Cash Cow

BurningRubber · Sep 10, 2007

So, im sure some of you have gone through this.

Your young, you start working. You save a decent amount of money for your age and then when other things come into play (car, bills, gf, wants/needs) you realize its not so easy to save money any more.

What do you guys suggest for one to do to save some extra cash? Is there any good investments that can be made? Anyone into flipping cars or anything?

Tired of getting paid grains of rice for resturant work and want a semi-steady cash flow while im in school.

joshjwc9 · Sep 10, 2007

I'm 19 and have flipped cars for a short time.

It is an easy business, but you need to buy and sell with such an increase in wanting price for cars to cover the costs if you keep or cant sell the car for an extended period.

I have flipped a couple fox bodies, 240's and Honda Civics and Integra's with my dad for approx. 6 months and barely broke even.

It is difficult to take a hit on a car when selling it and when your not selling your losing money. Its not something I would suggest to someone who doesnt have alot of money to start out with, the first car we had was a 240 where we made 250 bux out of it, and in the long run it doesnt fund much.

I highly suggest finding a second job or focusing on school and mod as slow as possible like I do. You and I have plenty of time to mod cars or get new ones...

eliteJAE · Sep 10, 2007

with school getting serious, i dont have any time for any jobs when my old man was in high school, he had learned to repair common household appliances like washers, dryers, stoves, coolers, etc. he was pulling in at least 300 dollars a week from simple one hour jobs almost everyday. btw, he was pulling in that type of money in....1978 needless to say he had a badass chevy the equivalent of that in modern times (something that i do) is computer repair lol

as for SERIOUS cash cows......probably do you more harm than good if youre really working hard in school

Superhereaux · Sep 10, 2007

you could always move some rock...

mustanggt3685 · Sep 10, 2007

Work hard in school- it may pay off in the form of scholarhips and such. It's a great way to save some cash.

the98stang · Sep 11, 2007

BurningRubber said:
So, im sure some of you have gone through this.

Your young, you start working. You save a decent amount of money for your age and then when other things come into play (car, bills, gf, wants/needs) you realize its not so easy to save money any more.

What do you guys suggest for one to do to save some extra cash? Is there any good investments that can be made? Anyone into flipping cars or anything?

Tired of getting paid grains of rice for resturant work and want a semi-steady cash flow while im in school.

I've been turning cars since I was 16. I've made a lot of cash that way. You just need to know what cars are hot, and how to sweet talk people.

It's not easy to save money, but I recommend spending it all NOW! Sounds stupid, right? Not really. Because when you move out, have kids and a wife, you won't have ANY extra cash, unless your making bank. I keep asking myself why I've spent so much money on my car. Then I realize it's because when I'm older, I'll have less time and money for toys/hobbies!

the98stang · Sep 11, 2007

joshjwc9 said:
I have flipped a couple fox bodies, 240's and Honda Civics and Integra's with my dad for approx. 6 months and barely broke even.

You have to know what cars are going to sell good. I have found that accord's and camry's sell REAL quick, it's ridiculous.

Rock302 · Sep 11, 2007

That's part of going to college man. Are you needing the cash right away or you want to sock it away for long term.

Stick some money from your paycheck in a savings account or something. Nowadays some accounts are paying 5-6% which is alot better than your typical savings that earned a measly 0.25%.

Or, I think the better option would be to stick it in a good mutual fund and get even better returns. I'm older than you are and I get monthly checks from my fund company anywhere from $500-600 a month for doing nothing. Of course this is over time but you gotta start somewhere.

joshjwc9 · Sep 11, 2007

the98stang said:
You have to know what cars are going to sell good. I have found that accord's and camry's sell REAL quick, it's ridiculous.

Trust me, the cars I was turning werent cheap ones, both Integra's were turboed and teh Fox bodies werent crap, all went for more than 5k, but you need money first before you buy a car to flip, its hard to get started without losing money too.

BurningRubber · Sep 11, 2007

I just want some to stash, a little for now. I was really good at saving and then my habits changed. I need to change them back, hah.

Thanks for the suggestions guys.

EPIK · Sep 11, 2007

the98stang said:
I've been turning cars since I was 16. I've made a lot of cash that way. You just need to know what cars are hot, and how to sweet talk people.

It's not easy to save money, but I recommend spending it all NOW! Sounds stupid, right? Not really. Because when you move out, have kids and a wife, you won't have ANY extra cash, unless your making bank. I keep asking myself why I've spent so much money on my car. Then I realize it's because when I'm older, I'll have less time and money for toys/hobbies!

That's my theory too!!!!

the98stang · Sep 12, 2007

joshjwc9 said:
Trust me, the cars I was turning werent cheap ones, both Integra's were turboed and teh Fox bodies werent crap, all went for more than 5k, but you need money first before you buy a car to flip, its hard to get started without losing money too.

