Here is Part 2 of Learning How To Buy And Sell Cars The Hard Way…
“When I left for Spokane and he sold the first car for scrap, he waited four weeks before completing the transfer of title. He assumed the buyer scrap place would just tear it apart for parts. Well, the buyer sold it to someone who tried to drive it and the car broke down on the road, the buyer abandoned it, and since I was the title holder, I had to pay $1000 for three weeks storage. I checked the records and found that he finally remembered to change title the fourth week, but then it was too late. So I invested $2500 in the cars initially, and then paid $1000 more for storage, total investment of $3500. My return? $300 on the first car, $500 on the second, for a net loss of $2700. Tough lesssons.
Your eBooks ( ‘The Lazy Way To Buy And Sell Cars For Profit’ and ‘Car Deals – A Close Look From Start To Finish’ ) emphasize attention to detail and one can only be sure of that by learning the details oneself and making sure a partner follows those details the same as you would. This story is a key reason why I bought your eBooks and will read every one closely and follow the lessons.
Sincerely,
Joe T.”
I pretty much cover all those mistakes in my book (even the one dealing with the guy not bothering to transfer the car), but thanks again for taking the time to share this story with us Joe. And as one who has spent his entire life learning from ‘The School Of Hard Knocks’ (uh, that would be me!), I’m sorry you went through this, but this is the kind of stuff than can make a person stronger – and more profitable if they are willing to learn from their experiences and move on.
One of the great things about buying and selling used cars for profit is that it is a simple business…but…one of the pitfalls about buying and selling cars for profit is that it is a simple business.
Does anyone understand what I’m talking about here?
By the way; if you have a success story…or a DISASTER story…then please send it to me so others can learn from your experiences.
Talk soon…
Steve
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Thanks for the tip in your book about keeping a folder with copies of all the bill of sales and buyers contact information! That one thing saved me about $600 recently when someone I sold a car to failed to transfer it into their name. All I had to do was show the copy of the bill of sale to the towing company and I was able to contact the buyer of the car I sold too.
Thanks again.
JR