In part one, I told you how I stole a 1990 corolla at auction for the low sum of $250. My intent was to buy, clean and then flip the car for $500-$800. Well, the idiot tax for buying old used cars adds up pretty quick. I won the car for $250, but then come the added auction fees.
Winning Bid: $250
Auction Fee: $75
Online Bidding Fee:$39
Lot Fee: $30
Suddenly I'm into this heap for $394.00, and I haven't even gotten it home yet. Speaking of getting it home, how am I going to do that? My Ram 3500 is in the shop. I guess I'm taking a long lunch from my 8-5, renting a car dolly (+$55) and borrowing the wife's mini van.
Most of the car batteries on the auction lot are dead because most cars sit on auction lots for weeks, and even months with doors open or accessories on. My first order of business after getting the Corolla home, was to charge the battery and take stock of what works, what doesn't and what will need to be fixed.
I saw these rust spots in the auction listing (from a picture taken far away), at the time they didn't seem so bad. But then I started investigating. I wish I hadn't.
So the major problems so far are rusty quarters, a saggy headliner, a missing mirror and the bombshell in the picture below:
Dammit.
How are we going to fix all this and make a profit on our flip? Check out part 3 next week and find out.
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