I bought a luxury BMW for just £500 but it’s worth SIX times more after minor tweaks – you can do it too
A CAR whizz has told how he bought a luxury BMW for just £500 when it's worth nearly £3,000 - here's how you could too.
Matt Goodwin, from High Peak Autos on YouTube, picked up the blue BMW 520i for an incredibly cheap price.
And, with some minor fixes and superficial tweaks, he plans on flogging it for an outstanding £2,995.
The late 2003 BWM model had just 90,000 miles on the clock - which isn't bad at all for a 21-year-old motor.
When the car guru saw the vehicle, he said: "That's a lot of car for £500, the paintwork isn't the best, and it does need a very good clean.
"But, I love this era of BMW."
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Matt verified the previous ownership through a platform called CarVertical.
This app allows potential buyers to check a car's history using its licence plate.
Simply enter the registration number and CarVertical will tell you if the vehicle has ever been stolen, written off, had a mileage rollback or has outstanding finance on it.
It even checks databases across 35 different countries.
Matt assessed the main issues with the car were small exterior jobs.
His goal was to flip the motor for £1,000, including the £500 buying cost.
"Then the bill at the mechanics included a rear bumper reflector which was £18.23.
"An offside front grill which came to £31.76, plus some labour, £50 to fit.
"The offside front fog lamp was £141.18.
"So my grand total was £289.40."
Meanwhile, the fresh paintwork and buffing cost £225, making the grand total, £1,074.
"I'm quite pleased with that," added Matt.
If he was to sell the car for his listed price of £2,995, Matt would take home an impressive £1,921 in profit.
It comes as Matt also also urged drivers to pick a "smooth, quite, quick and silent" EV that's "perfect for the city" and costs just £4,000.
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He snapped up a 2016 Nissan Leaf for just £4,000.
The car whizz also went through a handful of motors that are "fun to drive" and priced at just £3,000 or less.
Profit by flipping a car on Facebook Marketplace
By Jorge Hinojosa Mena
A MOTORING expert made more than £1,400 profit by flipping a car on Facebook Marketplace - and it only took him a few days.
Ryan took to social media to show his followers how a little time spent searching online and some straightforward repairs made him a tidy sum.
TikTok user @ryans_salvage reckons he's made up to £15k flipping cars in the last year, with some savvy buying and selling on Facebook Marketplace, as well as pulling in favours from mechanic friends who carry out the work at 'mates rates'.
This time around, Ryan bought a Vauxhall for £2,000 on Facebook Marketplace, but did have to pay out £33 in tax and £42 in insurance.
He said: ";I also put £25 of petrol in the tank, all the tyres were bald, but luckily there were some spares in the garage so cost me nothing to replace them."
Days later, the poster took his second-hand car for an MOT, which cost him £40.
He also paid £23 for an oil filter change and got the front bumper resprayed for £100.
He continued: "I got two track rod ends for just £15 and tracking was only £25."
After all the repairs, the TikTok user gave the second-hand car a good clean and listed it on Facebook for £4,495.
But he ended up selling it for £3,800 a couple of weeks later and made a healthy profit of £1,456.
The video has gone viral on TikTok with more than 96,000 visits - and most commenters were blown away after discovering the profit he made.
One said: "How did you get the car for £2,000 in the first place?!"
He answered: "Because it had no MOT and it needed a bit of work."
Another said: "Nice job, bro."
A third pointed out: "Amazing deal for the car."
This comes after a man made more than £1,300 profit flipping a car on Facebook Marketplace - and he doesn't even have a driving licence.
Plus, a TikTok user who bought a second-hand BMW revealed how he doubled his money selling it on.