Jive-Bomber submitted a new blog post: The Money's in the Buy Continue reading the Original Blog Post
Great advice. When the pros stop bidding, it's time for the little guy to put as well! Experience pays.
Perfect advice, not my buy high/sell low history. My only thing is the average length of time I kept the ones I sold was 20 to 30 years. The two I have now will be in the garage after I'm gone.
A speech of Threes is always good. It's a foundation of jokes and getting audience focus. One point that is mentioned a couple times in your blog could also be expanded on though, that homework thing. Have some knowledge of what it is you are buying. If you are a hot rod guy, don't bid on a 50s custom, a 90s truck or a microcar unless it's at a price that is covered by s**** weight. You won't know the pitfalls of that unit, who the buyers are and what your margin is, especially at an auction where the other bidders do know these things. You will get burned!
I am an absolute menace when it comes to negotiating a new car deal. A full blown professional. I have been known to run circles around dealership sales floors like a deranged chess master on coke. I have different strategies for different situations. Timelines. Schedules. Quiet little tricks that never see daylight. It is a process. A system. And it works. I am very, very good at it. Then you put me in front of an old car and the whole operation collapses. I lose all sense of reason. I could talk myself into daily driving a Sherman tank and happily pay a premium for the one with the bigger cannon. Emotion takes the wheel. Logic jumps out at the first red light and runs screaming into the night. Every damned time. I am a perfect mark, marching straight into the trap with my wallet open and my brain turned off.
I like this post and agree with all of it, but there have been rumblings historically around here that if you buy a car to make money you're not a real hot rodder or car guy. Being smart with money and combining a hobby is not a bad thing. You guys know the story of a guy who traded a paperclip over and over again until he got a house? I started doing that. I began with a basket case 40 Ford (See the Varmit build thread) and after 3 cars bought and sold, had a really nice 39 Deluxe sedan. I had to sell the 39 to fund some life changes so now I'm back to zero but for those of us who can't buy a 32 roadster outright, it's a good plan. Long story long, I hopefully will be in the market for another project to start all over again. I must like building them better than driving them?
Agree with you, only a few exceptions in all my years of car p***ion, emotion was the driving force in my purchase of what I wanted, felt I needed. I made money in my chosen trade/business so I could buy what I wanted.
Old cars ain’t bought to make $$$$ for me. But I buy cheap beaters, drive for a while and break even. That’s a win for me. the newer stuff I built the money was made when I bought em
I deal mostly in parts so I'll start there. I will not pay over what the vehicle will part out for including fuel and time to get it. Have I lost a vehicle I should have bought or didn't realize the market changed? Yup,but not often. Project cars same deal with the addition of saleability. 'm not buying a off brand vehicle (except Studebakers) that are slow movers. Lastly, I have subscribed to a mantra mu whole life. A fast nickel is better than a slow dime. Turn and burn .
I fall into #1 for when I bought my wagon. Brain went 'ooohhh shiny....' Paid waaayyyy to much and dumped a lot into her so far as far as parts and time. BUT, I am enjoying the process and learning lots along the way. So maybe I didn't lose tooo much-maybe.....
My oldest son just taught himself the fourth cardinal rule. if the vehicle you're selling is a "weeks-worth of work" away from being a running driver, pull the coil wire and let the buyer find out that last few feet to the finish line takes far longer and costs more money than you can ever imagine.
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