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E90/E91/E92/E93 (2006 - 2013)
The E9X is the 4th evolution of the BMW 3 series including a highly tuned twin turbo 335i variant pushing out 300hp and 300 ft. lbs. of torque. BMW continues to show that it sets the bar for true driving performance! -- View the E9X Wiki

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  #1  
Old 04-25-2013, 11:06 AM
powerhouseN55 powerhouseN55 is offline
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New part time occupation?

Ok so I am 18 and will be attending Georgetown University this Fall Major in Business Management and Minor in Communication and Media studies...Im playing soccer for the Georgetown team as well... I am fortunate enough to not have to work through college like alot of kids my age but I want to... not a job at mcdonalds but start a small business myself of something that I have alot of passion for..with my parents help ofcourse. So here is the idea:

I want to buy newer(4-5 years old max) high end cars(sorta) that have been in minor accidents and fix them up and resell them for a small profit...start out small with maybe some 3 series or A4s and fix them up..to sell them...since they will have salvage titles they will be alot cheaper but I am sure a fellow fester wouldnt mind a repainted bumper on a car which they are saving about 15% on... you can buy a crashed 2009 328 for like 10k online and put in like 2k into fixing it up well and sell it for like 14k on a car that without the accident would be like 17-18k...after i get the hang of it i would want to eventually open my own lot and have a couple dozen cars on site...all of these cars would be cars I like...the idea is that when im older i could have a big variety of cars to chose from but it would not be an expense since they would all be considered investments...so i could drive a Range rover for a week then the X5 M then the SL63 ect ect ect...

Also i would be donating the profits to a charity...i was thinking i would give the option to the buyer like if he buys the car he/she can decide where the profits goes depending on what they think needs help but then i would have to tell them how much money im making off of them...maybe just say if u buy this car ill donate 1k or 2k whatever the profit may be to a charity of your choice...the idea of this isnt for the money really its more for the luxury of having many high end cars at my disposal at any given moment...and i also really like the idea of being able to help the needy.

I know a guy who owns a smaller dealership in Fairfax, Va. It is a chevy/gmc dealer but he gets nice used trade ins which if he likes he will pick up and keep for a while...although he normally just drives a silverado (humble guy) i would love to be able to have that luxury of picking up any car for a while whenever i want.

Any thoughts suggestions comments? jokes?
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  #2  
Old 04-25-2013, 01:05 PM
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1) Keep the profits and donate a portion of them to charity. Why give all profits? Who works for free? Besides, profits in the bank help you during the lean times when you are struggling to sell cars
2) Generate a business plan. You have an idea, now vet it out. A solid business plan will put in realistic figures, contingency plans, etc. Can your market support your expenses (place to park the cars, fix the cars, up-front costs for equipment, overhead, etc)
3) A repainted bumper does not equal salvage title. Salvage is usually substantial
4) You seem to want to do it all to the car. Fix up the engine, the body, etc. Unless you have some extensive skills you are looking to do the work of what many people focus a lifetime on. For example: You take your car to the bodyshop to fix the body and repaint it. You take the car to the mechanic to fix the engine. You don't mix/match. That's because these are two different things. You need to figure out what you want to be.

I think your best bet would be to go to college, get your degree, and if you want to own/manage a business for fixing cars then spend a lot of time interning at a garage/body shop...though to be honest, you would have the wrong degree. Business degree to manage a garage??? You need a mechanic cert, training in body-work, etc.
A business degree would help you at working in a corporate setting at a major company, not running your own shop.

If you want work experience why not work for a bank as a bank teller, eventually platform person, maybe assistant branch manager? If you don't like finance find another company. It will help you to have that then to have mcdonalds or waiter under your belt.
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  #3  
Old 04-25-2013, 01:52 PM
powerhouseN55 powerhouseN55 is offline
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1. well i figured if i said i would give away 1k to a charity for ever car sold more people would be interested..maybe all of it is a little much but atleast 1 to 2k
I am not going to fix them myself i would take it to a shop to have it done...im talking to a family friend who as i mentioned before owns a chevy dealer he has a body shop at his dealer and could work with me getting me better rates to fix the cars im not planning on fixing anything on these cars...i have never even done an oil change...
im only going to buy cars that have small damage not try to piece together a destroyed car i would do mainly body work and at first i would just keep the cars probably at my house or maybe even at the chevy dealer until they sell there wouldnt be that many at once maybe 2 at most at any given moment..
im not doing it so much for the money as i am for the cars themselves and i also think it would be very interesting to flip cars.

im also not planning on doing this for a living ofcourse..i have other plans for that..wouldnt be doing business management if i wanted to just flip cars lol

ill try to draw out a business plan but i dont know what to include in that
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Old 04-25-2013, 02:42 PM
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Congrats on getting in to Georgetown! Great school.

