In todays ecomony is it a good time to start a used car business in Monroe NC or Charlotte NC?

Question

I am thinking about changing jobs, and wanted to know what the start up cost would be for opening a small used car lot in Monroe NC or CharlotteNC? Also would you do it now or is the current ecomony not right to start this type of business?

Answer 1

I'm not sure what the startup cost is; but you will have to figure in the dealer cost of every single vehicle you have in your inventory, as even new car dealers have to buy the vehicles outright from the manufacturer, as well as pay the manufacturer a daily fee for having the vehicle on the lot.

As for the timing to start it up, I suggest waiting until after the presidential election.  Right now, because of the lame duck (and a few other choice names) we have in office, and the fact that we will have an almost all new administration in the winter, nobody is going to be making any significant purchases until after the election.  Housing is in a slump; auto sales are in a slump; and many other industries are feeling the fallout.  There are quite a few new and used car dealers in this area; and many of them are feeling the pinch like never before.  I would wait a few months and keep your eye on the economy before jumping into it.