Quote:
Originally Posted by XCRN
My buddy just gets cheap craigslist specials and sell them for more a week later. Its not a lot of money per car but there is a lot of them and that money builds up quick. It a quantity over quality thing. Though he runs into desirable muscle cars quite a bit lately. He probably gets $20k profit a year doing that. So no need in waiting 10 years for some kind of gain.
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I've thought about being my own "wheeler dealer" and doing this for fun as a side gig, but the problem is having to pay the taxes on each vehicle purchased.
Quote:
Originally Posted by allinon72
Does he have a dealers license? Most states cap the number of private sales per year. It's 5 sales in Ohio.
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Aside from the taxes, this is the other problem I would have as well.