FLIPPIN CARS TO FUND OTHER CAR PROJECTS

[kingsix]

It's not a hard thing to do, but you have to know your limitations. As in, what work will you need to sub out. I'm a fabricator / body / interior guy, I can do mechanical work with no issues, but if I had to make a living at it, I'd starve, just not fast.
It's nearly impossible to figure on what a car needs until you tear it down. Make a list, what you can use, what you need to replace, and what you can sell. Say you want to swap hoods, keep the original & sell it, original sheet metal is getting very pricey these days.

The most important thing is once you make a plan, stick with it. Changing direction in mid build is costly. Be it a driver or concours or in between. Example, a 1972 Barracuda 340 4spd I built. He changed his mind 3x and ended up with a 150k 1972 Plymouth Barracuda. But hey, it's numbers matching ..

 

[RacerM41]

hey man when are we shootin?.. lets make some racket!!!

Yea, tomorrow afternoon. We are eating lunch with daddy so I will text you sometime.

 

[sparked1]

Don't you have to pay tax now when you buy it?

Yes, when you go and register/title the car you do. Luckily, I didn't have to do that because she (previous owner) was a good friend and she simply signed the BOS and title over to the new buyer. I simply, and unofficially, "brokered" the deal.

If I would've registered it, that would've eaten up all the profit. 7% of the $15k blue book is just over $1k. Not worth it in this case.

 

[Big Ben]

Yes, when you go and register/title the car you do. Luckily, I didn't have to do that because she (previous owner) was a good friend and she simply signed the BOS and title over to the new buyer. I simply, and unofficially, "brokered" the deal.

If I would've registered it, that would've eaten up all the profit. 7% of the $15k blue book is just over $1k. Not worth it in this case.

There won't be too many times that one can do this, unfortunately. Thanks for the explanation!

 

[letusbuyyourcar]

Yes, when you go and register/title the car you do. Luckily, I didn't have to do that because she (previous owner) was a good friend and she simply signed the BOS and title over to the new buyer. I simply, and unofficially, "brokered" the deal.

If I would've registered it, that would've eaten up all the profit. 7% of the $15k blue book is just over $1k. Not worth it in this case.

The bitch part is that no matter what the condition of the vehicle the state demands 7% of the NADA top dollar retail price. So like when we got the 02 Jetta voluntary repo with the bad VR6 they wanted all the money in sales tax even though it was an inop car that we got for about $600.00. The problem is that they don't take into account that the car could be a junker barely running. They just look up the NADA retail and that's what they charge.

 

[Big Ben]

They also don't factor in mileage, do they?

 

[Big Ben]

Also, does the tax man change their rates later in the year when the car values have gone down?

 

[sparked1]

The ***** part is that no matter what the condition of the vehicle the state demands 7% of the NADA top dollar retail price. So like when we got the 02 Jetta voluntary repo with the bad VR6 they wanted all the money in sales tax even though it was an inop car that we got for about $600.00. The problem is that they don't take into account that the car could be a junker barely running. They just look up the NADA retail and that's what they charge.

Yup. It's quite the racquet the state has put in place.

 

[sparked1]

Also, does the tax man change their rates later in the year when the car values have gone down?

They use the NADA guide. Same one you and I can obtain. The values change as the guide is published yearly.

 

[Big Ben]

They need to use something else. I liked the old system better!