CAR COLLECTING FOR FUN AND PROFIT
by Bob Silver c 9/2001
…a money-making business
The current issue of Sports Car Market quotes me as saying , “If you want to make a small fortune collecting classic cars, start with a large fortune”. That said, let’s go over some other basics:
- Buying a car that doesn’t run is like sleeping with a manikin.
- Never sell an old car to a friend or to your parents.
- Insure immediately for resale value plus costs.
- Buy low, sell high.
- Deduct for incompleteness.
- Treat it as a business.
- Keep records, sell them with the car.
- Keep it covered.
- Get the parking space before the car.
- Get licensed.
- Get a discount for cash.
- The profit is made when you buy the car.
- Make a brochure.
- Don’t fall in love with the merchandise.
- Write the specific objective of each purchase and of the business. Post it on the wall.
- Treat your customer right, your next sale comes from your last sale.
- KISS