You can make money flipping cars. It's mostly made in the "buying" of the car. You can't put a lot of time into them or your profit is gone. Don't keep them long. There are cars all the time on craiglsist that can be bought for a good price and flipped. People do it everyday. Don't get attached, and turn it fast.
People on here say all the time that you can't make money on them. I disagree, buy them right and sell them fast with little work put into them.
65 k code fastback
66 GT Fastback
Sorry, 67 SS Camaro convertible
Am I correct that if you were to take the profit for each car and then divide that by the number of hours you put into each one individually, you did not make more the $1 an hour? Obviously talking about typical vehicles, not awesome barnyard finds. I am not knocking! I plan on doing the same some day, but not to get rich, more to enjoy the hobby.
Back in the 80's I would put my life savings into a car, then sell to fund a college expenses. I did this pretty successfully. I learned a lot of lessons that served me well in my career. Most of the cars were early Mustangs, Falcons and Datsuns.
I don't keep track of the hours, because I do it out of enjoyment. Certainly the hourly rate would be low; there are easier ways to make a buck.
The big question is: Porter, how much could you pick the car up for?
Please take this with all due respect...
There is a lot of great advise given so far. I agree that most of the money is made when you buy it...just like a house. In order to make money, the more you are informed and the more you know what you are doing, the more likely you are to make a buck. Since you are asking the question, I assume that you do not know nearly enough to be good at it yet. If you do decide to do it, you will probably make more on the 2nd car. You tell us, would you be getting a great deal if you buy this car?
68 GT Vert - J Code (1st car I ever drove in '73, dad bought it in '71)
67 C Code Vert Sports Sprint (1st car I ever bought in '75)
06 Vista Blue with Pony Package (1st Mustang I ever bought new)
MCA #49294 Grayson, GA (Atlanta)
IMHO the best "flip" candidate is a very, very, nice car that for some reason is selling cheap, like a distressed sale where someone needs cash QUICK, or divorce, death, etc. Sometimes you'll find something that's almost done or had had all the hard work done that somebody's sick and tired of where you might find a deal.
Just a quick addition from my personal experience..............we paid just under $10K for our '68 Convertible (original a 6 cyl converted to a 302--done right). It didn't need any body work as it was finished by the PO. It started and drove. It needed all new wiring (AAW),springs,interior work, and small extras. Long story short after a yr of my spare time it appraised at $18K (last spring). IMO, it is a good looking car. EVEN if I sold it for the appraised value--which I HIGHLY doubt, I probably would only make 2 or 3 grand on it and probably less if I added up all the receipts that I kept. I love the idea of making profit on old cars but I feel they are far and few between. I'd do up another one if I had the space and time but not with making a big profit in mind unless it was so far under priced. Just my .02
Well I am new to this forum so I am going to tell you a little about me. I love cars and Mustangs really catch my eye! I am currently 22 years old and will be graduating within the next year with an engineering degree. I work part time as an auto mechanic for a neighbor of mine. A couple years ago I came across a cheap car that needing minor repairs. I thought to myself why not just buy it, fix it in a couple days, then resale it. I did just that and made about 1500 bucks! Being 19 years old there is no better feeling than making 1500 all by yourself. Considering my previous jobs paid nearly minimum wage this was a lot of money. Since then I have flipped nearly 30 cars, most all for profit. Almost all of these cars were non running and needing either engine or transmission work. This is a hobby of mine and I enjoy being able to make money while working at my own pace and when I desire! I find these cars a challenge and I take pride in my work and don't want to unload a pile onto someone else!
Right before I got my license I started looked for cars just like almost every kid does. I really wanted to get a classic mustang but I didn't at the time have enough money to get a nice one. My father told me he would be willing to help me if I bought a project. I ended up bidding on a 1968 on eBay and won. I paid nearly 2500 bucks and come to find out I had a pile of rust. It was a northern car and every panel on the car had cancer. I made a big mistake buying that car but I learned a ton. I wouldn't be where I was today if I never bought that car. Four years and $20K later I finally finished the car. The beginning of 2011 I sold my car on eBay for about half of what money I had in it. Here are a couple pics..
So I guess the real question now is what should I pay for the car? I need to give you guys some more details. I am banking on that the car doesn't need much work mechanically. He told me he drove it into his garage and started working on the body then just let it be. The engine looks good on the outside. My plans are to pull the engine and transmission and change the gaskets and just visually look for anything that could be bad. Now on to the body. Like I said earlier they reason this car caught my attention is because it has so little rust. He already bought new front fenders and already welded in new rear quarters. I have looked the car over well. The cowl is in great shape along with the frame rails, etc. The only really rust I see that needs attention is the floor boards (which he already has replacements). The interior also needs work like I stated but I would say carpet, new upholstery, and headliner would cover most of it. I do understand that there are always the small things that you never think of that add up. He has everything to put it back together! I would say around $4000 dollars on top of the purchase price would make a very nice car. So guys what is too much? Do you think $2500 is a fair price for a car like this? Thanks
It's really a crap shoot coming on this site and asking that question. Everyone needs pictures and everyone will have their own idea of what it will sell for and what "should" be done to make it sell better. You could clean it up and turn it for a quick $500 profit or put a little work in it and sell it for $1000-1500 profit.
65 k code fastback
66 GT Fastback
Sorry, 67 SS Camaro convertible
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