glhs422

iTrader: (4)

Hey all,

I've heard lots of people brag about finding a killer deal on a car, then turning around to sell it for profit.

I'm just wondering how this works as far as the DMV tax/registration goes...

Could I buy a car, then turn around and sell it within a few days and get away without paying those DMV fees? Is that legal, or illegal?

I know those fees can add up, and if you're looking to make $2000 on a deal, $500 in tax/registration can really hurt the deal!

Any thoughts? Thanks in advance!

nomoneyz

iTrader: (15)

Never done it back to back but have went a few months then sold and made profits. I don't know the "rules" to doing it right but I haven't had any trouble with buying and selling every few months.

payanhilario

when you buy the car don't put it in your name leave it open title

glhs422

iTrader: (4)

You can register it like this? Or you mean, don't even register it at all, and just resell?

silver04goat

exactly. i did this with a car recently. Honestly wasnt intentional. Never got the car registered then traded it in to a dealership. Did have to pay $50 at dmv to title it correctly because i was trading it but that is much cheaper than registration. Now if you go through and get it registered i dont know of any tricks that way.

ur jlus

iTrader: (3)

I would never put them in my name. I used to buy police auction and sell them quickly some times in a week. Just give the open tittle as the other person explained.

MJs1FastSS

iTrader: (149)

payanhilario

yeah because your only allowed like 4 to 5 cars per year i think

3rdCoastPowerSports

iTrader: (5)

it is illegal to purchase a vehicle and not notify the DMV of the purchase (i believe you have 10 days). If you are buying quality clean title vehicles then they will be alot easier to sell if they are in your name. I don't buy vehicles that are in someone other than the sellers name (could be stolen or the vehicle could have $500 in back fee's). i bought and sold 6 vehicles in my own name before the state sent me a letter telling me to stop or else. Now i have a dealer license so its all good.