Some of the links below could be affiliate links. We are affiliates, and we may receive a commission or payment from our partners.
Posted 6 November 2020
Flipping cars is a very lucrative way to make money. It could be stressful a bit, but then that shouldn’t bother you if you like the money. You can buy a car today and turn around and sell it to someone for a profit. Flipping cars is the primary source of income for most people. You can see how one guy made $3,500 in 45 days just flipping vehicles in this article on NichePursuit.
Some dealers can buy cars in good numbers, but you can start small.
If you are interested in making money on the side or want a sustainable income, you should give flipping cars a try. It’s a more trusted way that pays cash. When you get the money, you can buy another vehicle to flip.
There are things you should know if you want to make money flipping cars:
1. Where to buy cars
There are many ways you can get cars that you can flip. A good example is Richard Rawlings (Gas Monkey Garage). They buy junk cars, invest some money into them, turn them around, and quickly find a buyer. Most times, they already have a buyer before they flip a car. Yeah, their flips are very expensive, because they go for rare vehicles. They have connections with people who want to sell their cars, and they visit them and strike a deal with them. They have so many relationships with people they know because of the TV show. You might not have a TV show and the connections, or even that kind of money. No worries, you can still get it done.
In a Discovery Tv Show where Glenn Stearns tried to make $1 million in just 90 days, he walked into a car dealers shop, bought a car, and sold it. His moves were very strategic and calculated. Many people think flipping cars means you must purchase crap and then try to fix it. You can buy a car at a bargain and sell it for a profit. That’s what he did until he got enough money to pay for his rent.
List of places you can buy cars:
You can walk around and see if anyone is willing to sell their car, especially from those you believe would sell. You can even do your research online to find out who’s ready to sell, but be careful because most people you find online are also flippers.
One of the best places you can find people who own their cars and just want to get rid of it is on the Facebook marketplace.
In that discovery show, Glenn Stearns bought the cars from dealers at a lower price. You can do the same; especially when you have built up a good relationship with them, they should give you a discount. They know you are a flipper and you’ve to make money.
A good reason why a dealer could decide to give you a deal is that the cars were hard to sell or that he/she sees you are a flipper and knows that you’ll always come back for more. If you want to find a car dealer in your area, a simple google search will show you their addresses.
Car auctions are one of the best places you can buy cars for cheap. Most auction companies require that you register to become a dealer before buying or even seeing the cars. On the other hand, some auction companies don’t care if you are a dealer or not; you can walk in and sign up to participate in the action.
You have to find out what works for you. If you want to become a car dealer, you can learn more from this article on Lance Surety.
2. How to get cars ready
You don’t want to buy a car and hold it for many months. All vehicles you purchased should be out of your hands within a month; so that you can make more money fast.
As a flipper, you don’t have a shop to pack the cars, and you don’t want to hold it for long, because the cars might be working fine for a week or two before it breaks down. You want that thing out of your hands quickly.
Anyone who buys these cars needs to know that vehicles should visit the mechanic. You don’t want to be the one servicing the vehicle and fixing it when it breaks down. You can read this post on USNews to see the seven things you should do before selling your car.
3. Where to sell cars
There are many places online you can sell your cars. Some of them are:
Some of these sites will ask for your phone number or email so that people can reach out to you if they are interested in buying whatever you are selling. When they call you, it’s at that point; your selling skills should manifest. You have to give them a good reason to buy the car.
Ensure you guys meet in public; you don’t want your vehicle stolen by the buyer.