Let’s talk about How I Just Lost 8-10k Buying a New Truck.
I bought a new truck this weekend. It wasn’t a good financial decision. I could’ve have gotten a year older model that is around $10,000 less the value of this brand new model with about 10,000 miles on it.
I did this to treat myself. It’s the first brand new car that I bought for myself. I’ve been working really hard and making $500 payments each month for the car won’t hurt me that much since I have businesses that can pay for it.
Don’t buy a brand new car if you’re just making $2000 a month. That’s a mistake. You’re spending 75% of your earnings to pay for a car. That doesn’t make sense.
Check out the video as I show you my new truck. It has pretty awesome features.
Question: Been trying to sell my 2001 Cadillac for weeks now. I’m having difficulty selling it. Should I meet buyers at my home or should I meet them somewhere else? [10:26]
I would always recommend meeting people away from your home, unless you know them or if you feel like you can trust them. I used to meet people in shopping centers.
If you already feel comfortable with the person, you can ask them to come to your house to pick up the car. But, for those who are checking out the car for the first time, I like to meet up with them somewhere.
Question: Do you detail the car or leave the cars as is? [11:08]
I detail every single car that I get. I buy stuff in bulk like floor mats and steering wheel covers. There are certain things that I do to every flip to enhance the smell, look and feeling of the car. The first impression is the last impression.
Remember, rewards come after risk. Don’t be afraid to take a leap of faith and believe in yourself. If you feel that it’s a good deal, then go for it.
Again, you always need to think of multiple streams of income. Flipping cars is one way to make money. You can also have a side job wherein you do detailing or mobile tinting.
Question: What kind of cars do you recommend to get started with? [13:15]
I love Asian cars such as Subaru, Honda, Nissan, Toyota, Mazda, Hyundai and Kia. These are great cars to start with, especially the older models.
Question: How many miles is too many? [13:35]
It depends on each state. When I was living in Hawaii, 8,000 to 10,000 miles a year was the average. Here in Texas, 10,000 to 15,000 is the average.
Question: What are your thoughts on cars that are over 200,000 miles? [14:16]
I like to get the lowest mileage cars as possible. On the other hand, my friends in this industry would all say that condition is more important than mileage. I agree with that.
So, you have to remember to not just look at the mileage but, the condition of the car as well. People are more inclined to buy a car in great condition even if it has high mileage.
I teach more of these to you and give you in-depth information about flipping cars in the F1 AutoCashFormula VIP Course. Don’t forget to grab my FREE Report as well.
Question: A seller asked me $3500 for a car. What’s your first offer? [17:21]
That’s difficult to answer because there’s not a lot of information on that deal. I don’t know the mileage, the condition, the make and model. It’s all going to depend on all these. I base my offers on the potential value of the car. What can I sell it for?
Question: Have you bought cars and not being able to flip them? [19:32]
Yes, but eventually had to sell them.
Question: Where are other places to find cars aside from Craigslist? [20:13]
Tap on your network. You need to tell other people that you buy cars or hand out your calling card.
Question: Do you recommend flipping from auto auctions? [24:08]
Yes, if you know how to buy and get good deals. If you want to buy from auctions, you need to control your emotion and use your logic when bidding. You must know when to stop on a deal and not get into bidding wars. Auctions are a great place if you know how to buy correctly.
It’s Tony from F1 AutoCashFormula 2.0 – How To Buy And Sell Your Cars. I hope you enjoyed tonight’s show and learned a lot from the Q&A’s that we did.
Don’t be afraid to start, make a mistake and fail. Everybody fails at one point. It’s what you do after you made a mistake that’s important. Learn from it and keep on going!
I’ll see you all again next Tuesday at 9pm Eastern. Please Like, Share and Subscribe to my videos.
Talk soon! Cheers!
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