The cryptocurrency exchanges have fairly recently come into my radar and while I didn’t have a lot of interest getting into it for reasons I won’t get into I still did find the idea intriguing as my selling of parts draws some comparisons. When trading car parts there are a couple variables:
1. The item always have a base value of scrap metal. Aluminum wheels for instance have a base value of about $12-13 for their weight in aluminum.
2. Values are fluid entirely dependent on a unpredictable market. A rare and valuable set of wheels for instance are only valuable if someone wants or can afford them. In comparison a generic set of wheels that while significantly less valuable, under the right circumstances is actually quite profitable if someone needs them.
3. Luck and location play a big part. Large items are the hardest things to get rid of as they are very hard to ship. There is no easy or inexpensive way to ship a bulky but fragile item like a fender across the country. If someone is local and able to pick it up it has value, otherwise, you are stuck with it.
So, taking those learned factors, I trade Swede-coin, which has been a catch all term for any Volvo part I can purchase and find a home for a profit. I’ve started keeping track of my profits to compare notes with friends who are trading actual cryptocurrencies and we will see who’s 2018 is more profitable in the end. It’s definitely not an apples to apples comparison for many reasons, especially considering that Swede-coin requires significantly more work to trade than cryptocurrencies, but the market is much more stable and far less likely drop out the bottom and lose money.
So, in preparation for my 2018 calendar year I’ve expanded my list of cars and also let some go.
I sold my XK as running numbers I realized there was no way to make a profit on it. I paid to much for it and probably the best I could do is probably break even. I took my losses on the front end and marketed it for about a 15-30% loss and quickly found a home for it in it’s unfinished state. Better to take my losses on the front end was my theory rather than grind my teeth as I try and finish knowing I could be doing something else more profitable. It bothers me though as I really wanted this car a lot and have wanted it for years…. I do hope to get it’s twin within a year or two to replace it.
I purchased a few parts cars:
A manual 1998 S70 T5 which I sold some parts off of and sold the rest of the car
A manual 2008 C30 with a blown engine that I sold a bunch of parts off.
2011 C70 for an engine and whatever else I can scavenge off it.
To the list of cars to fix I added a 2010 S40 R-Design AWD
The year has started out with a pretty strong opening quarter so far. I have shifted away from marketing on the forum groups and moved off to Ebay. I’ll lose about 8-16% of each sale due to fees, but it’s a far simpler transaction on the whole and worth it. The market place is also significantly larger and I’ve even shipped a few things internationally. I’m in the early stages, but I’ll probably start a full ebay store for my ProlixParts brand of Swede-coin. The increased exposure has allowed me to sell some items that I’ve had for literally years and so I’m very happy to have money for the items now not sitting in my way.
In other news, my car projects are progressing nicely. The white 2007 V70 has found a home and the 2012 XC70 turned V70 approaches much much closer to completion. My wife is driving the XC now, and likes it a lot. We should be registering it to us personally in a week or two.
Haha, she was not a fan of the black wheels and requested I replace them. I purchased a brand new take off set from a 2018 XC60 and liked them a lot,
but within two weeks of installing them on the car an even nicer set showed up to purchase. I’m not revealing the set yet, but they are pretty special in the eyes of a Volvo nerd.
My swede-coin exchanges for the wheels/tires on this Xc has not fared so well and I am thus far recording a net loss of over 30%. Probably even more irritating to me is having to mount, dismount, and balance tires so many times. I think doing tires is one of my least favorite car repair activity and the car is now on it’s 5th set of wheels. The tally is 28 tires dismounted and 12 tires mounted and balanced.
I guess this is what I get for having a personal car that I really care about? It’s quite close to approaching it’s finished product level though and that’s pretty exciting.