I know it's off topic but oh well. I have a 2001 Mitsubishi Galant. It has about 176,000 miles on it and my rear end is f-up because someone hit me. It runs pretty good but it currently needs a new caliper, router, and braking pads which is about $100-$150 in parts.
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normal distance a car will have per year is 25,000 Kilometers, if it has less than that, the car hes been treated well. If it has more, the car has been treated harsh. I dont know how many miles a kilometer is you could sell that car here on Panama for 3.5kComment -
I would give it to someone who needs it or donate it.המוסד
המוסד למודיעין ולתפקידים מיוחדים
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I'd give you maybe 500 just to beat the hell out of it and crash it.Comment -
What would you pay for it?
There you have it.Comment -
Yeah, i was thinking about donating to purple heart. I can also put it on my taxes if i donate it. hmmmmOriginally posted by flyingilliniComment -
You should have traded it in last year for 4K for cash for clunkers.Comment -
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I was in the car business for a long time. Thats what we call an OFD when appraising for trade in!
One Fukin Dollar
Now you could sell it retail for about $500, but you'll get 0 actual money on a trade in, just what they want to show you by taking profit out of the car you're buying. But $500 would be a big price, probably $400 if it runs decentComment -
Originally posted by THE PROFIT
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you still in the biz, carseller?Comment -
It only cost $100 in parts to fix the brakes (just the front brake by the driver side). It runs well, never had any problems really.Originally posted by THE PROFITComment -
Cash for clunkers would have been the best deal.
If you have a demolition derby near you or community college with an auto body shop you can try selling to them if you can't get a private sale.
Or you could sell the parts piecemeal yourself but not worth it if you value your time.
Choosing donation or cash sale would depend on your tax bracket.
Not knowing financial situation private sale is probably best but if your hourly is high just donate it.
If the car was worth more you could probably get more from insurance but this is a shady route that I do not recommend. Slippery slope!Comment -
Just keep it for a 2nd ronfla. Run the thing til you don't have to do a thing to it. When it doesn't drive anymore call up the junkyard to come get the ronfla.המוסד
המוסד למודיעין ולתפקידים מיוחדים
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I understand, but thats the market. Its a 10-11 year old car, body damage, almost 200K miles, its scrap metal. If it didnt have the body damage you might get $500, maybe from a kid needing something to get aroundOriginally posted by all_wadeComment -
Yeah.....too lazy to get a real job...Originally posted by THE PROFIT
Average 12 cars a month X 3 hours for typical car deal....yeah I actually work about 36 hours a month and make about $50K a year, I could do more but then it would turn into work.
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where you live? Still real slow here. I still have alot of friends in the racketComment -
Ive been thinking about opening a BHPHComment -
Just East of Dallas. Pretty slow here also. I have also seen a lot of lower credit scores lately. Combine that with the banks tightening up on their credit standards, it makes it pretty tough.Originally posted by THE PROFITComment -
I started selling when car sells hit its peak, '98-'00. It has been all downhill for the industry since. Im in East TN so its a lot different market than DFW area.Comment -
If you can get through the 1st year and have your cars covered from the start (no bank financing), and a good repo man, you can make some good money!Originally posted by THE PROFITComment -
Ive done a little repo work, have no problem with that especially since I would be the one getting their info & would have keys.
Thats the best part of it. You take their Down Payment which is what you have in the car, so every payment they make is profit. Then as soon as they miss a payment you go get it & sell it again for pure profit. Its the best legal racket in the worldComment -
Im just not financially able at the moment to go buy 15 clunkers, but may do it within 18 months. I used to work for a guy a long time ago at a BHPH. Cant remember then, but laws have probably changed.
Is there laws like with cash advance on the amount you can charge?Comment -
33% interest is the highest you can charge, and there is no law restricting the amount you can sell a car for. A few years ago I help set up a BHPH for a major dealer and the interest rate was pretty much set at 29.9% and always sold the cars for 3X's the amount they had in them. Hardly ever bought anything over $3,000....so they sold for $9,000Originally posted by THE PROFITComment -
Around here its more like buy cars for $1000-$1500. You take at least $500 down & they pay weekly. So you have your money back with DP or a month later. If they keep it 6 months you've made good money, go get it & start all over.
This guy I worked for was a real prick. He would send me all over east Tn to do his dirty work, he had 4 of these lots. I took some interesting payments from hot chicks from time to timeComment
