BeerMonkey Posted February 8, 2006 Posted February 8, 2006 Me and my family for the past few years have brought our cars from the car auction near us. So 2 weeks ago thought id pop up there to see how much sports cars that i like go for in there for when i come to get a new one. A lovely X reg Golf 1.8 GTI was amoung the cars going that day i talked to a family friend that worked there and he had let me sit in it and said theres no probs with it...full mot...70,000 miles (high for X reg) so anyway i walked over to the bidding area to see how much it is gunna go for. The bidding started at a lowly 3k and slowly going up so thought fuk it ill bid i got the money *raises hand* and after a few bids i won it (4,800). But nows the good thing i couldnt bear to sell my lovely Polo and the insurance was alot higher than i thought it would be on the golf (twice as much) so decided to sell it for.....8,500 and last week i sold it....£3,500!! profit in a week!! gunna do this more often easy money i dont even have to work...gunna pop up there on monday to see wats there
MunKy Posted February 8, 2006 Posted February 8, 2006 Lucky git. If I had the money to buy a car in the first place I'd probably do the same thing.
Blackfox Posted February 8, 2006 Posted February 8, 2006 But doesnt it have the potential to go tits up and you could lose a lot of money?
Meik Posted February 8, 2006 Posted February 8, 2006 Too much hassle, i'd rather stay home and watch Cash in the Attic.
Mr_Odwin Posted February 9, 2006 Posted February 9, 2006 But doesnt it have the potential to go tits up and you could lose a lot of money? Nope, it's a perfect scheme with no flaws.
Mundi Posted February 9, 2006 Posted February 9, 2006 I know a better scheme, send me your credit card number :p
MoogleViper Posted February 9, 2006 Posted February 9, 2006 I know a better scheme, send me your credit card number :p I've got a better one you see well what you do you see you send me all your credit card numbers and if one of them's lucky you win a prize.
Ten10 Posted February 10, 2006 Posted February 10, 2006 Any cars ending with GTI or some other crazy name addon costs you more in insurance. The companies think its a licence to drive fast and crash up yor car.
Lammie Posted February 12, 2006 Posted February 12, 2006 I think someone beat you to this idea.....some guy calling himself a used car salesperson....
Oli1983uk Posted February 13, 2006 Posted February 13, 2006 i know loads of people who have done this and it does go tits up from time to time, the good thing here is you have a friend working for the auction house who can give u some tips about the cars. My mate Bought an Astra 52 plate from the auctions for £1300 a few months back, he crahsed it last week and the insurance company has wrote it off and paided him £4300 for the car.
mike-zim Posted February 13, 2006 Posted February 13, 2006 you have to be very carefull. if this does take off you might have the tax man at yur door asking for a cheque. you would be considered self employed. so look into it before you buy & sell too many.
BeerMonkey Posted February 13, 2006 Author Posted February 13, 2006 ah good point mike-zim ill do that if i end up doing it more this year cheers
elniro Posted February 13, 2006 Posted February 13, 2006 Yea it can be risky, a car u buy for a certain amount of money and u can only sell it off for much lower. So it can be risky, otherwise nice one on that profit u made and wtf sort of reply is that from the guy above me
Fierce_LiNk Posted February 13, 2006 Posted February 13, 2006 and wtf sort of reply is that from the guy above me Don't worry. His idiotic reply has been removed. It's a good idea in theory, but there are many flaws or drawbacks. Most of which have been mentioned in this thread. Other than that, i hope it works out splendid for you.
Bowser57 Posted February 13, 2006 Posted February 13, 2006 Any cars ending with GTI or some other crazy name addon costs you more in insurance. The companies think its a licence to drive fast and crash up yor car. Well it's also that statistically that car is far more likely to end up wrapped around a tree, or be taken by some fool.
Strider Posted February 13, 2006 Posted February 13, 2006 Id like to do somthing like this...usually it only gets as far as talking about it and never doing it.
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