Just a couple of thoughts. What are you good at / enjoy? Sourcing desirable cars? Eye for cost of repairs? Selling cars?

Why not omit the damage vehicles and just find good value / good price used .... try to buy wholesale and then sell retail making the spread which might be 8% to 12%.

If you are wanting to deal in high line cars many buyers in this segment want a clean history with no accidents or body work reported.

Hassle / cost of repairing maybe finding hidden damage is a big issue and unless you are really good at this just bypass at least to start.

Just my thoughts!
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Old 04-25-2013, 03:20 PM
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If your parents can afford to send you to Georgetown, give them the thou, as a gift, and have them donate it in their name. Your gift to them is not a taxable event (under the yearly limit) and they should get a bigger tax deduction than you can.
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Old 04-25-2013, 03:54 PM
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[QUOTE=powerhouseN55;7543308]
I want to buy newer(4-5 years old max) high end cars(sorta) that have been in minor accidents and fix them up and resell them for a small profit...start out small with maybe some 3 series or A4s and fix them up..to sell them...since they will have salvage titles they will be alot cheaper but I am sure a fellow fester wouldnt mind a repainted bumper on a car which they are saving about 15% on... you can buy a crashed 2009 328 for like 10k online and put in like 2k into fixing it up well and sell it for like 14k on a car that without the accident would be like 17-18k...after i get the hang of it i would want to eventually open my own lot and have a couple dozen cars on site...all of these cars would be cars I like...[QUOTE]

Forget the salvage stuff. Nobody buys that crap.
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Old 04-25-2013, 04:42 PM
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[QUOTE=surfcity335i;7543993][QUOTE=powerhouseN55;7543308]
I want to buy newer(4-5 years old max) high end cars(sorta) that have been in minor accidents and fix them up and resell them for a small profit...start out small with maybe some 3 series or A4s and fix them up..to sell them...since they will have salvage titles they will be alot cheaper but I am sure a fellow fester wouldnt mind a repainted bumper on a car which they are saving about 15% on... you can buy a crashed 2009 328 for like 10k online and put in like 2k into fixing it up well and sell it for like 14k on a car that without the accident would be like 17-18k...after i get the hang of it i would want to eventually open my own lot and have a couple dozen cars on site...all of these cars would be cars I like...
Quote:

Forget the salvage stuff. Nobody buys that crap.
+1 ...... It took me so many more words to say that .....
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  #8  
Old 04-25-2013, 05:01 PM
powerhouseN55 powerhouseN55 is offline
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I just thought there would be more money to be made if the cars are bought with a crash...im not going to buy a car like this
http://www.copart.com/c2/homeSearch....SEARCH_RESULTS



i would get one like this http://www.copart.com/c2/homeSearch....SEARCH_RESULTS
I doubt this will cost 18k to repair probably a good 2-3k and like new

yeah tht would be a great idea too
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  #9  
Old 04-25-2013, 05:14 PM
powerhouseN55 powerhouseN55 is offline
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Oh and i have a different opinion on salvage car...i never told this forum because i knew there would be all these guys like omg ur 17 and u wrecked ur bmw what a disgrace so spoiled blah blah blah but at 13k miles i rear ended some an f150 at a yield sign he started going and i was going to follow him and did on more check and as i was checking he slammed on his brakes and i just hit him it was pretty bad car had to be towed but i think i could have driven it...it still drove like i drove it to the side of the road it was scraping a little but not much..anyways that was my car and bmw fixed it.moral of the story my car sits today with 48k miles with 0 problems...
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  #10  
Old 04-25-2013, 05:24 PM
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While it's a novel idea, and the fact that you'd donate the money speaks to your generosity, there is most certainly a lot more to this type of business than meets the eye. First of all, know there are hundred if not thousands of places and people even in your general area who are doing a very similar thing. The competition is cut throat and the risk is very high. A typical dealer would buy 10-15 of these at one time, and HOPE to win on more than half of them. In other words, you will get burned and you can really only afford to if you are buying in bulk.

Collision and other types of salvageable damage are quite difficult to accurately estimate without taking the car apart, which you will not be able to do. The reason insurance companies are selling them is because they have deemed it's not worth the risk.

