Flipping cars?

[yamaha28]

No In am not literally flipping a car so no youtube videos for you!

I was more wondering along the lines of flipping a car for cash. Taking a car that needs some work, doing all the work that needs to be done on it, then selling for a profit. I have done this with many quads and have made a profit of $2500 by doing this. I thought since I am turning 16 in a couple days that I would try my hand with cars.

Does anyone have any experience with this? Does it ever work out that people make any money doing this? I do have a good nose for making money so if there is a way to make money, I will find it. Let me know if you have any tips, hints, or advice for me. I just wanted to hear from some guys that have opinions about this.

 

[sicivicdude]

The trouble with cars is that there's usually more damage than you can find initially, and the paperwork!

Quads get bought and sold all the time with no titles and no one thinks twice about it but doing the paperwork on cars is a little bit more tricky. In NC, you can only transfer 8 titles a year without getting a dealer's license.

 

[brandoz28]

buy cheap, and give it a really really good look over before you buy. and also make sure that you are buying something that you're able to fix.

GM's with a 3100/3400 (grand prix, lumina, monte carlo, malibu, etc) that need intake gaskets can be good money makers.

I bought a 97 lumina, with intake gaskets out for 300 bucks, put around 100-150 in it, drove it for about 8 months (probably saved close to 400 bucks in fuel over driving my truck.) and sold it for 1100-1200 bucks.

you can make money at it, but you have to be really smart about knowing exactly what you're buying, how much it'll take to fix it, and if you'll be able to do it.

 

[sicivicdude]

^^^^ X2 and run from transmission problems, even minor ones. Auto trannies are nightmares to work on yourself and EXPENSIVE to get rebuilt by someone else....

 

[yamaha28]

sivic-- I can imagine only a few people can really see everything that's wrong with a car when buying! haha I was worrying about the paperwork too, shouldn't be to difficult if I can get the hang of it. Hopefully the same rules do not apply in NY about the dealers license.

Brandoz--sounds like you got a good deal! That's what I am looking to do, I am very good at figuring out the finances of fixing quads so hopefully if will transfer over once I get the hang of what parts cost what.

 

[brandoz28]

^^^^ X2 and run from transmission problems, even minor ones. Auto trannies are nightmares to work on yourself and EXPENSIVE to get rebuilt by someone else....

if you have the manuals and invest in tools, at least the GM stuff isn't bad.


you can pick up stuff real cheap with a burned up 4L60 in it and rebuild them for around 200 bucks most of the time, 500 bucks if it's got some of the more typical hard part failures.


I find that getting something that has a serious motor issue (rod knock, etc) makes it a lot easier to get upside down in it.


electronic issues should also be avoided unless you have hours to spend trouble shooting stuff.

 

[yamaha28]

civic--duly noted! I am not looking to dive into tranny's just yet.......erm transmissions that is

brandoz--sounds good. Electronics and I do not get along together at all! lol

 

[brandoz28]

sivic-- I can imagine only a few people can really see everything that's wrong with a car when buying! haha I was worrying about the paperwork too, shouldn't be to difficult if I can get the hang of it. Hopefully the same rules do not apply in NY about the dealers license.

Brandoz--sounds like you got a good deal! That's what I am looking to do, I am very good at figuring out the finances of fixing quads so hopefully if will transfer over once I get the hang of what parts cost what.

the other thing I will suggest, is always fix it as though you are plannin on driving it....I've been flipping cars since I was your age and have never gotten one of those angry "that sh!t blew up right after I bought it!" phone calls or person showing up on my door.


the other thing is on the bill of sale always write in that it is sold "as is" so there can be no repercussions later on

 

[yamaha28]

the other thing I will suggest, is always fix it as though you are plannin on driving it....I've been flipping cars since I was your age and have never gotten one of those angry "that sh!t blew up right after I bought it!" phone calls or person showing up on my door.


the other thing is on the bill of sale always write in that it is sold "as is" so there can be no repercussions later on

yep, I learned that with quads. It's much more satisfying knowing you build a nice reliable quad the right way too. I made my own bill of sale that covers everything and at the end it says, all items are sold as is and the seller is not reliable for anything after the deal is made. I should probably put the time on the bill of sale next to the date too.

 

[Braaaptor]

^^ What they said. Titles and paperwork are a PITA. I'm just now getting the tiltle sorted out for my Kawasaki motorcycle. One year later, and its finally in the mail. And I didn't even buy this bike to re-sell...I bought it to ride! lol

I live in NC, too, and like Civic said, you gotta get a dealer's license here if you transfer X number of titles per year (how many depends on your state's laws).

The problem with cars/trucks is its easy to get in over your head without knowing it. Case in point? My wife's 1994 S10 Blazer. I bought the truck in good running shape for $ 1,000.00 with 175K miles on the clock. A year later, and I'm still fixing things to make it right. As soon as I got it home, we found a cracked radiator (damn plastic!). Changed the rad, both hoses, and the coolant, and kept driving it. I had a new Pitman arm installed and some of the front end rebuilt...plus an alignment...to make it drive straight again. Then I did an R-134a A/C retrofit (the proper way...vaccumed, cleaned, all new O rings, new dryer/oil/refrigerant, compressor checked), replaced a bad driver's door window motor, did a full ignition tune-up with a new coil, ignition module, and all, installed a new serpentine belt, fixed the climate control blower, changed the oil, put on a new fuel filter...

