Buying And Selling Cars For Profit - Posted in the Parking Lot

If you?re building a business of flipping cars you need to know the lingo and the tools. If you fix the car yourself the proper tools will make it easier to get them up and running to sell even sooner. You don?t really need to be a mechanic but you will need some knowledge about how to do certain basic repairs on a car.

Flipping cars can be easy or hard. It depends on the type of cars you?re buying and selling. You want to buy cars that don?t need a lot of work, but they will most likely need minor repairs. People want cars that are nice and shiny and reliable. The little scratches and dents will make a difference in the profit for the car. If you can clean them up, then you can add 200 to 300 dollars to the car when you sell it.

You need some of the following if you?re doing the work yourself.

? Hammer toolkit ? 50.00

? Sanding blocks ? 25.00

? Welding dent puller ? $250.00

? Sandpaper ? most common are 80 to 2,000 grit

You?ll also need these Auto Body Tools

? Air Compressor

? Dual Action Orbital Sander ? $130.00 For a good one.

? Straight Sander ? $200.00

? Spray Gun

These are the tools for dents and large scratches. Sometimes that?s all that needs to be repaired on a car to add another $550 to the selling price. As you build your car flipping business you can use some of the profit to buy these, so you don?t have to take them to a body shop. The labor alone can eat up your profits. If you do it yourself, then you can add more to the selling price.

You need a Trade-In Value report (how much the car is worth to a professional dealership) and a Private Party Value report (how much the car can sell for in a private sale). In most cases the Private Party Value is 20%-30% higher than the Trade-In Value. Kelly Blue Book and Nada Guide are good resources to find out the current prices for cars. You can also use craigslist.org to find what others are selling cars for or what they are asking in your area. If you spend all as much money to repair the car than it will sell for, then it will take you a long time to build your business. Doing most of the work yourself will save you on auto body repair costs and allow you to add more to the selling price.

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Source: http://postedintheparkinglot.com/buying-and-selling-cars-for-profit-terms-and-tools-your-need-to-know/

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