Its always important to conserve your cash when buying cars. I say that because I’ve had readers tell me they have $20,000.00 cash (or whatever) available to go out and start buying cars immediately after reading my book.
Whoah!
Maybe I’m too conservative, but I think this “rolling of the dice” attitude is a HUGE mistake that will pretty much guarantee you to be a flash-in-the-pan in this business!
If you want to continue making money buying and selling cars – if you’re in this for the long term – even if its just to “flip” 1 or 2 cars a month, then its crucial that you conserve your cash and gain knowledge and experience with less expensive car deals first.
After doing a few car deals and gaining some self-confidence, you will naturally flow into whatever price range of used car you feel most confident that you can make some good money selling.
If its Ferrari’s or Porsche’s you feel most comfortable with, then by all means go for it…but you have to accept that you will have a lot more to lose with high-end cars too.
Next time I’m going to tell you about a guy that wrote me that makes SERIOUS cash buying and selling exotic sports cars.
Until then…
Steve
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That’s exactly right Steve.
You have to conserve your cash, gain knowledge and experience until you learn how to sell used cars for profit.
You do this by learning one technique at a time. Learn how to buy a car this way and learn how to buy that way. Learn how to sell a car using this method and learn how to sell using that method.
There are many ways to sell a used car and the more of them we learn, the better off we are.
Yes, that is what I am doing…I am getting help from more experienced people as well… What do you say about getting loans to buy cars Steve?
Hi John,
How do I feel about borrowing money to buy and sell used cars?
It depends on what you know. I’m not averse to putting a car on plastic to get you going if you have been thorough in your research. If you are one to do half-ass research with kind of a “throw the dice” attitude, then I would say you should stay away from borrowing money until you gain some experience.
Steve
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Super post – and great domain by the way:-)