Does that mean there are no diamonds in the rough? Not at all, like I said there are many many people making a living doing it. But the two things you must have are experience and lots of capitol to make it work. Otherwise you are taking a walk on very thin ice.
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  #11  
Old 04-25-2013, 05:53 PM
powerhouseN55 powerhouseN55 is offline
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Just to clear things up, this isnt about the money at all it is very small scale the risk is pretty low even with total loss its still less than 20k
I dont want to show off or anything but money is not an issue for my parents mainly thanks to my grand parents but thats another story they are really happy im doing this none of my sibblings ever made a dime in their lives to this day some even in their 20s and neither have I but i want to change that in my parents eyes its a good lesson/experience either way if it take a 10k loss to learn a lesson than so be it but it is something that i am confident will yield some results...i have an eye on a real gem right now and i am going to try to go pick it up this weekend a 2011 BMW 1er M WITH 4K miles seems to be well equipped has navi black on black 10k cash for pick up...has a side impact that is not too bad curtain air bags deployed maybe 20k to fix this bad boy up...it is in an abandoned salvage lot crashed..no way to treat a unicorn like the 1 M... lets say it costs 30k to buy the car and fix it..im sure i could sell it for atleast a good 45k considering theyre all going for 65k on cars.com used with similar miles
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  #12  
Old 04-25-2013, 06:42 PM
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So let me ask you a question, why would an insurance company total a car that's supposedly worth 65k if it would only need 20k worth or work? Let's say that 20 is your wholesale cost to fix it, even if it's 35k retail to fix it they would still be WELL under the 80% factor that most insurance companies use as a "total loss standard".

I'm not saying they never make mistakes, it just seems unlikely you would have had this dream senario fall into your lap which nobody else has picked up on.
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Old 04-25-2013, 07:29 PM
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+1 on the demand for salvage vehicles. It's a different story of you sell these cars overseas. My friends are in business to repair and sell cars to the former Soviets, however, with the availability of VIN checks (carfax) it has become a difficult tenure. The demand for salvaged high end cars is diminishing - they are specializing mostly in Lexus cars - the business is not as lucrative as it used to be.


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Old 04-25-2013, 09:18 PM
powerhouseN55 powerhouseN55 is offline
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I think they insurance companies total loss the car to because it becomes a liability if the car isnt fixed well...like if they try to fix it the car may have 100 problems down the road which will in the end cost them more money so they avoid the risk and drop the car.
I think there would be a market for it if you found the right person...there is a market for anything and anyone...If i had lets say 15k to spend on a car and i was thinking on buying a 2006 325i sedan which are around 15k and all of a sudden i stumple upon a 2009 335i for 15k and less miles but with a minor accident...I think some will bite..its not a bad thing..i dont know why people have such a bad image of it..do you think all bmws have never been in accidents...i crashed mine front and rear i hit a dude and got rear ended by a lady right after
my car is perfect looks like it never happened
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Old 04-25-2013, 09:30 PM
powerhouseN55 powerhouseN55 is offline
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I just honestly think that in the US salvage cars are heavily looked down upon and avoided for some reason..if you go anywhere else in the world you will see american total loss cars being shipped there and fixed there and put on their roads with no problems..and dont pull the theyre not safe anymore card bc the airbag mechanism is an original oem plug and play part like a light bulb and everything else is cosmetic that is fixed...even engines are fixed and bent frames are pulled back. I tell you this from seeing it first hand..i know im not going to convince a country theyre safe but i would not do this if i thought i was putting somebody in a ticking time bomb..like i said...i used to drive a salvage car everyday...never had any issues..
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Old 04-26-2013, 02:51 AM
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CALWATERBOY CALWATERBOY is offline
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Originally Posted by powerhouseN55 View Post
I want to buy newer(4-5 years old max) high end cars(sorta) that have been in minor accidents and fix them up and resell them for a small profit...

...i would be donating the profits to a charity...really like the idea of being able to help the needy.

Any thoughts suggestions comments?
  • Pleasant thought; poor business model
  • You need a license to buy at auto auctions
  • Rare is the salvage title that's easy money
  • Have you ever been sued?
  • Trust me, you won't have time....college is consuming
  • You'll have much better things to do in summer months

My best to ya in school! That's your best occupation....


.