1) Fords have TERRIBLE resale value. And most people won't buy a Ford. So there is your first problem.

2). You want to buy cars that cost around 2 grand or less. Not too many people have 5 grand in cash laying around, so those cars are going to be hard to sell. Most people buy brand new cars, IF they go out of their way to get a loan.

3). A lot of people don't like modified cars. Especially heavily modified cars with turbo's. They see the car, they KNOW it has been beaten. The average joe doesn't want a speed demon. They want a 30mpg 4 cylinder with low miles, that hasn't been tampered with or riced out.

Trust me, I've sold so many cars, I could write a damn book about it.

joshjwc9 · Sep 12, 2007

You dont live in the Tampa area, the cars I listed could have easily been bought and resold for at least $800 to $2000 more than what I paid, but most of the cars I bought were using a dealer license from my father and doing little fixes on the cars.

Foxes are increasing in value down here so much that some are going for the same price as some stock 99 and up GT's.

240's are the new bandwagon car so cleaning up the one I bought for 1200 and tuning it up for another 300, I sold it for 2400 bux.

Turboed honda's were the craze down here a couple years ago, but people still want them and overpaid for the two I bought.

I made enough money to split with my dad and buy quite a few things I wanted but it was too time consuming.

Remember there is a sucker born every minute, ask a little more for every car you got...thats what my dad said.

BurningRubber · Sep 12, 2007

Location has alot to do with it.

Where im at you can take a $1,800 1974 F-150 , cut the mufflers off and slap a "GIT R DONE" sticker on it, jack it to the sky put some 38" mud terrains on it and sell it for 8 grand.

This might be something I want to look into. There are several auction places within an hour or so of me, might be a good idea to start nabbing and flipping.

Is there alot of time/paperwork involved in selling though? I know buying isnt terrible but I havnt sold either one yet.

Black'02 · Sep 12, 2007

Well one of the best ways to save is by having it taken out of your paycheck by your employer every time you are paid. With a 401k or just having a set amount deposited into a good savings account you save the money before you see it and can spend it. Also you would be suprised at how much you can save by just cutting out stupid stuff like a daily cup of coffee at starbucks and things like that. Its best to start saving young, especially if its for something long term like retirement.

the98stang · Sep 12, 2007

joshjwc9 said:
You dont live in the Tampa area, the cars I listed could have easily been bought and resold for at least $800 to $2000 more than what I paid, but most of the cars I bought were using a dealer license from my father and doing little fixes on the cars.

Foxes are increasing in value down here so much that some are going for the same price as some stock 99 and up GT's.

240's are the new bandwagon car so cleaning up the one I bought for 1200 and tuning it up for another 300, I sold it for 2400 bux.

Turboed honda's were the craze down here a couple years ago, but people still want them and overpaid for the two I bought.

I made enough money to split with my dad and buy quite a few things I wanted but it was too time consuming.

Remember there is a sucker born every minute, ask a little more for every car you got...thats what my dad said.

That's true....different locations have different "hypes"

the98stang · Sep 12, 2007

BurningRubber said:
Is there alot of time/paperwork involved in selling though? I know buying isnt terrible but I havnt sold either one yet.

It CAN get complicated, but you need to understand the smog laws in your state, as well as registration laws.

In CA, a smog certificate is good for 90 days. So when I buy a car, I have the owner smog it. That way the smog is good for 90 days, and when YOU sell the car, the new owner won't need to smog it.

Also, when buying a car, you have to avoid taxes and registration fees. Esentially, you lie to the government about your identity, so they REALLY don't know who owns the car. So you have to make up a story when you sell the car. Like "it was given to me by my uncle as a gift" etc. I'm not saying you HAVE to do this way, but this way you won't have to register the car in your name, and you won't have to pay taxes (damn the government!!!) PM me if you want some advice. I can help you turn your first car

BurningRubber · Sep 12, 2007

No smog here, thank goodness... hah.

I figured taxes, registration, and insurance would have to be set up also. That kind of turns me away from the idea. Im not too crazy about lying through it either, maybe there is a legal way around it?

the98stang · Sep 12, 2007

BurningRubber said:
No smog here, thank goodness... hah.

I figured taxes, registration, and insurance would have to be set up also. That kind of turns me away from the idea. Im not too crazy about lying through it either, maybe there is a legal way around it?

There really isn't a legal way around it. Curbside selling (aka flipping) is against the law. You have to risk some to make some. The car really doesn't need to be insured. Most insurance companies will cover you for a month when you buy a new car. Plus, I assume you won't be driving the car. If you do, you're at your own risk.

BurningRubber · Sep 12, 2007

Yeah I forgot you do have a month to set up insurance. Paying tax and title isnt that much in the long run. I know it cuts down on total profit, but oh well.

Thanks for the advice.

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