few high visible areas where other cars where parked with for sale signs. I priced it at $8,500 which was a few thousand below the blue book on it so it would sell fast. It sold in about a week to someone that was happy to be getting such a good deal on a great car. That was $4,500 profit in just two weeks!

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