MAKE PROFIT
I bought a popular hatchback for just £400 – it’s as reliable as you can get & I’ll easily make a £1,000 profit
The little motor is "very grubby" when it's picked up - but mechanically it's just fine
A CAR dealer has picked up an incredibly reliable hatchback for just £400 - and plans to sell it on for a big profit.
The little motor is the perfect set of wheels for someone looking for something simple and dependable - even if it's a fairly old model.
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In a recent video for the YouTube channel High Peak Autos, expert car dealer Matt Goodwin picked up a Toyota Corolla 1.6 Automatic from 2002 for a measly sum of £400.
On first inspection, the popular motor is "very grubby" and needs a good clean up - but otherwise seems in very good condition.
Matt said: "Look at all the algae and green stuff on it. It will clean up though, I am convinced.
"It's got alloys, metallic paint. The paintwork looks quite dull, so it's been parked up for a while. You can see that someone has painted this because there is a definite line there and it feels a bit rough."
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What's more, mechanically, the little motor is perfectly fine - as Matt explains when he pops the bonnet up.
He said: "I don't really know why I'm showing you under the bonnet of these because, if you own one, you very rarely need to look here.
"They can burn a bit of oil but they're very reliable. They're about as reliable as you can get. This one has only done 77,000 miles, and that's nothing really.”
Taking to the roads, he added that the brakes are "squeaky" and will require new discs and pads.
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He said: "There's a bit of life left in this. It changes gear nicely, everything seems to work.
"You might think that I've lost the plot completely, but just give me a little bit of credit, time and money; I'll get this looking nice.
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"This era of Corolla, if you're just after a car, they're alright."
Days later, Matt reveals that he's spent roughly £700 in total - £400 of that is for the car, plus the cost for a mechanic , valet service and other minor tweaks.
However, despite the mounting costs, Matt's convinced the motor will make him money.
“I’m fairly certain there's a £1,000 profit in this car - there just is," he said.
Six checks you must make before buying a used car
- Look out for dents or bumps in the bodywork
- Check the paint for cracks, scratches and bubbles
- Make sure the lights all work
- Check the tyre tread and pressure
- Make sure the gearbox is in good condition
- Give the interior a thorough examination
Currently, the cheapest Corolla models on the used car market are the ninth-generation models from 2000 to 2007.
A quick search on Autotrader reveals similar models to the example Matt has acquired can sell for at least £1,445 - meaning he's almost certain to make some profit.
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Elsewhere, petrolheads looking for a set of wheels with a bit of grunt could pick up a super saloon BMW "that’s closest thing to a diesel M4" for less than £9,000.
And an iconic classic Ferrari has been meticulously restored by a group of car detailers after it was left gathering dust in a barn for nearly 30 years.
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