Auto Repair Advice

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QUESTION:

Hello,

I’m not sure if you can answer this question or not, but this is about buying a used car, buying/repairing parts, then selling the car for a higher price. I’ve heard a few people do this sometimes, where they buy an old car, put a new motor in, then let’s say mags and a spoiler etc, have it painted etc so its almost like a new car, and then they sell it for a higher price than what they paid for it. Is this even remotely possible? I have doubts but I was interested if this was even possible or not. Or, is this more of a “personal project” kind of thing?

Thank you very much,

Jordan

ANSWER:

It is possible, but like any money making proposition you need to know what you are doing. Like flipping houses, flipping cars takes knowledge, sweat equity and some luck.

The process starts with buying the car right… Usually a seller has just put a ton of money into the vehicle and is frustrated that something else is wrong with it. This is when the deals start flying so the seller can just get rid of his headache called a car. You need to make sure the vehicle is resalable once it’s repaired. You can get an idea on resale value using www.kbb.com and www.nadaguides.com. Look for the private sale price, or even better, use trade-in value to get a conservative number.

The next step is evaluating how much it will cost to fix the vehicle. This is where experience comes in, since it’s not always apparent what the problem is. A minor problem may seem like a mojor one to the seller, so opportunities arise some times. I had a friend in high school who bought a Mustang which according to the owner had major electrical problems. He bought the car for $50, promptly put a new battery in it and drove it for a year. He sold it to me for $400 and I drove it for 2 years without any major problems.

If a vehicle will require a new engine, give a call to local salvage yards and price out low mileage used engines. Often times you can save a lot of money and still have a reliable vehicle. I bought a Ford Ranger for $500 from a company I was working for, put a new engine in it the next weekend (cost me $300 and around 6 hours of my time), and turned around and sold it for $3500 the next week. This was a great profit for me at the time.

It really comes down to research, and if you have the skills to do the work yourself. Don’t expect to be able to subcontract out the work to a professional mechanic and make a profit. Also for late model cars, a simple dress-up or wheel change will not provide enough margin, if any to make it worth your time. More often than not, aftermarket parts do little for the resale value of a newer vehicle.

Classic cars are another story, but even more skill, research and luck are needed. My friend Dave Lehr and I run www.classicjunkyard.com. Dave sells classic car parts on Ebay for a living and makes a good living, but has found that parts are more profitable than finished vehicles and the inventory turn over is much higher. We have put together an Ebook on how to sell car parts on Ebay at www.auctionwizards.com if you are interested in learning how to sell ANYTHING on Ebay.

Good Luck,

Kevin

Secrets of buying & selling collector cars Customer Review: Hobby, Love, and Profit!
This book elaborates on the idea that you can profit from buying and selling collectible cars! Information on sources, how to use the phone, deductible costs, which cars appreciate fastest, and preparing for a sale. Highly recommended for all in this field!

Chapters:

Objectives

Which Cars are Best Bets?

Is Design Important?

How to Become an Expert

How Much to Restore

Market Avenues

Buying a Collector Car

On-Going Maintenance and Records

Are Cars Going to Become Obsolete?

Question:

My 96 Grand Cherokee in otherwise good condition stopped running last week
and the shop hasn’t figured out how to restart it - some complicated
electrical problem - so would like to know how to sell it for junk and how
much to expect for it. The “sold by owner” blue book value is $4500.
Thanks.

Answer:

I question how complicated the issue is, and maybe the garage is jumping the gun a little bit. If there was a major melt down in the wiring harness, I could see you looking at scrapping the car, but if it’s something a little less severe like a blown fusible link, or bad solenoid/starter it’s worth fixing. I don’t know anything about your repair shop, so I don’t want to say anything negative, you will have to make the call on their competency.

If you are comfortable with the shops diagnosis and it’s going to cost you over $1,000 to fix then you have a few options…

1. List the car as a “Mechanic’s Special” in your local paper/car trader.

2. Put the car on Ebay as a “Mechanic’s Special”

3. Sell it to a junkyard in your area as a whole vehicle.

4. Part it out and sell pieces on Ebay or Locally.

The problem I see with trying to sell it as parts is the time involved with removing the parts, and I don’t see the demand for those parts being very high. If the vehicle was a classic car or truck, selling it in pieces on Ebay or even locally would be worth your time.

Selling the car as a mechanic’s special would be the best way in my opinion to get the most money from the vehicle. A competent shade-tree mechanic could diagnose or replace the wiring harness and have a good running vehicle for a small investment. I would ask $2500 - $3000 for the Jeep if you sell it this way. Selling it this way on Ebay does not make a lot of sense, unless you find a local buyer, as shipping a non-running vehicle is more expensive.

