Teen buys car off Facebook marketplace for £400 and sells it for £1200
Cars are not known for being particularly good investments, however one man bought a vehicle off Facebook marketplace for £400 and managed to sell it for £1,200.
A motor's value depreciates over time with each owner and new cars, in particular, lose around 10 percent of their value as soon as they're driven off the lot.
However, one car buyer managed to scoop a pretty impressive profit after parting with his cash to buy a bright red Vauxhall Corsa, before selling it for almost a grand more than what he paid for it.
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Sean Welsh, 19, who posts on TikTok as @s888anw, took to social media to show his followers how he managed to make £700 profit by selling an old Corsa.
First, the car flipper found the car - which is in the Sxi spec - on Facebook marketplace.
It was in a pretty good condition and appeared to not be something you’d expect to find the dad in Matilda selling.
After purchasing the car for just £400, the teen arranged for it to have an MOT which it failed. However, after getting some new bulbs and a new shock absorber and wiper blades, it was ready for the road.
After spending an additional £100 on the repairs and giving it a good wash, Sean managed to sell it for £1,200, which left him with £700 profit in just a few days.
Seriously, get him on The Apprentice.
Sean is a car flipper who uses social media to share posts about the cars he sells. In the past he has sold well-known models like a Volkswagen Golf and an Audi A3.
Some viewers raised their concerns in the comments after watching the TikTok.
One asked: "Sorry to ask probs the most common questions, but how do you do this without trade insurance etc. and buying and selling without being a trader?"
Sean replied: "I’m 19, so I can’t get Trade insurance. I use Veygo. I usually insure the cars I buy for three days for roughly £40. This gives me enough time to prepare for the sale."
Another commenter said: "That's not 700 profit then, both mot bookings, the 100 for any issues, insurance for a few days, 500 profit maximum."
However, Sean claimed: "One MOT booking at trade price £35 free retest, few bulbs £5, wipers £10, shock absorber £35 insurance £12 day."
Gregory Robinson