Plan A: Buy a car. Drive it for three years. Raise your kids in the same car. Plan B: Drive the car for five years, change your mind about buying it, and sell it. Then drive a few more years without owning a car and my kids will be safe from their dads. The theory is valid, but the practice is less than ideal. Even if you could raise your kids in a Smart Car for the rest of their childhoods, that’s not much of an investment—unless you’re literally swimming in cash. Luckily, there are ways to save money on old cars by rehabilitating them yourself!
How to sell a car
Buying a new car is an investment, and you should make sure you understand the risks involved. As a car dealer, you’ll face competition from dealers who may offer more expensive inventory and services, or who may have access to cheaper inventory. About a third of all new car sales are bone-dry, meaning there are no miles on the car. That’s normal for new cars, but not for used cars. When it comes time to sell your old car, you’ll want to be prepared to negotiate a lower price than if you were buying it used. This way, you won’t owe the dealer money for less value than you achieved as an original equipment car. If you’re in a tight spot, selling your old car can be an option. You can always return it to the dealer and get a lower price.
The concept of rehabilitating a car
A car needs maintenance to stay in good shape. If it’s been four years and you’ve still not managed to shake off the habit of driving it, the time has come to clean it. There are a few ways to clean a car: Wipe the surface (usually with a car wash), Vacuum, Dry the windows, Reposition the seat, Change the oil, Change the filter, Change the transmission, and Change the oil. After all of that, your car should be ready to drive again.
Be selective on cars you want to rehabicate
Buying a new car is an investment, and you should make sure you understand the risks involved. As a car dealer, you’ll face competition from dealers who may offer more expensive inventory and services, or who may have access to cheaper inventory. About a third of all new car sales are bone-dry, meaning there are no miles on the car. That’s normal for new cars, but not for used cars. When it comes time to sell your old car, you’ll want to be prepared to negotiate a lower price than if you were buying it used. This way, you won’t owe the dealer money for less value than you achieved as an original equipment car. If you’re in a tight spot, selling your old car can be an option. You can always return it to the dealer and get a lower price.
Don’t drive an old car in your car-free days
In many cases, you’ll want to drive your old car in your car-free days. These days, most car dealers will allow you to drive the old car when you buy it, as long as you show up for work on time and take the car to the lot as soon as you arrive. This can be a great deal, as it gives you a chance to make a clean break from the old car and start the new journey in a new and improved car. Make sure to bring documents with you, like a title, title insurance, and a car description. If you want to keep the old car in “use only” mode, this is a good idea. You can always drive it when you’re ready to sell it, but make sure to keep it as a workable antique.
Build a platform for rehabilitating cars
In order to make owning a car more attractive when you’re in your 50s or 60s, you need to provide a compelling justification for your decision. You can provide a rich source of historical data, demonstrate your car’s collectability, and provide a solid business case for the purchase. The basic idea is to sell your old car at a loss, make reparations for its damages, and then pay for the privilege of driving it at a reduced price. It’s a good idea to build a platform for this from the start. Start with the numbers—the total cost of ownership, the expected value of reparations, the cash flow from the sale, and your plan for profitability. This will allow you to show your prospective buyer that you can make a significant profit in a short amount of time. Once you’ve got your numbers out of the way, you can start building your platform.
Final thoughts
Buying a new car is an investment, and you should make sure you understand the risks involved. As a car dealer, you’ll face competition from dealers who may offer more expensive inventory and services, or who may have access to cheaper inventory. About a third of all new car sales are bone-dry, meaning there are no miles on the car. That’s normal for new cars, but not for used cars. When it comes time to sell your old car, you’ll want to be prepared to negotiate a lower price than if you were buying it used. This way, you won’t owe the dealer money for less value than you achieved as an original equipment car. If you’re in a tight spot, selling your old car can be an option. You can always return it to the dealer and get a lower price.
