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Total losses for 2002: over $18,000

Discussion in 'The Lounge' started by mountainexplorer, Jan 2, 2003.

  1. mountainexplorer

    mountainexplorer 1/2 ton status

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    Location:
    Spokane, Wa./Ione, Wa
    My only source of income is parting vehicles out and putting trucks together to re-sell. Seems like I could never get ahead in 2002. I kept buying stuff I needed or wanted, but when it came to selling stuff, all my friends wanted the parts (and they didnt have any money) so I did a whole bunch of trading, and trading and more trading.

    Seemed like the more I traded, the more I lost. I kept trying to give my friends first choice on parts and stuff. Then to top it off, parts that were always in demand before just seemed to lose their value. No one wanted to pay even what I had into stuff so I could break even.

    So I finally sat down and did the math on every truck I bought and parted out this year, as well as every major part or vehicle I bought and didnt re-sell.

    The grand total of cash I spent along with the total cash I lost in my dealings added up to just over $18,000. /forums/images/graemlins/eek.gif I didnt even have close to that in cash to begin with. But somehow, It all adds up and I'm out that much money this year. I still owe friends $4,900 of that amount that I borrowed.

    I think I'm gonna have to be more careful in 2003, or else I'll have to be a jerk and not sell (give) parts to friends and instead sell parts to the first person with cash. Then I'm always the bad guy.
     
  2. Capman2k

    Capman2k 3/4 ton status

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    If that's how you make money, be a jerk... When I sell my vehicles, I sell to the first person there with money in hand and a reasonable offer... I've only lost money on my Blazer.

    I had two people coming to look at my Scout with money in hand the night that I sold it... One was some guy from Denver, the other was a co-worker's husband. I wanted to sell it to the co-worker really bad, but the guy from Denver got there first so he looked it over and gave me the money. I sent the co-worker's husband home without a truck... But of course she understood, she rents out her basement apartment to people, and she gives people she knows personally first choice, but if someone comes along with money to give her, she'll take them...

    Just explain to your friends that parting out your vehicles is how you make money, and if they don't have money they don't get a part... And if they don't like it, tell them where to shove their trade... /forums/images/graemlins/burb.gif /forums/images/graemlins/burb.gif /forums/images/graemlins/burb.gif
     
  3. MEPR

    MEPR 1/2 ton status

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    McChord AFB
    hey allan your still holding onto the axles an t-case for my v-8 swap right? /forums/images/graemlins/wink.gif /forums/images/graemlins/rotfl.gif /forums/images/graemlins/rotfl.gifJ/K
    Allan you need to be more mean and go for that cash, and dont worry when i need full size parts from you (hopefully starting this summer /forums/images/graemlins/laugh.gif) ill give ya cash.
     
  4. 90K5

    90K5 1/2 ton status

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    Sounds like you need a new hobby...selling to friends usually ends up being a bad idea cause stuff always goes for cheap...like a case of beer or something
     
  5. Sandman

    Sandman 3/4 ton status Author

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    I've learned in my own business that there are no such things as friends or family. In fact I try not to sell anything to friends or family because if you do give them a good deal (and you alway do), they show up with another friend or coworker that wants the same thing which defeats the whole point of starting a business in the first place. Now when they demamd something for cost I just get vauge and say that I'll get back with them.
     
  6. Blaze

    Blaze 1/2 ton status

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    Hey, I sell Trans Am parts and I NEVER give parts away unless they are toast. My friends know that I need the money. I give them better prices and they are happy with that. For example: I just sold my best friend an engine and transmission I had lying around for $350. He knew it ran and heard it run and new I needed the money, so he had no problem with it. Just be careful and you'll come out on top. I just started selling parts 4 months ago and I am just now $43.78 in the black. It'll all /forums/images/graemlins/thumb.gifwork out, bud.
     

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