[Supers587]

Anyone have experience with flipping cars? That is, buying cars at a good price and reselling them for more money and/or buying POS's, fixing them and reselling them. Is this legal to do? Why don't more people do it? Is there anything I should know before going into this side business?

 

[kurt.]

theres a limit set forth by the state on how many cars an individual can buy and sell in a year without a dealers license..

-Kurt

 

[Miss2.5RS]

I thought you were talking about literally flipping cars..and I was about to tell you about how I'm from Columbus and us Buckeye fans are crazy..

But the above poster is correct. You can only buy/sell so many without a license. You will need to check per your local laws.

 

[Supers587]

theres a limit set forth by the state on how many cars an individual can buy and sell in a year without a dealers license..

-Kurt

Do you know what the limit is for New York? Is it like.. 5, or 50?

I thought you were talking about literally flipping cars..and I was about to tell you about how I'm from Columbus and us Buckeye fans are crazy..

:lol: I probably should have worded it differently.

 

[blackbeast]

I thought you were talking about literally flipping cars..and I was about to tell you about how I'm from Columbus and us Buckeye fans are crazy..

But the above poster is correct. You can only buy/sell so many without a license. You will need to check per your local laws.

me too

 

[jonnydajibba]

NV's limit for buying and selling cars within a year period is 3. The dealers license isn't much. I think part of the reason not a whole lot of people do it is because you need to be licensed with the city and state and be bonded for a minimum of $50k (in NV). Having a $50k bond sounds daunting, but if you go through a bonding company you would only pay 10% of that. A bond is essentially an insurance policy for the city and state which guarantees the amount bonded (our amount here is $50k) to them if you ever go out of business or go bankrupt and cannot pay your taxes.

Check your local DMV and state website for the statutes of how many cars you can sell w/o getting licensed.

 

[Joshua]

you dont see it much because unless you have a source for really cheap parts its just not worth it...

You def wont be able to make any money if you need to take out a loan for the car.. If you have a car loan you have to have it registered and to be registered you need insurance..

 

[Geran]

http://answers.yahoo.com/question/index?qid=20080307111930AAF8FbC

 

[Supers587]

you dont see it much because unless you have a source for really cheap parts its just not worth it...

You def wont be able to make any money if you need to take out a loan for the car.. If you have a car loan you have to have it registered and to be registered you need insurance..

Well, I wouldn't have to take out any loans. I search the regular places and here and there I find cheap stuff. For instance, an 00 RS with 150k miles for $2500. I paid $2000 cash and I'm taking it home tomorrow. I also found an Brighton with some modifications for $500 cash. I'm doing it with a friend of mine and he's got dealer plates so we won't have to ship it.

http://answers.yahoo.com/question/index?qid=20080307111930AAF8FbC

That answers my question, thanks Geran.

 

[Geran]

That answers my question, thanks Geran.

It's amazing how much information "The Google" can supply you.