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(116 votes) Published: Apr 25, 2007 6:17 p.m. In 2 Favorites Lists Viewed 1004 times
The concept of this egg is very simple, original and basic. It really isnt innovative or anything that wouldnt be considered common sense but i will reveal the tricks of the trade. You will need to purchase a shop manual specific for your car and you will need to have some experience and a good background with mechanics if you want to learn how to make instant profits (sometimes over $5000) on cheap cars.
Im sure that theres a few of us on this site that currently hold or used to hold a part-time job making less than $5000 a year. There are certain jobs that wont benefit you other than your paycheck (grocery store, small shops, privately owned businesses). Other shops can give you huge privelages saving you alot of money in turn making you alot of money depending on how you take advantage of it (automotive shops, car parts shops, hobby shops, dealerships and franchises).
The whole concept behind this egg is that you purchase a vehicle for a cheap amount of money (under $1000) and do work on it to make it worth $4000-$5000 spending very little money to do so (under $1000).
The vehicle to purchase: Do alot of research. I wont tell you to purchase a volkswagen just because i collect them. Everyone has their own types of vehicles that they like to modify or fix up. The most profitable are muscle cars from the mid 70’s and european sports cars from the late 80’s to early 90’s. American muscle cars are easy to obtain, easy to get used parts for, easy to find aftermarket parts made by generic or high quality brands. They also had universal engines and components meaning that parts were interchangeable for over 20 years.
Sometimes buying 1 vehicle and 1 donor car is a great idea. IF you find two identical cars, one with a blown cylinder head and one with a blown engine block than you can purchase the two of them for a cheap price and swap parts to make one expensive car.
Start by repairing the necessities and inspecting things that are common to wear out. Make sure that the chassis is aligned and that its not warped or bent for any wierd reason. An experienced mechanic would be able to spot all major problems within a matter of minutes.
Before purchasing the car, inspect it for engine/transmission/radiator leaks. Powersteering leaks are minor and easily fixed. Check the battery to make sure it holds a charge and be sure that the air/fuel mixture is allright while running (erratic idle). Check the CV joints (rubber boot) to make sure there are no tears or heat damage to cause the grease to splash out and ruin everything. Check the shift linkage to be sure that it shifts into every gear fairly easily.
I purchased one of my last cars for $500, i put $1000 into it over one weekend and sold it by the following wednesday for $3000. I then took that $3000 and purchased a better car to fix up and im currently fixing that up to make it faster and better so i can sell it for more than i put into it. That is the whole concept. It is easily done when you have a shop and tools to bring your car to free of charge.
Things that commonly need repair for cars over 15 years old:
CV boot/joint
02 sensor
Timing belt/re-timed (ignition and valve)
exhaust system
brakes and pads
It all really depends on how the previous owner(s) treated the car. It can be very easy to purchase a nice car for a cheap price when dealing with elderly women. My friend got a 1990 cutlass for $900 from an old woman simply by putting on the pouty face and turning his pockets inside out. The engine is mint and there is absolutely no rust on the car. It has 41,000 miles.
Get to know the person who you are purchasing your cars from. If you are friends with them and you hear good things about them than they will be more honest about the vehicles they sell you. Ive seen someone advertise their car for $1500 on their for sale sign but the price that they give to their friends is much lower. Most people would rather lose a few dollars and sell the car cheap to a friend than sell the car for face value to their friend, have it break down and have their friend and everyone associated with them to get angry with him and lose trust.
Minor Visible cosmetic damage:
Not really severe or a major concern. Just make sure that the car runs right and it has something under the hood that people want. People want late model cars that have been picked through and the manufacturers made the final adjustments to the model of the car based on what people want and like. If a new model comes out in 1985 and ends in 1992 than the better models will be built between 1990 and 1992 (given fact). The cars will also be approximately the same price and the body styling will be a little more in style.
Major visible cosmetic damage: Replacing quarter panels all together may be necessary or some good old bondo would be nice. If the car is a hot item than most serious bidders or car collectors will look past the body damage. It is a major turnoff though for picky buyers who shop for show cars not cars for performance or as a method of transportation.
Key points to remember:
-Do alot of research on the model before you purchase
-Get late model cars with modern accessories and luxuries that the consumer wants
-Donor cars may be necessary to cut down price for hot item cars
-know the person you buy the car from or know that they are reliable
-dont just whip out your wallet the second you see a cheap car, get your research done and search under the hood. There have been some great deals.
Recently my friend purchased a 1974 chevy corvette for $1800 with a big block in it. The car had $60,000 miles on it and one quarter panel damaged. He re-tuned the engine himself, cleaned up the car, spent $650 on body repair, got a new dashboard and shifter from a junkyard for $30 and got a universal engine dressup kit for $150. He sold the car for $7000 two weeks after purchasing it for the initial price.
DONT BE SO OPEN MINDED THAT YOU PURCHASE A CAR FOR $400 THAT HAS NO AFTERMARKET PARTS AND ONLY VERY VEHICLE SPECIFIC PARTS.
Apr 25, 2007 6:26 pm - an easy way to tell how much trouble a car has been giving somebody is by comparing the price of the car with the number of miles. If the car has high miles and a low price than its obvious that the owner hasnt put alot of money into the car recently, theyve owned it for a long time and the car has been relatively hassle-free. But when a car gives somebody alot of trouble in high miles and they just recently put $2,000 into it than the car will sell for a higher price and you will generally lose out. Thats how this concept comes to your advantage more than it comes to your disadvantage. People have their horror stories with old cheap cars but the most common thing that ive found is that they actually get more miles without need of repair per dollar spent than a car in its mid-early life.
Apr 25, 2007 6:30 pm - my dad purchased a 2004 ford f-150 brand new and it needed $700 worth of mechanical repairs for no reason after 200 miles put on the engine. I bought a 1990 volkswagen GTi for $700 and put $30 into it every 4,000 miles for an oil change. I drove it for 8,000 miles before i spent $10 for a shift bushing rebuild kit.
Apr 26, 2007 7:00 pm - 5* because I can tell YOU wrote it, and its true, i love Volkswagens, i have a GTI 2.0 i want to paint harlequin, and a 84 jetta diesel.
May 01, 2007 3:46 pm - Well Mr. ChickGriddles, despite that fact that You and I have had our "disagreements" in the past, I do have to admit, this is a very good egg if i say so myself. I have done many things mentioned here myself and i can say that these methods will work, if you have a good eye for cars and a little patience. Anyone can do this, and if done correctly can lead to good amounts of cash in your pocket in the end. I will give you 5 stars for this one...What do you say, No hard feelings?
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