Author Topic: How to: Investment Car  (Read 1503 times)

cbr shadow

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How to: Investment Car
« on: December 20, 2012, 03:08:06 PM »
A coworker of mine drives an older (1997) Lexus and went to Carmax a few nights ago to look at a 2012 Prius.  He decided to buy the Prius and was telling me that they're giving him $1100 for a trade for his car.  Knowing that Carmax always lowballs like that I said "you can probably sell it privately for a lot more".  He said "Yeah I'm not dealing with selling it - too much of a hassel".  I said "Well I'll give you $1300 for the car right now".  We discussed it and he agreed.  I looked up simliar cars with simliar miles and they go for $3,000 on craigslist.  A few sights online say the private sale value is $3500-4500 depending on condition.  The car has a few very minor issues that I can easily fix myself.

So I'm buying it tomorrow night with the intention of fixing the issues and reselling it.  It'll cost me approximately $300 to fix everything.

What's the best way for me to buy this car and avoid charges like registration, plates, tax, etc?  I just want to buy it, hang on to it for a few weeks to fix it, then sell it.  Can I not sign the title and then fill out the next person's name on the title instead?  Is that legal?

Any help is appreciated
Thanks,
Ryan

Self-employed-swami

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Re: How to: Investment Car
« Reply #1 on: December 20, 2012, 03:40:59 PM »
I think that really depends on where you live.  Where I am, I can put a plate on a vehicle for free, and I have 14 days to change the registration, which is what costs $$$.  I can put non-transport insurance on a vehicle for about $.50/day.

cbr shadow

  • Bristles
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Re: How to: Investment Car
« Reply #2 on: December 20, 2012, 04:24:10 PM »
Thanks for the response - I'm located in Illinois