Quote:
Originally Posted by AliceInBondageLand
My dad is the auctioneer at those shindigs so you likely bought it from him if you live in California... however, Blue Book is WAY WAY WAY off and is no longer a reliable measure of resale prices.
Always try to get the CarFax FIRST before you buy.
In general, American cars have TERRIBLE resale rates right now. Some of that is quality. Some of that is consumer fear. Some of that is because they are so darn expensive.
Are you able to offer loan terms to someone? That often makes the big difference between someone interested in your car and someone being able to BUY said car. Very few people have that kind of cash on hand... and most dealerships are offering 0% down 0% interest so loans look friendly on a new car instead of "saving money" that you don't have by buying a used car for a lot.
Craigslist and Ebay Motors are where I've resold most of my auction cars, but it is getting crunchier and crunchier out there. These days I mostly sell only motorcycles since they are a product I know much more intimately and they are less volatile then cars.
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That's cool about yr dad!
I was also wondering about financing.. can i just refer ppl to auto loan providers? Or would i need a 'brokers' license of some sort to do that? When i financed a car a couple years back i got the best rate from Citi.. I'd be happy to take ppl's name, social, etc. and find them the best rate - especially if it helped move more expensive cars. Last week i picked up a 1993 BMW 525i for $2000 at auction and sold it for a $1500 profit. Not bad, but i'd rather focus on more expensive vehicles with (...potentially) higher margins.
Thx again for all the great pointers, suggestions and (especially) cautionary advice!
gfy
