In fact, I have sold two cars at a profit this year. I know that the Niche Pursuits crowd is into all sorts of different ways to make money. I have a classic Mustang obsession that started even before I could drive. My first car was car Mustang Coupe. I restored it from rust-bucket to a driveable alongside my father as a father-son project. He bought a Mustang Coupe for himself which he worked on in the garage stall right next to me. During this time I also got a job working part time at a local shop that specialized in classic Ford Mustangs. I basically was the kid who stocked products, but they had me do some basic work on upholstery and the interior of some of their lower end cars. Prior toI always bought Mustangs because I was passionate about. I would advise against doing this with new cars because they depreciate so quickly. In November ofI bought my first car with the intention of flipping the car for profit. So, I made the practical decision to sell it at a profit of course. Two days later omney I had sold it, I went to a local car. Since I have a history with Mustangs, I know what they are worth and what they sell .
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If you want to score a Plymouth Deluxe Sedan, a s Porsche, or a s Corvette or Mustang, this is the place to go. The Scottsdale car show from Jan. The TV star could not immediately be reached for comment. It too has no reserve price. Everybody loves classic cars. They can be gorgeous to look at, own, and — in some cases, at least — to drive. Two researchers went through the auction data of 29, car sales going back to the late s. Their conclusion? Most of these cars have been mediocre investments — at best. Gross returns from classic and vintage cars overall worked out at around 5. But that was before deducting all the costs involved in buying, owning and eventually selling the cars. The gross returns figures looked better than most stocks and bonds over the same period, the authors note. But it was a poor period for stocks, as it started near the peak of the s bubble and encompassed two big bear markets, financial experts note. And stocks, unlike classic cars, cost next to nothing to ship, store, restore, insure or maintain. That means classic or vintage cars that have been retrofitted with modern engines, power steering, and even features like air conditioning. The return figures for classic cars were also flattered by a mania for Ferraris that peaked several years ago. It was the hype. During the same period, the average real returns on classic U. As a general rule, classic U. Ford F, But tastes do.
START YOUR BUSINESS
For anyone who loves cars, buying and selling classic cars for profit may be a dream. But there’s going to be a lot of work before you can make that dream come true. Knowing how to replace a carburetor or bang out a dent in a bumper is certainly important, but much of the business of selling cars is going to be leg work — that is, finding cars at prices that you can make a profit on. As Mary Wickison, a year veteran in selling classic cars, points out in AxleAddict, the price you pay for the car will determine whether or not you make money when it comes time to sell. So the key to a profitable business is keeping your original investment as low as possible. There are several ways to find good deals on used cars, but kicking tires at car shows isn’t one of them. Barn Finds: Classic cars stored away in a barn for a couple of decades are rare treasures for car enthusiasts. Kept out of the elements, often kept under a tarp, these can be in great condition, though probably quite dusty. Hobbyists: Most men, and quite a few women, have thought about fixing up an old car and flipping it, but not everyone has the time, patience or resources to get the job done. Their forgotten projects can be a great source for cars that were rescued years ago and kept safe in a garage. Repair Shops and Scrap Yards: Like the half-hearted hobbyists, there’s a chance you will find a classic car that has been set aside in these places. The owner is offered an old car for a cheap price and decides he might fix it up, only to postpone the project indefinitely. Driving around hunting for cars can be a time-consuming endeavor — fun for a hobbyist, but a time-killer for a business owner. If you do have to hunt for cars yourself, Wilkinson suggests using Google Maps’ satellite view or even using a drone to scout the countryside. Advertising and networking, however, will be a much more productive use of your time. Let everyone know what business you’re in, even if it’s not a full-time business yet. Hand out business cards and when you do go to the car shows, consider wearing a t-shirt advertising your business. Antique dealers, pickers, mechanics and car enthusiasts should all be in your networking circle. In fact, if a farmer does have a classic car hidden in his barn, it’s unlikely you’ll find out about it until you talk to him or make friends with someone who knows him. Place an ad in Craigslist letting people know that you’ll pay cash for an old car. You may get a lot of calls and emails from people hoping to make a profit from you, but you should also get calls from people who just want someone to take the car off their hands for a half-decent price. Chances are you’ve already fixed up a car or two and sold it, but as your business gets off the ground you will want to register your company, such as a sole proprietorship or LLC. You will also need to get a dealer’s license from the state and register your company for tax purposes. The requirements for dealer licenses vary in different states, usually depending on how many cars you sell each year. Requirements also depend on who will be buying your cars, consumers or other dealers. In Texas, getting a dealer’s license means you need to get bonded.
