Flipping a Taco...few questions

No, not flipping as in end over end


I've got a buddy with an 02 Taco TRD 4X4 SR5 XTra cab that is stock as they come. He hasn't kept up with maintenance as well as I do, but the truck is in "good" condition. A few dents/scratches here and there, bfg a/t's that are on their way out, and paint that has never seen a coat of wax. That said, I drove it the other day, the engine/drivetrain and suspension seem just fine. It's an automatic with ~78,000 miles.


He and his wife are expecting a nino soon, and he's ready to offload it quickly so they can get a bigger vehicle. He told me the other day, "I think i can get about 6k for it". I said "bro!, put a little TLC into before you put it on the market and you can easily get 10k for it!" He's not too interested in putting time into it, he's not a "vehicle" kind of guy, which got me to thinkin...

I buy the truck from him for say....$7k. I put new rubber on it, make sure everything is tight, wash, wax, polish yadee yadee yadaa...don't expect to put more than $1,500 into it, then I sell for $10k ish, give him the extra earnings minus about a grand for my labor and time. I've already posed this situation to him and he's cool with it.

So here's the question...is the State of New Mexico or MVD or any other agency going to have a problem with this? Is having a dealer license a requirement for this type of activity?

Thanks for your time.

 

nothing wrong with that. i think most states classify a dealer as someone who sells more than like 10 cars a year... what your doing is normal... not a damn thing wrong with it.

 

buy it and keep it

 

He wants $6000 and you are going to offer$7000 for it? FAIL! Give him his asking price and after you put YOUR TIME AND MONEY into it, sell it and keep the cash. Dont reward someone for being lazy and stupid, that's the governments job and they hate competition.....

 

^^^ don't listen to this guy .. helping a friend is a great thing ..




Pics of truck. Like posted above think the limit is 10 cars but 5 in california something dumb like that. There is nothing wrong with what you are trying to do. NADA value the truck maybe mark it up a little and see what you can get. I have a 02 trd sr5 4x4 v6 5speed and was offered $10.200 so who knows.

 

Yes do it. Tacomas are a commodity these days...if you can make a buck off that and help your friend out at the same time why not?

 

Nothing wrong with that. If he doesn't want to spend the time to make the extra money I don't think that there's anything wrong with you doing it. I probably wouldn't tell him how much you eventually sell it for though.

 

^^^ x2

Drive it up here, put some tire shine on it and flip it for double what he is asking. No lie!

 

Thanks for the input guys. I'm not looking to get rich off my friend, just help him out and do what i love most...tune up a yota!

What about the insurance, will I have to purchase it for the time I "own" the truck? Seems like an ara i might get screwed in.

 

Glad i'm not your friend...

 

Don't think so. If you're not planning to drive it (for the most part) then why bother. If you inspect it then it will need insurance though..at least thats the case in vt.

 

x2

 

Come on man, this guy is trying to help a buddy out. No shame in that.

 

+1...idk about the laws in your state but as long as you aren't driving it it doesn't need to be insured. It probably doesn't even need to be registered as long as it isn't sitting out in your driveway.

 

Great idea to help a friend out. Instead of having to get insurance and having to transfer the title to your name, why don't you keep it in his name? Just fix it up and then sell it as his agent. You give him his $6k, pull out what you had put into it, and then split the rest, or give him $1k and keep the rest, or however you want to split the profits, but it will save you all the tag and title cost. I think you might save on taxes also if you don't transfer it to your name.

 

i think your fine man i have family friends that go through cars like toilet paper its ridiculous, one of the local guys also buys and sells cars all the time he is a nut its "southernx"might wana ask him if he knows anything about local problems.

anyway good luck man

 

io wouldnt put new tires on it, it wont gain as much when you sell it as they would cost

 

he could prob find a decent set of used tires that have at least 50-75% left for cheap.

i know all the mexican places down here have some decent used tires and if you speak spanish you can haggle them down pretty good haha

 

^yeah, theres a nice set of rims + tires on our ABQ craigslist right now for ~$500 from a 05 Tundra. That would do it! (Buddy's rims got that crap that won't come off)

Good idea Boerseun, think I will just be his agent haha...perfect!

 

^^^ Dont listen... He has no friends.