Investing in used cars?

[COcheesehead]

I know two people who brokered used cars. They both made a living, but I wouldn’t say it was lucrative. Both were actually a little sketch too.

 

[MichealKnight]

Yep

I know two people who brokered used cars. They both made a living, but I wouldn’t say it was lucrative. Both were actually a little sketch too.

Yep. Wholesaling cars - it's gt a dark side. That being said I can tell you there's some I've had 20 year relationships with - I've literally had them go to my home to help my Wife when I was working out of state. Some are humble, salt of the earth - but yeah it can get shady. Trouble is that it's just so darn easy to steal and the funny money is pure cash.

The internet - vis a vis online Dealer Auctions have cleaned up some of it. And because dealerships are getting more corporate, more profitable - - many of them have frozen out wholesalers. But even the online auctions can be messed with - rather easily.

If anyone ever had an idea to do this and stumbled on this thread I wanted them to read these viewpoints - believe me - - I've seen professional well managed dealerships get taken for 6 figures.

 

[arcyallen]

With the current car market...
Low supply = higher price...
High demand also =higher price...
How many thousands of cars do you think need to be replaced after this storm?
I passed on buying a new truck a few years back... currently could sell it used for nearly twice the price today...

I have a buddy that has been flipping cars for a few years. A year ago I did a flip with him, but felt like the top had to be coming soon (it was already stupidly high) and urged him to sell quickly. We did, and it worked out, but when he called last month to go in on a similar deal I said no. It was a similar car to the one we had last fall, and we'd be buying it for what we SOLD the last one for.

One question I ask anyone who wants to "get in on the action": Why are you considering this now? Likely because others are, and it's popular. That's a good warning sign that things will revert back to normal soon, may it be stock prices, Bitcoin, real estate...or cars.

https://publish.manheim.com/content/dam/consulting/ManheimUsedVehicleValueIndex-LineGraph.png

 

[wrigley]

You'll eventually see trailer loads of used cars heading south toward Florida. But first, the people must deal with insurance adjusters and get some money. Many along the SW FL coast may not even have jobs to go to.

Hopefully the population went inland--and took all their cars with them. If they didn't make a good faith attempt to take a car elsewhere, they could have difficulties dealing with their insurance companies on flood damages.

My college roommate and another friend have/had homes 500' off the south end of Ft. Myers on a canal. Things don't look good for them. They've not reported their status on F/B or the internet. Another friend in Ft. Myers said virtually every restaurant on Ft. Myers Beach has "disappeared."

Coincidence. My brother attended college in Jacksonville and one of his best buds in his frat re-located to Ft Meyers and has lived there for a few years now. My brother stays in touch with him. HE LOST EVERYTHING. He told my brother his F-150 was rolling down the road like a stuffed animal!

Mike

 

[Koolau]

A few bad apples can taint a whole bunch.

And - there's of course, different vantage points, or "certain point of view" for the Star Wars brethren out there.

If you ever want to know inside baseball on this topic - feel free to email for a casual chat - you'd be rather surprised.

Actually, I've had some relatively good experiences with used car dealers. Upon moving to the Islands, we bought two used cars from the same dealer (sales person.) He invited us to Christmas dinner with his family as we knew no one on the Island!

 

[MichealKnight]

Thanks for sharing

Actually, I've had some relatively good experiences with used car dealers. Upon moving to the Islands, we bought two used cars from the same dealer (sales person.) He invited us to Christmas dinner with his family as we knew no one on the Island!

Yep. While understandably some won't believe it - a majority of 'car people' are like the fella you mentioned. Be it a lowly salesperson, a guy who owns a used car lot, or a person that owns multiple large auto dealerships.

 

[JoeWras]

Time has passed since the last post and used cars continue to drop, although they have leveled out a bit.

I'm looking for some old vehicle to make into a work vehicle, possibly a minivan. I've watched the price of older Toyota Siennas drop 10% or so since last fall.

 

[old medic]

I keep an eye out for a deal on a couple models... Would be nice to replace my truck, but its a good chance it will be just the engine getting replaced.
Always open to 1st generation CRVs... Got 4 sitting here now between my brother and I.

 

[Spock]

There is an improving chance of used vehicle prices climbing as forced electrification of new car inventory hits the Northern Plains states and rural areas. I saw some Teslas last fall at about 45 degree North latitude but they were noticeably absent in mid-January up there.
I was planning on trading a near 0 ground clearance Mazda3 for a 4x4 but the vehicle snow package I wanted has been confined to a "4xe" model in 2023. Not happening when it's 220 mile round trip to Costco and prudent winter driving practices up there recommend keeping your tank half full.
I know several people are seeking older vehicles to avoid the buggy tech.