I’ve always somewhat been a car guy, so this helps but it is not key to get paid to own your car. When I was in high school I had vehicle ADD. I would buy a car, drive it for a few months, and sell it to get something better. After time I realized I was able to find good enough deals (and haggle the seller down) to the point where I was selling the cars more than what I paid for them.
The key to this is knowing what the value of the vehicle is before you buy it, and it also needs to be a desirable vehicle with somewhat of a following. Think Jeeps, Camaros, mustangs, Toyota pickups, wrx, rsx, civics, firebirds, some older bmws and Porsches. these vehicles have a liquid market with an infinite amount of buyers.
The vehicles I’ve made out the best on were on the side of the road with a for sale sign on them. These people do not use craigslist or autotrader so they don’t know the “real value” of the car they are selling. They simply sell the vehicle for what they think is a fair price.
Most of the vehicles I’ve listed above all have a value to them that they will not go under regardless of the amount of miles they have on them.
My first vehicle I bought 10 years ago was a 1995 ford Mustang GT that I found on someone’s front lawn with a for sale sign on it. $500. I drove it for two years, and sold it for $2,000. I’ve owned multiple Jeep wranglers that I’ve got cheap and made a few hundred bucks on them after putting 20-30,000 miles on them. My current vehicle is a 2004 Toyota Tacoma that I paid $2,500 for. It had a cap on the bed that I sold for $500 making my investment into it only $2,000. I’ve put about 25,000 miles on it so far and it hasn’t cost me anything except for basic maintenance. This same truck sells on Craigslist anywhere from $4,000-$6,000. I knew this when I bought the truck.
This method isn’t for everyone, but it works for me. I enjoy wheeling and dealing, and I have a good understanding of basic mechanics so when I need work on these vehicles I know where to go and how not to get ripped off. Some people would rather have new, but I don’t mind used. I don’t have to worry about scratching it, insurance is cheaper, and I’m never upside down on a loan. I know people who are stuck with vehicles they are not happy with because they owe more on the loan than what they can sell the vehicle for. With my method, it’s the opposite. I can always sell my vehicle for more than what I have in it. And that’s a great feeling.
July 13, 2018 at 11:30AM
