Q&A: How to profit from the wild used car market?

Notes from Chris

Episode 1743

The used car market continues to amaze! I was going to announce that I’m shutting down the podcast to open a car lot in my backyard. But then I realized a few problems:

1. No backyard

2. No car

3. Don’t really know anything about cars

4. Don’t like to talk on the phone

So I finally realized I should stick to podcasting. Still, I do try to pay attention, and like you I’ve seen the stories about new cars holding their value long after they leave the lot (which never used to happen) and used cars selling for major premiums all because of a nationwide shortage. Today’s caller wants to know: how can he profit from this market?

"Hi Chris this is Trent and I’ve been following the show for a while. Thanks for all the help. The economy is wild these days! If you've tried to buy a used car recently, or if you know anyone who has, you probably know that prices are higher than ever. I think it's because of rental cars being sold off, or something to do with supply chains ... whatever it is, used cars are the new iPhones. I've heard that in some cases, dealers are buying back cars for more than they sold them for last year. A long time ago, I bought and sold a couple of cars a year, not really a big business but just something to make extra money. Now I'm thinking I wish I had stocked up on vehicles before the pandemic instead of buying toilet paper! But since it seems that this market will continue for a while, what's a good way to profit from it?"

Listen to today's episode to learn more...

 

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SEE ALSO:

• Car Enthusiast Sells DIY Tune-Up Kits: A longtime side hustler creates a series of products for fellow car enthusiasts.
• Accountant Shifts Gears To Renting Out Cars: When an Atlanta accountant discovers the sharing economy, he wheels and deals his way to owning an entire fleet of cars.
• Off Road Enthusiast Wanders Into Profit: When a mechanical engineer and 4x4 fanatic tries to save money on his Jeep upgrades, he wrangles with local vendors for free parts—and winches himself to a new source of income.

Inspiration is good; inspiration combined with action is better. Now get back to work!

Yours in the revolution,