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Anyone Flip Cars Here?

Discussion in 'General Discussion' started by Jason in DLH, Dec 20, 2020.

  1. Leevon

    Leevon Full Access Member

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    Leevon
    I do but mainly just because I own a shop and it's something to keep the guys moving if we get slow. I only flip one if I estimate the profit is going to be at least $3-4k or better. If you're an honest person you will lose sometimes. Also being an honest person you will spend much more money to fix things using quality parts that car dealers never would dream and your average customer only cares about the bottom dollar. So the risk becomes greater. I sold a truck and bought it back two weeks later with a bad engine plus paid for the new stereo he had installed. Had about $6k into a $9k van when the engine went to crap, got $3k for it a few weeks ago. I'm done for awhile because of those. Also have strung several good ones together and made around $20k extra pocket money in less than a year (I bought a '66 Ford with it).

    The key is to keep the money rolling into itself so you can buy newer, nicer cars with bigger margins. Then cash out as some point when the nugget is big enough. If you're constantly cashing out every flip you're not going to get far. When the truck market wasn't so insane I flipped several Silverados for great profit. Stick with cars you know, you can estimate your profit on the fly making a buy much easier. Not sure about your state but we're only allowed to sell 6/year here in Missouri without being a dealer so choose wisely!

    Also people will haunt you...guy bought an Explorer I sold with a rebuilt transmission...his words at the sale were "What's your never ever call you again price?". Guess who called THREE YEARS later trying to get me to warranty the transmission!?

    Oh, GOOD PHOTOS! I pay a guy $50. And it better be shining.
     
    Last edited: Jan 22, 2021
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  2. Dantheman1540

    Dantheman1540 Full Access Member

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    I finally sold the gold Taurus 2 weeks ago for $2k. I had $920 in the purchase price plus parts, then I gave a $100 finders fee to the buddy who found a buyer because I was getting really sick of flakes. Wouldn't have done nearly as good on the car if I didn't recycle the tires from the car my sister recently totaled onto it. Oh well on to the next one.
     
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