Then I blew an exhaust manifold gasket on a cross-country trip to Texas last summer, and had to drive all the way back to NC from Dallas, Tx, with the driver's side manifold hanging on for dear life by three bolts. The 4x4 went out on the same trip, and I had to have a complete brake job done on the truck while in Texas. It was metal on metal by the time we pulled into town. (I knew this was coming, but hoped to make it back to NC before it got that bad. Oh well.)

Now the Blazer is still leaking coolant from either the water pump or thermostat housing. I'm pulling the front end apart to see for sure this week. The engine is running way rich and needs a new CPI injector kit (currently in the mail), and I'll be damned if I don't change BOTH upper and lower intake gaskets while I'm in there. Oh, and its time for new shocks, I still gotta fix the 4x4, now the passenger side exhaust donut gasket is leaking, the tranny is due for servicing, and all 3 drive boxes need their lube changed.

Whew!!! The point is, this truck looks really good on the outside and it still runs and drives. But problems manifest themselves quickly at times, and you can't always tell what you're gonna be in for when buying a used vehicle with unknown problems.

I got a fair deal on my Blazer for what it is, and don't mind fixing stuff on the old girl as it wears out or quits from age. BUT, I plan on keeping this truck until she totally dies of old age, or I kill her in a local mud hole. If you're out to make some quick money, its easy to get in trouble if you wind up with a truck like I bought as a project.

But good luck! There are deals to be had out there. With a little skill as a mechanic, it is possible to make money if you're savvy. I did it for years (buying and selling) with lawnmowers and made a killing.

 

[yamaha28]

Have some rep for that writeup and for having so much trouble with that blazer! Your right, car's have a hellofalot more stuff to go wrong with them then things like lawnmowers and quads do. I would like to give this a shot and see how it goes, I would have to set some priorities so I don't get in over my head from the get-go, such as it has to run, has to track straight, etc. Still won't help if the car starts to do what that blazer is doing! Thanks for the tips and I will keep that locked in if I decide to try this. Thanks!

 

[brandoz28]

personally, I would try to stay away from stuff that's over 150K miles. seems that they're harder to sell, and it just seems that around there is where I find stuff starting to just flat wearing out and you can find a money pit

 

[yamaha28]

I get what you are saying. I was thinking a car like this would be good. Granted there are no pictures and I don't know the mileage yet, but it could be a good candidate.

2002 nissan altima

 

[Larry's Shee]

One thing I recently learned is get on forums and look for common problems and cost to fix them. Don't have to join, just look. Unless you get one and need to ask questions. As far as electronics, newer cars have tons of it. Here in Mich problems arise from corrosion to electrics commonly known as "Green Weinies" for the color of corroded copper, will drive ya nuts.

 

[yamaha28]

Good idea, I usually research anything I buy like crazy before I buy it. I was thinking of staying in the early 1990's range so it's not real old but not new either. I hate electronics with a passion but I can deal with the problems. Green weinies sound just plain bad all around!

 

[brandoz28]

the money is going to be in the late 90's stuff. old enough to be able to find a good deal, but new enough to still have some value.


always know what it's going to be worth when you're done, and what it's going to take to fix it, and how much time it's going to do it in. you'll get it, you may take a bath every now and again here and there though.

 

[yamaha28]

the money is going to be in the late 90's stuff. old enough to be able to find a good deal, but new enough to still have some value.


always know what it's going to be worth when you're done, and what it's going to take to fix it, and how much time it's going to do it in. you'll get it, you may take a bath every now and again here and there though.

alright, older 90's and the fewer miles the better. I am not afraid of failing as long as I learn something out of it. I can always try again and apply what I learned!

 

[blasterdemon7]

I used to make big money back in the day doing that. My state changed the law some years back saying that you can only sell 5 cars a year without a dealers license. You can make good money on a part out to.

 

[yamaha28]

I used to make big money back in the day doing that. My state changed the law some years back saying that you can only sell 5 cars a year without a dealers license. You can make good money on a part out to.

That's what I like to hear! not the law part though. I imagine that if I can find a wrecked civic or a popular car like that then that would bring some good money.

 

[Braaaptor]

That's what I like to hear! not the law part though. I imagine that if I can find a wrecked civic or a popular car like that then that would bring some good money.

True that! Also, if you get good at body work and/or decide to go to school for collision repair, you could make good money fixing wrecked vehicles with primarily cosmetic damage. As long as the important structure of the vehicle isn't damaged, they can *often* be fixed relatively inexpensively.

Or, as long as nobody in the family minds you starting a "salvage yard" in the back yard, do a little of both! Buy and re-sell what you can when its fixed, and if you get a lemon that has no title or just isn't worth fixing, keep it around and break it up for parts. Wheels, tires, engines, transmissions, interior parts, doors...the list of desirable parts goes on and on. Lots of people will buy a running engine, and whatever is left over can be taken to the local scrap yard. You can get top dollar for scrap vehicles if they are totally stripped and drained of all fluids.