I bought a tiny hatchback for £500 – the paint was flaking and there was rubbish inside but I’ll still triple my money
A CAR dealer has revealed how he will triple his money on a £500 hatchback after he bought it with peeling paint and rubbish left inside.
All it took was a day in the garage and a few small tweaks to turn the run-down banger into a motor worth thousands.
Matthew Goodwin, who runs Stockport-based dealership High Peak Autos, regularly shows off the profit-spinning bargains he picks up to his YouTube viewers.
This time around, he explained that he had managed to pick up “one of my all-time favourite cheap cars“.
That was a bright red 2006 Peugeot 107, which Matthew snapped up for just £500.
He said: “They’re just really honest, decent little things.
“You can’t go wrong with them.
“They make perfect first cars, too, because they rarely go wrong and when they do they’re not expensive to fix.”
Best first car ever
That’s good news as the one he bought was in dire need of some TLC.
A walkaround showed areas of paint flaking off, while the interior was covered in mud and grime.
There was even some rubbish left inside, with a cardboard drink cup with the straw still in sitting in the cupholder.
Fortunately, he was able to make a few quick and easy changes to get the little motor in shipshape condition.
A new set of plates, a valet, a fresh coat of paint and a day in the garage left it sparkling – and boosted Matthew’s profit margins.
All in all, he spent £1,382 on refurbing the car, bringing his total spend to £1,882.
But the changes meant he was able to list the Peugeot for £2,995, resulting in a profit of £1,600 – triple what he paid for the car in the first place.
Commenters loved the project, with one writing: “Best first car ever.
“Never went wrong and a full service used to cost £25.”
Another added: “After the ‘Matt treatment’, this little 107 could easily be considered a “tidy little motor”.
“Kudos again Matt for saving and sorting a little motor.”
It comes after a hugely popular EV had thousands slashed off its price despite being given a hefty range boost.