BUSINESS IDEAS
For anyone who loves cars, buying and selling classic cars for profit may be a dream. But there’s going to be a lot of work before you can make that dream come true. Knowing how to replace a carburetor or bang out a dent in a bumper is certainly important, but much of the business of selling cars is going to be leg work — crs is, finding cars at prices that you can make a profit on.
As Mary Making money restoring classic cars, a year veteran in selling classic cars, points out in AxleAddict, the price you pay for the car will determine whether or not you make money when it comes time to sell. So the key to a profitable business is keeping your original investment as low as possible. There are several ways to find good deals on used cars, but kicking tires at car shows isn’t one of.
Barn Finds: Classic cars stored away in a barn for a couple of decades are rare treasures for car enthusiasts. Kept out of the elements, often kept under a tarp, these can be in great condition, though probably quite dusty. Hobbyists: Most men, and quite a few women, have thought about fixing up an old car and flipping it, but not everyone vlassic the time, patience or resources to get the job.
Their forgotten projects can be a great source for cars that were rescued years ago and kept safe in a garage. Repair Shops and Scrap Yards: Like the half-hearted hobbyists, there’s a chance you will find a classic car that has been set aside in these places. The owner is offered an old car for a cheap price and decides he might fix it up, only to postpone the project indefinitely. Driving around hunting for cars can be a time-consuming endeavor — fun for a hobbyist, but a time-killer for a business owner.
If you do have to hunt for cars yourself, Wilkinson suggests using Google Maps’ satellite view or even using a drone to scout the countryside. Advertising and networking, however, will be a much more productive use of your time. Let everyone know what business you’re in, even if it’s not a full-time business. Hand out business cards and when you do go to the car shows, consider wearing a t-shirt advertising your business.
Antique dealers, pickers, mechanics and car enthusiasts should all be in your networking circle. In fact, if a farmer does have a classic car hidden in his barn, it’s unlikely you’ll find out about it until you talk to him or make friends with someone who knows.
Place an ad in Craigslist letting people know that you’ll pay cash for an old car. You may get a lot of calls and emails from people hoping to make a profit from you, but you should also get calls from people who just want someone to take the car off their hands for a half-decent price.
Chances are you’ve already fixed up a car or two and sold it, but as your business gets off the ground you will acrs to register your company, such as a sole proprietorship or LLC.
You will also need to get a dealer’s license from the state and register your company for tax purposes. The requirements for dealer licenses vary in different states, usually depending on how many cars you sell each year. Requirements also depend on who will be buying your cars, consumers or other dealers.
In Texas, getting a dealer’s license means you need to get bonded. Keep track of all of your receipts and log the miles you flassic on your own testoring while going to see cars or makng for cars because you can deduct expenses and mileage from your taxes.
And finally, do your research before investing in a car to see how much it will be worth on websites like CarsForSale. A making money restoring classic cars author, David Weedmark has xars businesses on technology, media and marketing for more than 20 years and used to teach computer science at Algonquin College.
He is currently the owner of Mad Hat Labs, a web design and media consultancy business. Share It. About the Author. Photo Credits.
BUSINESS IDEAS
Discussion in ‘ Shiny Things ‘ started by headhunterMay 15, Log in or Join. Adventure Rider. Dismiss Notice. Become a site supporter for a free shirt and ad free viewing. Restoring a car for profit. What model, what year? I just applied my first auto paint job and am all puffed up with confidence that I could do a restoration on something, then flip it for profit. Where is the most profit possible with the lowest acquisition cost? I’d be limited to about a 5k up front investment. I sure don’t want to be tryjng to deal with rustbuckets. I do brakes and all other ancillary system repairs. My bodywork skills are limited to replacing parts and shooting paint. This doesn’t have to be some amazing classic car, could be a 10 year old euro car or similar. I know it needs to be a model with high used demand. Where is the most possible profit for the lowest acquisition cost, after a light to medium restoration? VW westfalia? Older Porsche? BMW m series? AMG Merc? Seems rovers are out based on the used values I have seen.
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