Used Car Secrets

Thursday

The thought behind the name

I am a 17 year old (almost 18) that has an entrepreneur for a stepfather. He is determined to prepare me for the ‘real world’ and all the money struggles that, rumor has it, comes along with living out there. He has a lot of ideas for quick money making schemes that I could get into to make a quick buck when I need or just to save up for when I will. One of these tremendous ideas is that I can buy and sell cars, not brand new ones, but used ones that I can get for a deal. When buying my current car, a ’93 Pontiac Bonneville, we got one of the greatest deals around. The people trying to sell it were asking $3,000 and my stepfather got it looked at with no intention of buying it for that sort of price. The ABS on it was horrible and would lock up the tires at any time it chose to and it had an oil pan leak, an antifreeze leak, and a few other little quirks. It was indeed an old car, but he still had no intention of paying that amount. He then offered $1,500 and said that it meant no more to him. They offered to bring the price down to $2,000, but my stepfather said that he wouldn’t go over $1,500. They said they were sorry and all that jazz but, then, called him the next day and said they would sell it for the price he offered. After putting a few hundred in brakes and AC he could’ve easily sold it and made up to $1,000 on it. We also have a Pontiac Firebird that we bought for a screaming deal and could’ve easily made up to a thousand on that as well. My stepfather has always said that you just need to look for a deal, get a little upfront money, and specialize in one kind of car. If I were to look now, I would just specialize in looking for and selling Pontiac Bonnevilles, just so you know what is reasonable and be able to tell the car’s true value. Another good piece of advice is that you should be able to walk away from a deal, no matter how much you like the car. The reason for this is if the seller thinks you don’t care they won’t attempt to pull you in with negotiation and ‘deals’. Throughout this whole writing process I will continue to update and relay advice I am given on how to help others, as I am being helped, learn how to buy and sell cars.