| As you've undoubtedly noticed, the government lives | | | | are buying, cleaning up and flipping these cars. |
| off of our tax dollars. Taxes are one of those subject | | | | Let's say you start bidding on a Toyota Camry. It has |
| that gets everybody agitated. If you really want to get | | | | a flat, a ripped seat and needs a paint job. It runs, but |
| steam coming out of someones ears, just take them | | | | sounds like it is near death. You win the bidding at |
| to a government auction. The government buys and | | | | $500 and pay a total of $600 with taxes and |
| discards valuable things at a rate that is simply | | | | everything thrown in. You then have it towed to a |
| stunning. The waste is amazing, but you can take | | | | shop where it gets a new tire, tune up and some other |
| advantage of it at auctions. | | | | mechanical repairs for $500. Now it is off to get a |
| You've all seen the quips online and on late night | | | | $1,000 paint job and $500 seat reupholstering. You've |
| television. You can buy a house for $100 at a | | | | spent a total of $2,600. |
| government auction or a car for $50. These | | | | Now it is time to make money. You list the car for sale |
| advertisements would seem to fall under the “too | | | | on your favorite website. You know the blue book |
| good to be true” category at first glance. In general, | | | | value for the vehicle is $9,500. You negotiate a deal |
| they are too good to be true, but that doesn't mean | | | | for $9,200 cash. You spent $2,600 on it, so you've |
| you cannot get a steal of a deal at one of these | | | | made a profit of $6,600 in a matter of two or three |
| auctions. | | | | weeks. It is not a million dollars by any means, but it isn't |
| Let's look at the $50 car. Are there cars being | | | | bad money. This is particularly true if you start flipping |
| auctioned that come up for bid at this price? Actually, | | | | multiple cars at the same time. |
| there are. They usually are bland cars that are not in | | | | This is really how you can make money in government |
| tremendous shape. The car will usually be in less then | | | | auctions. Are you going to show up at one and win a |
| desirable shape and needs some work done on it. | | | | Ferrari on a $10 bid? I guess it is possible, but let's just |
| Sounds like a terrible deal right? Well, not necessarily. | | | | say it is extremely remote. So long as you are willing |
| You know all those little car lots around town. Ever | | | | to spend a bit of money, however, you can do very |
| wondered how they stay in business? Many of them | | | | well buying cars at auctions. |