Flipping Cars

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expdetailing

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Does anyone have a lead for any information on how to flip cars? Meaning, the do's and don't of car flipping, and where to find some reading material online. Thank you
 
He (or she) didnt say they were doing it, they are just telling you thats the way you make the most of it.

You CAN do it honestly but it is much harder. I have looked into it and one of my buddies does it for a living. The thing I have the hardest time with is not going too far. You want to make the car SAFE but dont go overboard fixing small things or cleaning it in all cracks and crevices. You have to keep your cost LOW so you can sell it at a good price and still make a profit.

My friend sells cars around the $3-5k range and always tries to be in a profit of about $1200. Maybe that will help you a little.
 
dcjredline said:
He (or she) didnt say they were doing it, they are just telling you thats the way you make the most of it.

You CAN do it honestly but it is much harder. I have looked into it and one of my buddies does it for a living. The thing I have the hardest time with is not going too far. You want to make the car SAFE but dont go overboard fixing small things or cleaning it in all cracks and crevices. You have to keep your cost LOW so you can sell it at a good price and still make a profit.

My friend sells cars around the $3-5k range and always tries to be in a profit of about $1200. Maybe that will help you a little.
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;)

I know a few people who do it, and I'd never buy a car from them. Not saying all people who flip do that, but most do.
 
I've known car sales people all my life; most honest, some less so, and some downright pigs. I even did it for a time (in a new/used dealership environment) and my best friend was for a long time a used car sales manager at a couple of busy Honda dealerships and used lots. He now has a "real" job but flips on the side for vacation money. I *would* buy from him if I were in the market for the types of cars he's going after. Same as Don said, he tries to find diamonds in the rough for $2000-4000, do just enough to make them solid, and clean them up. If he doesn't see a possible $1000 profit in a car after his time and expenses he won't make an offer. The big money is in the most mundane cars: Camrys, Corollas, Accords and 6es. A ten year old Corolla with dull paint and cloudy headlamps sells for about $2000. He spends an afternoon fixing a rattling exhaust heat shield and a power steering belt squeal, sends it to me for an AIO and headlamp restoration, and within a week he can get $3500 for it. The key is to find those diamonds -- they aren't everywhere.

A guy I work with finds a lot of cars for peanuts somehow. Last week he scored a one-owner 2005 Acura TL with 110,000 highway miles for $2000. All it needs is a new rear bumper cap and an o-ring in the power steering pump. He could do the work in an afternoon for a couple of hundred bucks and easily get five grand for it. But he wants a nice car to drive. :)
 
Contact the Ohio Department of Motor Vehicles and find out what is required to buy and sell cars legally as it varies from state to state. Some states limit the number of cars you can buy and sell and some will also require you to obtain a dealer's license.
 
Same North of the border; last time I checked, Quebec allowed you to buy and sell again (we can say "flip") five times a year without a dealer number or special insurance coverage. It's up to you to declare any profits on your taxes at the end of the year. Once you get a dealer number you are also required to collect sales taxes on behalf of the government. Yes, they make tax revenue on re-sold cars up here. :rolleyes:
 
SameGuy said:
Yes, they make tax revenue on re-sold cars up here. :rolleyes:
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They do it down here too (at least in Washington state), even if you buy from a private party. You just have to pay the tax yourself when you register the car in your name. It's crazy that the government just continues to make money on that same car over and over and over and over and over........ Frustrates me every time I go to buy a "new" (used) car. :bash:
 
Yeah, when you go to (our version of) the DMV with a private sale to transfer the title you have to pay sales taxes on the book value of the car if it's still in the retail book -- pretty much any normal car less than eight years old. Gubmint do take a bite, don't she?
 
KMdef9 said:
It's all about hiding and overcharging.
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expdetailing said:
How do you sleep at night?
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Yeah expd, exactly, and staying away from unscrupulous people that hide and overcharge. This comment isn't directed to you KM. It's just an observation. There's different levels of car flipping too. When I watch mecum I see a few of the same faces every auction. They buy and flip at auctions. So there are many different levels of customers and price ranges, and types of flipping.
 
Been thinking about doing this, but with motorcycles.


Buy them in November/December when they're cheap...then re-sell in spring time when their prices are back up.
 
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