Buying/Selling Cars
Description:
In high school, I took the opportunity to make money by buying and selling cars. I started this small business of mine in order to make a little extra cash. I bought cars that were in need of repair and took the time to increase their value by making mechanical repairs and cleaning them. I then sold the cars at their increased value by posting ads in the local papers and spreading the word by mouth.
How I got the idea / found the employment:
My parents were always encouraging me to put my talents to good use. Because I enjoy working with cars and I am fairly mechanically-inclined this seemed like a good choice for me. I wanted to earn more money in high school, so I took the initiative to start this project on my own.
Challenges I faced, and how I overcame them:
It was challenging at first for me to learn how to budget my time effectively. I had to balance my time between my time between school and working on the cars. I also wanted to be sure to have time for some after school activities and spending time with friends. I decided from the beginning to put my school work first. I also didn’t think I should let this small business take me away from my social network. So I worked on the cars only when I had extra time to fill. I did most of my work on the cars on Saturday mornings. I also had situations where I did not know how to fix a problem on the cars. In this case, I did some research and reading in order to learn the skills I needed to acquire. I did the reading and research about fixing cars online or checked books out of the local library.
What I learned:
Fixing up cars was a positive experience for me, because I learned the value of hard work. I learned how to manage my time wisely and I also developed and strengthened my talent in car mechanics. It also taught me the importance of making good choices with my money. I learned how to invest in vehicles that were showing the most promises. I have become more independent and I am not afraid to take some risks.
Used car reseller
Description:
When my friend turned 16, his dad told him that he would help him buy a car. He was immediately excited, but what he didn’t know is that his dad required that he do A LOT of leg work in order to get the help. He got my friend in touch with a local auto auction, as well as encouraging him to talk to various dealerships and delve into classified pages. After all of his work, he found an old Volkswagen bug for a great price. Even after purchasing his vehicle, he still had fun going to auto auctions and poring through the auto section of the classifieds. After a year and some elbow grease, he decided to sell his car for more than he bought it for, and found a buyer. With this extra dough, he was able to purchase an even better car—again, for a great deal. He continued this to buy, sell, and upgrade for a few years, until at the age of 19 he had a 1-year old Audi sedan without any debt! He was able to sell this vehicle and pay for his entire church mission, with a bit left older to buy a cheap used sedan when he returned. Since this time, he’s started over again and now has a 2-year old VW Jetta, again, without incurring debt!
How I got the idea / found the employment:
Dad encouraged him to be a savvy car buyer, and he ran with it.
Challenges I faced, and how I overcame them:
One of the primary challenges were knowing how much to put time and money to put into the vehicles before selling. Also, trying to time his sales with the purchase of a new vehicle so that he wouldn’t have to go without a car for an extended period of time. The other challenge was dealing with all of the legalese and paperwork. He overcame this by taking initiative and finding people who were willing to mentor him.
What I learned:
While he had a knack for finding great deals, he also pored over classifieds and auctions all the time. He was always talking about a great deal he’d found. I learned that to successfully do what he did took a lot of initiative, some risk, and a HUGE amount of patience and time looking for that next deal.