You need not be an automobile engineer or a mechanical engineering expert to make fat money on old cars. All of us can buy and sell cars for a few extra dollars, if we do it the right way! All you need to work on is a knack for good deals. This business acumen is very easy to develop and not as tough as you think. The idea is basically to make money when you buy a car, not when you sell it. So, locating and sealing a great deal is what you should focus on.
Start by searching for car auctions, classifieds, eBay, and Craigslist especially for cars which are sold by their owners. It will be tough to buy cars in NJ from dealers directly with a profit margin. Agencies will sell cars at very high prices to keep their own margins safe. Buy owners and random people will not pay employees or earn rent as. So they will easily let go of used cars at lesser prices. You may search for a deal with these sellers for a good deal. Don’t get disappointed by “salvage titles,”. Best deals are these only! But remember to check for the reason behind these titles. A broken window will still be a better deal than a cracked axle! Get the difference?
You may visit online car sale aggregator sites. They will give you an idea of the base price. Some of them will also allow you to enter a preferred car’s make, model, state, year, and condition. With such data, you can gauge a general price. It can be a powerful baseline for negotiation and can be used to bargain well, in the case of gross overestimation. These sites usually have ratings and reviews where you can see major common issues. Quick tips to make the most of these sites are:
Note the “dealer’s price.”
Bargain down to the price off of a dealership for less paperwork.
Check several sites at once
Assume the car will be in worse shape.
Start the car from a cold engine. Beware of cars already on and running. Energy and momentum needed to get a cold car started are what you must study. Hear and feel issues with a bad motor. Don’t go for cars which do not start easily or smoothly, make loud noises or grinding sounds like ticking, whining, or shaking.
Check the oil level. Also, check the oil color. Learn as much as possible about the car’s history, including the last oil change. Light oil is better. If it is dark brown or sludge-like even after getting changed in the past 6 months, run away! In case you notice water or solid pieces, reconsider the car! Ask for the seller to rev the engine 5-6 times. Study your exhaust for black or thick smoke and run away!
Check beneath the car carefully for leaks is it has been running a while. Expect a little water but radiator fluid and oil are a big no-no. Make someone rev the engine with the radiator cap off and check for air bubbles in the radiator. Walk away if head gasket looks blown.
Check whether the engine temperature is too hot. Chances are high that hot water is leaking from the car and not fluid or oil. This is where you can bargain. A small little leaky house is probably causing overheating. So you can cheaply fix your expensive-seeming problem! Don’t forget to pop the hood and listen as well as look at the engine.
Check for loud ticking noises or gurgling sounds. It something does sound quite right, get a person to rev the engine in neutral. Then you can watch to make sure it sounds good. This is a good way to see if the engine has any issues. Thereafter you may turn the car off and check for belts and hoses, as well as check for corrosion, rust, or heavy wear. When 1-2 belts and hoses can be fixed easily, a complete overhaul might eat your profits. Think about it!
You must drive the car before you purchase it. This is a must! If you think you are a deal hunter, and you do have mechanical engineering knowledge, buy a non-working car and get it running! But in other cases, take the car out for a spin. Check various speed levels and alterations, gear combinations and more. This would be an ideal way to test neighborhood and highway performance of your car. Get your speed up as safely as possible. Also, carefully check the following:
Steering (check for smoothness and safety)
Braking (check if it stops the car quickly in quick-stop situations and in a straight line
Transmission (check for smoothness in automatic cars and you must be able to get into drive and reverse in under a second. Longer delay is bad!
Electronics and features (check is lights, windows, and AC work fine. Also check of odometer runs well or is stuck).
After all, there is a huge and rapidly growing market for brand new cars out there. This simply means you have a huge database of used cars to tap into! Automatically, you have several opportunities to make huge profits lined on the road. Buy used cars carefully and follow the best tips to keep in mind when selling a car.
Only it will make a lot of sense, in not-so-straightforward situations as well. Remember that peace of mind is tough to get, especially while you go shopping for old used cars. Also, your chances of getting fleeced are pretty high! Hence, with some grease on your dress and amazing negotiating skills, and not to forget ‘with these 7 steps’ you can easily flip your car quickly and profitably.
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