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- Gabriel
Hey guys, I want to get started with my car flipping journey and don’t know too much about where to get the cars.
Important things I must know or how to be successful in this business.
Anyone willing to help me out with acquiring knowledge. (Your experiences, advice, etc.)
JoeBuy low.
Sell high.Know what you’re buying.
Know the market.And if you want a whole bunch of irrelevant conflicting opinions about any given vehicle, then put the question on this page
TyBlayI personally prefer rear wheel drive V8s. I avoid front wheel drive anything because in my experience it’s a lot of tight spaces and tough to reach parts. Not to say it’s much better with V8s, but everything is fairly symmetrical, and it’s usually not hard to take a few things away to get access to a component.
Also, most everyone likes the power and sound of V8s so they do sell for a bit more. Although in our economy a good rear wheel drive V6 might be more sought after for fuel economy, and will have some of the same luxuries. If you want to make money, don’t buy anything that’s going to be a huge project, mainly engine or transmission work.
If you want to learn and get a massive ego lift when you finally fix something, get something that doesn’t run and figure it out, it will probably take you forever to fix it, but you will feel awesome once it’s running. But back to money, It’s important to wait for a car that you know how to fix and needs minimal work, you also need to know how much a car will realistically sell for in a timely manner.
The value estimates from KBB and the rest are sometimes a decent indicator, but better thing to do is look for the same vehicle in good condition on Facebook or wherever and if it’s listed at a high price, but it says it’s been posted for a year, you’ll probably be able to sell it for 2-3k less than what they’re asking. Hope that helps, this is also coming from a guy who’s rebuilt 2 engines as my first 2 flips.
My profit margin is in the dumpster after time and tools into these projects, but it gives me so much life, I love taking shit apart. Probably going to do a transmission next.
TyBlayHave cash set aside, solely dedicated to buying/fixing flips ONLY.
BarryBuy cars you don’t mind driving. If you’re not a mechanic, try to Honda and Toyota.
ChrisResearch every vehicle on Facebook marketplace. If you’re looking at buying a car, look and see what that year make, and model car is selling for with similar miles and features. Then calculate what repairs and\or labor it may need. Then subtract that from what the going rate is and see if it’s worth your time. And when you’re doing your calculations, always leave a little room for unexpected needed repairs.
If you are not very knowledgeable or mechanically inclined, this is a tough business to get into small time. Dealerships can pay what you would pay for a car on Facebook marketplace that needs nothing done to it and sell it for 20 to 30% more than they paid for it.
So as an independent flipper you’re not going to find too many deals that you can buy a car and resell it for profit without doing much to it, if anything. So you going to have to figure out what you’re good at.
Whether it be body work, minor repairs, major repairs and fine deals that you can fix and flip.
Facebook marketplace, local auctions, IAAI, copart.
Mike3 tips to save you time and money and headaches:
1. Only buy trucks and vans, everything else is a waste of time!
2. Stick to only 1 type of vehicle it’s easier for repairs or parts only buys cars at auctions to find a steady flow of the same cars.
3. don’t flip cars if you’re not a mechanic or Autobody person.If you’re not, you must learn or find someone willing to work dirt cheap.
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