Students nowadays are facing enormous, long-lasting debt. Education doesn’t come cheap and the expenses that come alongside it won’t help your financial situation, either. This is why you should take action as soon as possible, do your research and find a way to boost your finances and reduce your debt. You can’t wait for some kind of a lottery to fix your financial problems in a strike. But, what you can do is use the little money you have to make money on cars – once you learn how to do this.
Firstly, you need to learn as much as you can about cars. Do a research like you do in school, only this time, pick cars to be your research paper topics. Obviously, this new business of yours will require some risk, but if you go in with a minimal investment, you’ll be risking very little and potentially – getting quite a lot. Here is what you should do:
1. Buy Low Cost Vehicles and Sell Them for High Amounts
This sounds silly and hardly even possible, but it’s an actual viable option. Your task is to buy a very affordable car in a solid condition, and sell that car for a higher amount than you spent on it. When trying to sell it, consider all the factors such as times when cars are sold the most and the less, the economy at the moment, as well as the people who are likely to purchase the cars you’d be selling.
It will take you some time to research the market, but the more you do, the more effective will your sales be. If needed, use assignment writing service from Canada to get your schedule freed from any research paper or other assignment. Getting a writing helper should give you enough time to study the cars available on the market.
For example, if the economy is expecting banking or housing crisis, people won’t really like to buy vehicles, but they’ll be willing to sell theirs as soon as possible. This will lower the cost, which makes it the best time to buy.
2. Scour the Web
There’s still a lot of fraud in the car selling business, but the days of car dealers and scammers are mostly gone now. Instead of just using the weekly magazines trying to find a vehicle, go online and widen your search. This will give you a much bigger access to cars on sale.
You might want to look for cars nearby since it’s always wise to visit the car to see if the seller’s description is accurate. This will take time and come with its cost but still, online auctions are a great way to buy things cheap.
3. Go with Your Gut
Sometimes the only thing preventing you from making a purchase will be that shaky feeling you get when you’re speaking to a seller. Always trust your instinct. Even if the car seems fine and you can’t find anything wrong at first sight, walk away if you don’t feel like the seller is honest with you. Body language has a great way of showing when someone’s playing with you, so believe your gut when it tells you to move on.
4. Make All Calculations Before You Buy
In addition to looking at the shape of the vehicle or the cost it’s offered at, consider all factors that would bring you expenses or make you lose money. See how much parts cost for the vehicle you’re considering. Are you going to have to invest a lot to tweak the vehicle and get it ready for a sale? Ask mechanics about the cost of every little thing you plan to fix. Only then invest in your new vehicle.
When you make your calculation, consider the length with which a certain car type maintains its popularity. It’s very simple. New cars lose a minimum of 40% of their value within three years. If you don’t manage to sell it within that timeframe, you’ll be losing a lot. On the other hand, classics even grow in price if they are maintained and properly cared for.
If you buy a classic, the next step could boost your selling price by a lot.
5. Turn This into Your DIY Project
This is the crucial part in making profit in this business. You can’t just buy a vehicle cheap and sell it as it is. If you want it to sell better, it has to work and look better. So, turn this into your DIY product. Basically, you’ll be turning into a self-employed mechanic, but one that sells cars instead of spending his time fixing other people’s cars.
The Bottom Line
The car selling business is not simple. It’s very crowded and can often be very challenging. But, if you have some DIY skills that could help you in the automotive industry, you can invest the little money you have and turn them into a highly beneficial business. Just don’t give up. If one strategy doesn’t work, take a step back and reconsider it. It takes one great sale to get started on a very rewarding journey.
Ray Campbell is a car dealership agent and a former automotive technician. He’s been working in this business for over a decade and a year ago, he’s decided to take a more active part in the automotive industry. Right now, Campbell works on remodelling classic vehicles while working at his car dealership.