Join Date: Jun 2011
Location: Colorado Springs
I would highly recommend watching the TV show, "Chasing Classic Cars" in Velocity Channel. Wayne Carrini is the best in the business and he often loses his shirt buying and selling cars.
I've thought about this a lot. The only strategy I could see working would be to pick up Hondas and Toyotas which require timing belts and CV axles. This typically happens at 100,000 miles. Although these cars still have a lot of life left in them, many people aren't willing to spend the money for this maintenance and will sell them cheap. It's one of those things which is almost all labor. But the parts are actually pretty inexpensive.
I pretty much did this unintentionally with my son and daughter's cars. I bought them each a Honda Civic just under 100,000 miles. I got each car for a good price because they needed timing belts and CV axles. It takes some work to get the engine torn down then put back together with the new timing belt and water pump. And it's more work to install CV axles. But once I was done, my son and daughter each had a very nice, reliable car. When they moved out of state, I sold each car for a very good price.
But I probably still won't bother to do this. Although I think I could make some money, as mentioned, if you consider the hours required, you can't even make minimum wage. And I think I could make money only with a Honda or Toyota because those cars bring high prices even with 100,000 miles on them. I wouldn't even consider other cars as most people won't buy them if they've got 100,000 miles on the odometer.