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    1. Toshibageek is offline

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      #1

      Tips on starting as a car trader/dealer

      I am thinking of selling cars on the side. Is there a good market for used cars? How can I become a car trader/dealer? Do I need a license? Insurance?
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    2. Hill_green's Avatar
      Hill_green is offline

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      #2
      The used car market is still good. To get started you should talk with your local dealers and see if you can get some ideas about where they get their vehicles. You may also be able to work out a deal that if you bring the dealer customers, you receive a commission.

      To make a profit as a car trader you really need to know the market, and that means researching the costs of a car and the mileage make and model people want to buy.

      Here are a few things you need to do before you can become a car trader:

      ● Get a business license
      ● Figure out where you are going to sell the cars (a physical lot or online ebay, etc)
      ● Open insurance policy to protect your business; trader policy
      ● Establish a large amount of capital so you have the funds necessary to purchase a car to resell
      ● Find a place to store the vehicles while you wait for them to sell

      A great way to start is to look in the classified ads and Autotrader to find people selling their cars for cheap. Sometimes people are selling cars for less than they are worth because they want to sell the vehicle quickly.

      I would begin by dealing with individuals and purchasing their cars before I tried to ask a dealer to give a commission. You’ll have greater success with a car dealer once you have a few sales under your belt.
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    3. johnsbooks is offline

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      #3
      Look on eBay too, I’ve found some great deals on there.

      I wouldn’t spend $3,000 on a car and only make $200 - $400, that’s not a good return on your investment.

      See what types of cars you can get under the $1,000 mark that won’t take you long to wash, clean up, and put out for sale.

    4. Star65 is offline

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      #4
      Here is a great website that has car buying tips so you know what to look for when you go car shopping. CarBuyingTips.com new car buying guide, avoiding dealer scams, new cars, used car buying

      Autotrader is a good suggestion. Contact towing companies and your police department and see about repossession auctions. You might be able to find cheap cars that you can sell.

      Think about what people want to buy and how quickly you can sell the car.

    5. Toshibageek is offline

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      #5
      I thought about Autotrader but I didnt know if it would be better to start off purchasing from a wholesale car lot to increase my inventory.

      Right now I have a good amount of capital and want to start with buying at least 5 cars.

      Im with you Johnsbooks about watching profits. If I buy a car for $3,000 I want to get more out of it than just $200. Is this realistic?

      Also do I need to offer a warranty on the vehicles I sell?

    6. Jeremy is offline

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      #6
      I think it is realistic to find a car for around $1,000 - $1,500 and getting $500 out of the deal. You just have to be able to find a saleable car.

      If you do go to police auctions try to give the car a good look before the bidding starts. Sometimes I bring my friend who is a mechanic so he can look under the hood and give me a review.

      You don’t have to offer a warranty on any car you sell, but you do need to have the title. If you can’t get the paperwork for the car then I wouldn’t waste my time with it.

    7. Hill_green's Avatar
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      #7
      No, you do not have to offer a car warranty. You can sell the car “as-is

      Contact your state’s Department of Motor Vehicles to see all their restrictions. Also, if you are going to store the vehicles at your home or business you might need to check with your city and country ordinance.

    8. Toshibageek is offline

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      #8
      I am glad I do not have to offer a warranty for the car. That would just add to my expense.

      I appreciate the help so far. I know a lot about cars love them really but this is the first time Im going to try selling them.

    9. Jeremy is offline

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      #9
      Just keep your prices reasonable and don’t try to hold out for a higher price. Take the first reasonable offer and move on.

      The point is to get the car for cheap and then move it quickly. That way you aren’t spending money to store the vehicle or continue to pay for advertisements for the car.

    10. Toshibageek is offline

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      #10
      Seems like there is going to be a big learning curve for becoming a car trader.

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