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originally posted in:The Garage
Edited by Dmoney12321: 7/14/2014 12:56:28 AM
5

Car Investment - Yay or Nay?

Recently my neighbor has begun buying cars at auction and flipping them. The catch is : They have damage. Some have just one window smashed in, while some have bumpers totally destroyed. But there is another catch : No refunds. What I mean by this is "what you see is what you get." My neighbor was [i]very[/i] disappointed when he bought a 2007 Honda Fit that was supposed to just need a timing belt replaced, but it ended up have frame damage that was going to cost $1500 to fix. So in the end, its a gamble. What are your opinions on buying damaged cars?

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  • Edited by Cobravert: 7/15/2014 12:18:19 AM
    It's pretty risky unless you are extremely educated in all things automobile and have very liquid assets. Cars are a personal preference purchase. Ever see a used car lot where the cars never seem to be sold? This is potentially that guy's future. As for buying a damaged car, I have considered buying a totaled Mustang before and having it rebuilt on a salvage title. I have a couple friends that have done well in doing this with a string of Jeeps, a BMW, Jag, a couple Land Rovers, but all have been somewhat valuable in some way. An econobox wouldn't fit this mold.

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