Hi Everyone,
I have never bought or sold anything for a profit, and I definitely do not want to go about doing so before doing a lot of research and asking around for advice.
I found a used, low-mileage (19,000 miles), 2012 BMW 335i with a Dealer Trade in Value (per Kelley Blue Book) of $24,000 to $27,000, and private party was even higher than that. If I can get it for $23,500 (very likely as I have been talking to the dealer selling it), would I be able to make a profit out of it? The car is in above-average condition. I checked the carfax, it has one owner, no accidents, and no issues with it. The interior looks almost new, and so does the exterior. I has been regularly serviced as well.
To summarize, these are my questions:
- Will I make a profit with these price points? Virginia taxes and tags are estimated to be $1,073
- Will I need to get a dealer license in Virginia if I'm just buying and selling one car at a time?
- Will I need to get tags for a car that I'm not intending to keep for very long?
I would greatly appreciate any advice anyone has. I've dreamed of investing for so long but never had the courage to do it. I don't have a ton of money so my margin for error and loss is pretty low, but I can afford some loss.
Thank you!
I have never bought or sold anything for a profit, and I definitely do not want to go about doing so before doing a lot of research and asking around for advice.
I found a used, low-mileage (19,000 miles), 2012 BMW 335i with a Dealer Trade in Value (per Kelley Blue Book) of $24,000 to $27,000, and private party was even higher than that. If I can get it for $23,500 (very likely as I have been talking to the dealer selling it), would I be able to make a profit out of it? The car is in above-average condition. I checked the carfax, it has one owner, no accidents, and no issues with it. The interior looks almost new, and so does the exterior. I has been regularly serviced as well.
To summarize, these are my questions:
- Will I make a profit with these price points? Virginia taxes and tags are estimated to be $1,073
- Will I need to get a dealer license in Virginia if I'm just buying and selling one car at a time?
- Will I need to get tags for a car that I'm not intending to keep for very long?
I would greatly appreciate any advice anyone has. I've dreamed of investing for so long but never had the courage to do it. I don't have a ton of money so my margin for error and loss is pretty low, but I can afford some loss.
Thank you!
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