If you want the least hassle, sell it to a local junkyard and let them haul it from the garage. I do not know what price they would be willing to pay, but you can check www.car-part.com for an idea of what major parts are selling for. (engine, transmission, axles, interior, hood, rear hatch, and doors) By checking these prices, you can get a good idea of what kind of money the junkyard would wring out of the vehicle. Take 75% of that value and that would be a good starting point for negotiation.

Good Luck,

Kevin

If you have ever wanted to get into the Ebay business and buy/sell cars, here is a book to help you out.  There are plenty of good deals on Ebay, and room to make money if you are selling vehicles.  I have found that there is not a huge margin on newer cars, but older cars have a huge profit potential.  I have a good friend who runs www.classicjunkyard.com and makes a living buying and selling classic car parts on Ebay.  If you buy correctly, you can make a 50% - 75% margin or more, and there is a huge demand for muscle car parts.  The key is knowing what you are looking at, know your part numbers, when other people do not.  Doing your research is easy too, since Ebay allows you to search completed items so you can see what they have sold for.

For more information, check out the book below…
eBay Motors the Smart Way: Selling and Buying Cars, Trucks, Motorcycles, Boats, Parts, Accessories, and Much More on the Web’s #1 Auction Site In 2002, 300,000 vehicles with a total value of $3 billion were sold — on one Web site. Is it any surprise the site is eBay? For buyers, sellers, dealers, and parts and accessories vendors, there’s simply no other marketplace to match the huge selection, broad exposure, and ease of use that are eBay’s hallmarks. eBay Motors the Smart Way offers sellers and dealers:

* strategies for setting and getting top price for any vehicle * techniques for creating attention-grabbing auction ads * new ways to add value with superior customer service * valuable tips for using auction management services and other time-saving resources * proven methods for maximizing reputation

Also a valuable tool for buyers, the book shows how to:

* determine a vehicle’s value * how find great deals and bargains * arrange an inspection and run a “lemon check” * secure financing for an online vehicle purchase

eBay Motors the Smart Way offers valuable information for all readers on how to avoid fraud and scams, how to properly document your transactions, and how to conform to state vehicle laws — even when transacting business over state lines.

From Mazerati to MoPed, Acura to Zamboni, if it runs on a motor, it’ll take off on eBay!
Customer Review: It got me the exact car I wanted.
Without reading this book, I never would have thought to contact the seller and make an offer that would end the auction immediately. As a result, I was able to get the exact car I wanted, and the seller got his cash the next day, without having to worry about possibly flaky bidders. Win-win.

That bit of advice - by itself - was worth five stars. But there’s other good stuff in the book too.

Question:

Hi there,

I ran across your site in a google search because I’m trying to get rid of my junk 1993 BMW 325i. I don’t want it and the insurance costs are high-well higher than what I want to pay. Anyway, the car has some minor rust setting in and some body damage and steering problems. After surveying my car at kbb.com (kelly’s blue book), it got a “fair” rating, although I think it’s pretty poor.

My car is something that I wouldn’t want to buy but I would like to get rid of it and get some sort of money for it. I’m wondering the best way to go about it, really. How can I say let’s say a “junk car”? Do you know of any resources I can use that refer to buying beat up or well-used cars? Please let me know if you have any advice to offer me about this inquiry. I could certainly use the assistance. Thanks for your time.

-Ken

Answer:

You can check out www.classicjunkyard.com which is a site I run also. You can list the car for parts, or sell the whole thing. I would also check out Ebay and consider listing it there. I would advertise it locally as a “bodymans special” or mechanics special and see what kind of interest it brings. I would think that you will get a younger kid who would be happy to have something to wrench on. It’s a popular model, and would be a cool custom with the addition of a body kit and a nice set of wheels.

Good Luck,

Kevin

We all know that when you trade in your vehicle at the dealership, you receive less than retail price for it. If you spend a little time and play it smart, you can sell your trade-in and save some money.

Before you go to sell your vehicle, you should research the value and see what kind of price you should be looking for. Check http://www.nadaguides.com and http://www.edmunds.com for retail or private party pricing. You should also research trade-in pricing, so you know what you would likely be offered if you traded in the car.

The next step is to evaluate your car’s condition. Getting a car detailed can add 100’s of dollars to the value and help sell it faster. Also make sure you have all service records in one place, so you can show the potential buyer. Even if you do not have all of the records, a written summary of the work you have put into the car helps.

Once you are happy with your car’s appearance, it’s time to advertise. Online advertising is a hit or miss proposition. Stay away from small sites, which get little traffic, it’s a waste of your time and money. A large site which I like Cars.com is the best place to advertise.

You can also advertise in local papers, and classified magazines. I have also found that a simple ad placed on a grocery store bulletin board works well for certain cars. If it’s under $5,000, it will attract interest at these bulletin boards.

Good Luck,

Kevin

More Information on Selling Your Car