Last edited by CALWATERBOY; 04-26-2013 at 02:53 AM.
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Old 04-26-2013, 12:27 PM
powerhouseN55 powerhouseN55 is offline
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Not to be disrespectful but what backround do you have in business management or planning? i really hope you are not offended i am just curious
I know but theyre not hard to get..
taking chances is part of the experiences and how do u know this what experience do u have? im just wondering not trying to be rude i dont want ppls opinions that are based on just what they think
nope
The thing is this is not a time consuming job like 8-5... u find a car online which takes minutes go check it out at the lot which would take a couple hours then u leave it at the shop and let them fix it..while they fix it u can be doing whatever... and then u just post it to sell the car..and if you sell under 10 cars a year you dont need a license to sell the car so ill be good there

thank you for your input though i really do appreciate it everything helps
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Old 04-26-2013, 12:56 PM
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Unless you have a bunch of knowledge and experience doing this type of business you should drop this idea. However, There are other ways of channeling your ambition.

What I would encourage you to do is to get some kind of "job" that will enhance your human capital. In particular data-analytic skills:
1. how to find the right data you need to answer a question
2. how to analyze that data to find the right answer,
3. How to summarize and present the results of your analysis.
4. How to effectively communicate your ideas and information.
These are essential skills for success in almost any field regardless of what type work you may ultimately find yourself doing in your career. They are also skills that don't have an expiration date. Plus you will be building relationships/networks with the faculty which can payoff after graduation.

What I would suggest is that after you arrive on campus find a faculty member or two in the business school or the economics department and offer to work for them. This may or may not involve actual pay. You should look at it as an apprenticeship rather than a job. I regularly hire undergrads to do this sort of thing.
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Old 04-26-2013, 01:17 PM
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So let me ask you a question, why would an insurance company total a car that's supposedly worth 65k if it would only need 20k worth or work? Let's say that 20 is your wholesale cost to fix it, even if it's 35k retail to fix it they would still be WELL under the 80% factor that most insurance companies use as a "total loss standard".

I'm not saying they never make mistakes, it just seems unlikely you would have had this dream senario fall into your lap which nobody else has picked up on.
A 4-5 year old bmw 3 series is not 65k car. It's in the 20's.
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Old 04-26-2013, 01:26 PM
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Not to be disrespectful but what backround do you have in business management or planning? i really hope you are not offended i am just curious
I know but theyre not hard to get..
taking chances is part of the experiences and how do u know this what experience do u have? im just wondering not trying to be rude i dont want ppls opinions that are based on just what they think
nope
The thing is this is not a time consuming job like 8-5... u find a car online which takes minutes go check it out at the lot which would take a couple hours then u leave it at the shop and let them fix it..while they fix it u can be doing whatever... and then u just post it to sell the car..and if you sell under 10 cars a year you dont need a license to sell the car so ill be good there

thank you for your input though i really do appreciate it everything helps
Nobody here is offended and asking for credentials is legit.

First let me preface. Focus on school. Highschool is a joke, college is insane. First day of class (monday)...three classes...each class will require you have a chapter read (and understood) by Wed. On Tuesday, your two classes will require you to have a chapter read by thu). On Wed/Thu you will get 5 more chapters. On Fri you will get 3 more chapters. 13 chapters (not the easy kind) in one week -> Plus depending on your major, projects. Plus you want to get a college life. Stay away from work and enjoy being a college kid. Once you graduate from school you will have plenty of work.

Now as to my credentials. I grew up in the mechanic industry (my father/brother are mechanics) and I spent many many days in the garage. Profits are not huge, and it's tough. My dad would go to the auction, buy cheap cars, fix and sell them. Luckily he had a lot to sit the cars on, he did the work himself (so cost of car, time and parts). I'd see and help as I could. Where I really took a shining to was the business side - it's hard to sell. You need an advertising budget, a lot to show the cars, let people test drive, etc. Then insurance needs, risk of theft. Front-load cash. If you lose out on one car, and your start-up money is not large, you could be out of business in a heartbeat!
Continuing with my background -> I manage projects (technology). Gathering requirements, building business models, budgets, burn-down charts, ROI, development cycle, etc. None of these are easy and took years of experience to gain. Going into business is not easy...going into business in a complex industry (fixing cars is complex) is not something for the part-time and feint of heart.

Now, maybe a suggestion (if you are bent on working, which really most will recommend you do not do) - how about be the middle man? Kind of concierge. Someone has a car breakdown (accident, standard mechanical issues, etc). They don't want to have to deal with the garage/body shop. They don't know what to look for, get ripped off, etc. You take care of it for them. You take the car to the shop. You work with the shop. You get the car fixed. Because you are always going to the same shop they give you a discount (say 5%). This discount is your profit. The customer pays the same price - but now they are not taking their time they are taking your time.

