The Doubler's Den

[sprundit]

If any of you remember my last automobile deal where I brokered a deal between a car seller and buyer, I have the opportunity again. This time, however I am actually purchasing the car and intend to drive it around a while. I HOPE my good sense keeps hold of me and I don't get too involved in the car and decide to keep it, but we will see.

I bought the car for $800 from a friend. I actually have yet to pick it up, but I do have possession of the title. It needs a bit of tweaking, but can sell for up to $4500. I do not expect anywhere near that, maybe $2200 or so. In any case, when I sell it, it should be at a decent profit.

I'll keep you guys posted
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Step 20

Thin Air Millionaire

[Xinfinitum]

Hope your deal works out well.

Looking forward to hearing about your progress with it.

Regards,
Xinfinitum
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My One Million Friends

Xinfinitum.com

[reforce]

Did you end up selling the car at a profit? How'd it go?
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Double Dynamics

[sprundit]

The deal is still in play, unfortunately. So far, I have spent a total of $900 on it. The car I bought was not in the shape i was hoping, even for $800. I spent $100 on the registration of the car as well, hence $900.

The good news is, I traded title for title to a friend for another car, one I would actually keep. In fact, the same make and model of my last car deal, 1988 Ford Mustang 5.0 convertible.

I am actually in negotiations with a room mate to sell it to him for $1600. He wants it and agrees to the price. The hangup is how I get paid. I want it all up front and he wants to make payments. Once I get that worked out, then I would have made $800 on the deal. Not bad.

I'll keep you guys posted.
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Step 20

Thin Air Millionaire

[Blondie]

Won't it be $700 if you had $900 into the one that you traded title for? At ant rate, it is a very nice return...
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[Xinfinitum]

Always get the money up front. Anything else will lead to heartbreak and conflict.

Regards,
Xinfinitum
_________________
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My One Million Friends

Xinfinitum.com

[sprundit]

Yes Blondie, you are right, but if I go with payments (hes borrowed lots of money from me before and been great about it) he has to pay another $100 interest, which is a deal, I usually charge 10%. I forgot to add that in. So $700 or $800 profit. Still, I'm good with either.

However, I do agree with X in that money up front is the best policy. The car is just sitting in the driveway anyway, so it can stay a while longer.
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Step 20

Thin Air Millionaire

[Blondie]

The problem with a friend and payments is that they may think you will understand if they aren't able to pay. Upfront is always better.

Good luck with this.
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[sprundit]

OK, I have a compromise worked out. I get to hold the keys and title until he pays for the car, basically a layaway plan.

He will pay double rent with the extra going to the car for 3 months. That will pay for the vehicle. I will keep the money on the side until he is finished, should he decide not to purchase the car and then will sell it on the sire, craigslit or something.

The only thing that could be more fair for both sides would be a third party escrow, but it should not be needed.
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Step 20

Thin Air Millionaire

[Blondie]

That is a good compromise.
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