he should have sold the 1975 Ford Bronco for 15000 then use 9000 to buy a Porsche Boxster S, this way he won't lose 6000. Then he can use that extra 6000 to buy another used car for trading. But still, pretty impressive that he started with a phone and ended up with a Porsche.
Agree, the 2000 Boxster S is worthless. I would of sold the Bronco but I think 9k is really high. No real "porsche" guy will ever call a boxster a porsche so they have absolute value other than laughing at the guy who bought it.(which is another story...a guy?! Didn't they even have a full Two and a Half Men episode making fun of guys driving boxsters?) lol
What this doesn't mention and the article on Yahoo did is that he spends 5 hours a day on Craigslist looking for just the right deals, and this took him two years. If he just got a minimum wage job, he could have earned $15,600 in two years. (let's say $6/hr x 25 hours a week x 52 weeks a year x 2 years)
The 2000 Boxster S is an absolute joke. A whopping 250 crankshaft rated HP. What an awesome "sports car". It has a Porsche badge so apparently it's "sweet".
And seriously, if you are stupid enough to pay $150 to get your oil changed, you should be kicked in the throat. With his complete lack of ability to keep from getting ripped off on auto maintenance, it sounds like he was destined to own a Boxster from the beginning anyway.
[citation][nom]seboj[/nom]Cellphone to a Porsche? Lame. This was originally done by a guy who traded up starting with one red paperclip and ended up with a house in Canada and his own holiday, in less than a year.[/citation]
[citation][nom]welshmousepk[/nom]wonder how long before the government try to tax him on his 'earnings'. good on him though, the kid obviously has very good business sense.[/citation]
Technically, he hasn't realized a gain yet, so his "earnings" are not taxable. It's not until he actually sells one of these items that the earnings become realized, and hence, taxable. And for those interesting, it would be his realized gain (sale price less his basis, which is the cost of the original phone) times the capital gains tax rate which, in 2010, was 15%, but for 2011 and beyond will be based on your highest marginal tax rate.
This is the same thing that happens with guys like Bill Gates and Steve Jobs. Most of their net worth is in the stock that they hold. However, until they actually sell it, it isn't taxed.
I've managed some pretty good trades on craigslist. Soundblaster Live---> 1980's huffy mountain bike --> Old Raleigh touring bike --> 2006 Bianchi Hybrid bike --> 2005 KHS road bike --> Broken Macbook pro (which just had a bad HD)--> STOLEN... DOH!