You will not need as much money up front. You will need a contract that protects you (e.g., you are not responsible for the work done, you are only assisting in the process). You may still want to get insurance - if you ever get sued (even if you don't deserve to be sued) you could spend tens of thousands just to defend yourself - even if you are 100% right.
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Hahahaha, I like you furb, you like to live dangerously.
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I started to google to find a picture to match furby's suggestion to Gia, but it quickly became clear it was an inappropriate search to conduct at work.
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Old 04-26-2013, 01:43 PM
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Quote:
Originally Posted by powerhouseN55 View Post
Not to be disrespectful but what backround do you have in business management or planning? i really hope you are not offended i am just curious
I know but theyre not hard to get..
taking chances is part of the experiences and how do u know this what experience do u have? im just wondering not trying to be rude i dont want ppls opinions that are based on just what they think
nope
The thing is this is not a time consuming job like 8-5... u find a car online which takes minutes go check it out at the lot which would take a couple hours then u leave it at the shop and let them fix it..while they fix it u can be doing whatever... and then u just post it to sell the car..and if you sell under 10 cars a year you dont need a license to sell the car so ill be good there

thank you for your input though i really do appreciate it everything helps
Are you trying to build a team who will do the hard labor, and you will do the management/research?
Are you trying to operate a business out of an auto repair facility or your parents garage?
If later I can see how you can leisurely operate your business until your folks will get tired of it and tell you to close the shop.
On the other hand, if you are trying to build a business as an independent facility you'd starve for 8 to 5 days. That's of course if your goal is being profitable and not get overrun by the operational costs.
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Old 04-26-2013, 02:49 PM
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So, if I understand this correctly, your business model is:
  1. Buy salvage title cars that the insurance company has written off in the expectation that they can't price car repairs and you can get it fixed for less than an expert appraiser thinks you can
  2. ?????
  3. Profit

I will even confess to being Cartman in this clip.
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2009 335i xDrive coupe, Jet Black, Black Leather, Grey Poplar, Steptronic, ZPP, ZSP, ZCW, iPod/USB, HD radio, Parking Assist. Rear Fogs, Hardwire V1, ProFit G3.
ED May 12, 2009, Munich dropoff May 16, Redelivery June 22, 2009




Prior 33 years of cars: 1967 BelAir wagon / 1968 LeMans Tempest / 1970 Mustang Mach 1 / 1972 El Dorado / 1978 Corvette (kept until first Bronco) / 1981 Subaru GL wagon AWD / 1983 s10 Blazer 4x4 (big mistake) / 1985 Bronco 4x4 / 1996 Bronco 4x4 / 2004 Passat 4motion

Last edited by Zooks527; 04-26-2013 at 02:57 PM.
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  #23  
Old 04-26-2013, 03:08 PM
ptrcd003 ptrcd003 is offline
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Location: Toronto
 
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Mein Auto: 328i LCI
Do you seriously think you'll have time during college to repair cars and resell them? Good luck.
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  #24  
Old 04-26-2013, 03:43 PM
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bocabimmer bocabimmer is offline
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Location: South Florida
 
Join Date: Oct 2012
Posts: 734
Mein Auto: '06 E90 325i '07 E92 328i
New part time occupation?

Jumping in late here but I've seen a lot of bad signs:

1. Buy a salvage title car and hope it is repairable.
2. Take to a shop and get it fixed by someone else. (Very little cost saving here.)
3. Sell the car - complete with accident history - to someone (who will low-ball you because of the history).
4. Donate a couple grand to charity each sale.
5. Pay off any associated costs of ads, registration, etc.
6. Repeat less than ten times per year.

With that little profit margin and that low volume, and the risk involved, you'd be better off going to a casino. It's an applaudable idea to start a business, but you've asked if its feasible... Sure, but not at the scale or with the parameters you have presented.


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  #25  
Old 04-26-2013, 03:46 PM
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beden1 beden1 is offline
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Location: PA & FL
 
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Quote:
Originally Posted by ptrcd003 View Post
Do you seriously think you'll have time during college to repair cars and resell them? Good luck.
You took the words right out of my mouth. He will already have a lot on his plate with studies and playing soccer. The OP needs to talk with his college soccer coach to find out about how much time they demand to be on the team. That may be a full time job in itself.

Nice idea but not practical. Nothing worth doing well only takes a couple of hours a week. And yes, I have over 30 years of successful business experience.
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