Has anyone ever bought cars and then sold at a higher price?

Question

Technically known as flipping. People usually do it with houses? What are the success rates of doing this?

Answer 1

Dealers do it all the time, but they do it in such volume that they can average out the losses from the gains and post a profit.

In most states, it is illegal for an individual to "curb" cars for a profit, and the DMV will press charges for operating without a dealers license if they notice your name on more than a few transactions a year.

The used car market is very volatile, and many people lose their assetts very quickly. Liability is very high, the probablity of legal action is high, and the guarantee of profits to offset all risks are low.

Answer 2

Its do-able, but not recommended. Cars typically depreciate in value unless you have something collectible or exotic.

To flip a car like a house, you would have to restore/repair a car that is in marginally good shape. Unless you can do the work yourself, use cheap parts, and the work is minor, you would be hard pressed to sell the car for profit. For example, you find a car that won't start and all it needs is a new battery, but the previous owner didn't know that and just wanted to sell it. You get it cheap and spend $50 on a cheap battery from Pep Boys.

Answer 3

I mean you would first have to find a car that is priced below book value. Then you have to get the car registered in your name. This cost tax and also a registration fee. Therefore the price might be a good deal but not so much after this was entered into the equation. Cars generally depreciate so this would need to be a speedy process. This link has up to date used car pricing.

Answer 4

I've thought about it but I don't think I can get cars cheap enough to really make it worthwhile selling. Dealers can because they get all their cars at dealer-only auctions where they can buy a Neon for $2000 and resell it at $7000.

Only way I'd do this is if I won cars on a game show or got my hand on some $99 cars that a local dealer sells once in awhile... but people camp out for those.

Answer 5

As an auto mechanic, I have been doing this for years. I have never lost money on a car yet, nor have I ever had any complaints. I stay away from exotic cars, and only buy cars that I can turn into cash quickly. ie: Escorts, Cavaliers, Taurus, Camaros...etc.

Answer 6

I doubt flipping cars is as easy as flipping houses. IF it can be done the profits probably aren't worth the time and money put into doing it

Answer 7

try ebay motors. bidding starts at $100. here's a link to them