Drive for Free, even make money with your transportation budget, seems to0 good to be true but many do it. They simply buy cars cheap then turn around and sell them after reconditioning thoroughly for more than they bought them for and spent in reconditioning…. We used to call it “Curbing” and if you go beyond 3 cars a year you should probably consider getting a dealers license as most States only allow 4 car sales a year from a private individual and that’s not what I am suggesting here unless you want to try your hand at that if you can perfect this..
What I am suggesting with this strategy is more buying what I would call ” Riders”, meaning a car you buy as a diamond in the rough and drive as you recondition sort of depreciation free in fact done right it should appreciate some. Drive and recondition for 4 or 5 months then sell it and do it again. Yes, you need to show the income on your taxes. It is still income instead of depreciation though and for some its a fun thing and profitable. The secret is FINDING THAT DIAMOND IN THE ROUGH.
The ability to find a diamond in the rough is an amazing way to take care of your family. Whether your a used car manager or finding that car for your family. Years ago I was fired a bit destitute, back in those days when you got fired in the car business you also lost your driver, meaning I had no car either. All I had to spend was about $600. Searching and searching for just something I could go find a job with I found an old beat up Pontiac Lemans. It was faded red, bashed up hood, riding on one donut spare, two hub caps… But it ran good.
My father’s training on how to re-condition a used car paid off big, yes I got a job and when I got the Lemans up to snuff I sold it for more than three times what I paid for it and I’m telling you it was worth it because it was ,”A DIAMOND IN THE ROUGH”… So here are some tips on reconditioning.
Here are 11 Must Do’s When Polishing Your Diamond In The Rough
1. Wash it, Wax it, Clean the Wheels and Tires
2. If your headlight covers have dimmed, get a brightener (avail at any parts store) and fix them
3. Clean the inside, trunk under the hood
4. Change the Oil
5. Make sure all fluid levels are perfect
6. If the windshield is cracked call your insurance agent, (Comprehensive coverage) get it fixed.
7. Make sure all warning lights are off and repaired, (check engine, air bag, etc…)
8. Tires should have lots of life left, if not buy some.
9. Make the wheels look good, buy hub caps or replacement wheels from a junk yard
10. Have your local paintless dent guy do his thing
11. Have all your service records in a notebook and orderly