Additional income by flipping cars?

[colinxx235]

Originally posted by ercchry


the people i know who sell drugs also make a ton... amazing what not paying tax can do... but i wouldnt advocate it

then they suddenly own a business with insane first year sales

[ercchry]

^^^ or just have great dividends being paid out from "investments"

Originally posted by Kloubek


I thought the limit was 4 cars as well, but this weekend I was discussing this same thing with a fellow Beyonder and he was fairly certain it was 7 cars before you required a license.

stop spreading hearsay... the limit is 0, yes ZERO. its not real. as soon as they prove you are doing it for a revenue stream you have the potential for anal probing

[Sugarphreak]

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[ercchry]

Originally posted by Sugarphreak


If you report the income to CRA it wouldn’t be an issue. You can report illegal income without compromising yourself, even if you involved in some pretty sketchy stuff. On the other hand, if you report no income and get busted a few years later by the authorities, CRA will come knocking shortly after with estimates on how much you made and a heavy tax bill.

uh, even if reported... it doesnt change how amvic views it. plus there is a reason amvic exists...

car purchases are the second single largest purchase a person makes in a regular life. people selling cars should have standards that they must adhere to. people that buy shit cars and slap some lipstick on them and resell them are some dirty shysters

[Sugarphreak]

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[G-ZUS]

Originally posted by Kloubek
The only way you can manage to avoid a record of you selling a car is if you get a registration signed to you without your info on it. Then you can put the info of the new owner when you sell it. Unfortunately, this looks a little shady to a prospective buyer. If you do a bill of sale, even if you didn't register, there is still a record if they want to go and investigate. However, I imagine not registering them does at least help keep the red flags from being raised.

I thought the limit was 4 cars as well, but this weekend I was discussing this same thing with a fellow Beyonder and he was fairly certain it was 7 cars before you required a license.

I've bought and sold many vehicles over the years and have probably walked away with some 25-35g's cash from it. Never had an issue with any "authority". However, I generally drive these vehicles for some period of time, and have been careful to not go over 4-5 per year which I understood was the maximum.

If you want to make money though, you also have to be good at it. You need to be able to know what is wrong with a vehicle, how much roughly it costs to fix. Keep in mind people will often want inspections... especially with vehicles that aren't super cheap. You need to have good negotiation skills, and knowledge about what a vehicle is worth.

If you fall short in any of these areas, it is entirely possible you'll be left with a piece of crap vehicle you can't sell (or at least, *shouldn't* sell if you have any morals), or overpaying for a vehicle which keeps you from turning a profit. So far, I've at worst broken even on a vehicle I intended to flip, and have only lost money on vehicles I knew that I would, but were purchased for personal use.

When you go to register a vehicle, the clerk makes a photocopy of your bill of sale. I would assume that is how they monitor it. Maybe Dannie can chime in on this?

[Kloubek]

Originally posted by ercchry
stop spreading hearsay...

Down, boy.

This is a discussion forum.... where people discuss things. If you noticed, I mentioned that "I thought", and what the fellow beyonder thought. It was posted for discussion, because I really don't know what the answer is.

As has been said, what the government has an issue with and what AMVIC might have an issue with are two different things Obviously, the government wants to get in on any capital gains made, but it would make sense that AMVIC might have a limit as to what they would consider a dealer and what they wouldn't.

But at least in my case, I drove the vehicles I've purchased. The last time I actually "flipped" a car purely for profit was probably some 5 years ago at least. So I happened to make a bit of money in the process.... it happens.

[Seth1968]

Originally posted by Sugarphreak
50 cars is basically 1 a week… when you add in the number of tire kickers, auction visits, transportation, cleaning and other costs that would be massively time consuming. Not to mention all the stress of operating under the radar, knowing that just one unhappy buyer could out you to the authorities and you’d be fucked. And for what? 20K a year? Fuck that.

[ercchry]

what amvic decides on their internal limit of when they will start investigating is not a solid "rule" if you flip 4 a year will you probably be okay? sure... but if someone gives them a ring

i know a guy that had amvic called on him and he sold 0! just brokers the deals

[Boosted131]

Originally posted by Sugarphreak


I was speaking to your statement about not selling any cars for revenue; I don’t think they care about revenue streams. They likely operate on a set limit of how many cars you can sell per year without registering it as a business.

CRA is the one that will come after you if you are staying under that limit, but still using it as a revenue stream.



50 cars is basically 1 a week… when you add in the number of tire kickers, auction visits, transportation, cleaning and other costs that would be massively time consuming. Not to mention all the stress of operating under the radar, knowing that just one unhappy buyer could out you to the authorities and you’d be fucked. And for what? 20K a year? Fuck that.

Usually 1-5k profit off each one that ends up being a lot of cash.

[woodywoodford]

So if I used the cars as my daily drivers and sold my current daily aka only ever own one car at a time, wouldn't that bypass the whole thing? Just say I have a short attention span lol

[Sugarphreak]

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[Kloubek]

Originally posted by woodywoodford
So if I used the cars as my daily drivers and sold my current daily aka only ever own one car at a time, wouldn't that bypass the whole thing? Just say I have a short attention span lol

This is honestly why I first started buying and selling... I get bored of my cars very quickly. Then I noticed I was making a little coin here and there and as my vehicles went up in value so did the money I tended to make on them.

Ultimately, I'd still do it even if I was just breaking even; I love discovering new sports cars. It's a hobby. Much of the money I made was taking a vehicle that needed work (and getting it for cheap) then bringing it up to proper standards with sweat labor and then selling it. Really, I was doing the public a service making vehicles safer.

I say "was" because now that I have a newborn I'm stuck driving my familymobile and don't have time to drive a recreational sports car anymore. The days of changing my vehicles like this are over, but it was fun while it lasted.

[Boosted131]

I was talking to him today and he says he makes more than I do full time, and most of the cars are cheap (like worth 9k gets it for 5k...)

[Sugarphreak]

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[ercchry]

Originally posted by Sugarphreak


That is still a half million dollars in inventory, he must be pretty slick to hide that much cash flow from CRA.

probably easy when its... cash, one car at a time... $10k under the mattress always

[Sugarphreak]

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[KISS_ME]

I cant seem to put 1 and 1 together so can someone explain.

What happens when AMVIC pays you a visit? Is there some kinda repercussion with this?

[G-ZUS]

Originally posted by KISS_ME
I cant seem to put 1 and 1 together so can someone explain.

What happens when AMVIC pays you a visit? Is there some kinda repercussion with this?

Fines and/or jail time

[Boosted131]

Originally posted by Sugarphreak


Most buyers are using certified checks, I don't think you can expect that people are going to bring you 10K in cash for a car.

That means it has to be deposited, and there is a huge paper trail... which means eventually it will set off red flags.

False, cash only.

I pay for all my vehicles with cash