Car flipping opportunity - advice needed:)
04-11-24, 03:56 AM
#1
10th Gear
Thread Starter
Car flipping opportunity - advice needed:)
Hey everyone,
So, crazy coincidence, but several friends and family members have recently mentioned needing to sell their cars quickly for some fast cash. This got me thinking... maybe this is my chance to try my hand at car flipping!
With my husband's recent promotion, we have a little extra cash on hand and I'm not currently working, so the timing seems perfect. He's not much of a car person, so I thought I'd come to you all for advice. 😉
Here's the deal:
So, crazy coincidence, but several friends and family members have recently mentioned needing to sell their cars quickly for some fast cash. This got me thinking... maybe this is my chance to try my hand at car flipping!
With my husband's recent promotion, we have a little extra cash on hand and I'm not currently working, so the timing seems perfect. He's not much of a car person, so I thought I'd come to you all for advice. 😉
Here's the deal:
- 2015 Lexus RX 350: great conditions and 85,000 miles. It's my aunt's car so I'm 100% sure she did all the required maintenance to the car and condition if perfect.
- 2018 Honda Civic sedan with 2.0l engine and 62.200 miles on board. That's my friend's first car so it has some minor dents and scratches, but technical condition as well as the interior is well-maintained.
- 2012 Ford F-150 with 5 litre engine: My neighbor's truck, it's a workhorse with higher mileage (around 150,000) but has been well-maintained.
- How do I determine a fair buying price for these cars?
- Where can I research current market values to set selling prices?
- What paperwork or legal steps are involved in buying and selling?
04-11-24, 11:59 AM
#2
Frankly, the questions you pose suggest you are not (at present) a good candidate to attempt flipping.
Basic market knowledge is essential in flipping anything. With vehicles, pricing information is readily available through kbb.com; edmunds.com; and the like. One must have the ability to accurately evaluate a vehicle's condition and the amount of money necessary to prepare it for sale. In addition, in most states use/sales tax will have to be paid to title a vehicle in your own name (shrinking any potential profit margin) unless you acquired it on an "open" title.
The 3 vehicles listed appeal to vastly different potential buyers and none stand out as particularly good for a flip although either the old truck or the Civic should be an easier sale.
Basic market knowledge is essential in flipping anything. With vehicles, pricing information is readily available through kbb.com; edmunds.com; and the like. One must have the ability to accurately evaluate a vehicle's condition and the amount of money necessary to prepare it for sale. In addition, in most states use/sales tax will have to be paid to title a vehicle in your own name (shrinking any potential profit margin) unless you acquired it on an "open" title.
The 3 vehicles listed appeal to vastly different potential buyers and none stand out as particularly good for a flip although either the old truck or the Civic should be an easier sale.
04-11-24, 12:18 PM
#3
Frankly, the questions you pose suggest you are not (at present) a good candidate to attempt flipping.
Basic market knowledge is essential in flipping anything. With vehicles, pricing information is readily available through kbb.com; edmunds.com; and the like. One must have the ability to accurately evaluate a vehicle's condition and the amount of money necessary to prepare it for sale. In addition, in most states use/sales tax will have to be paid to title a vehicle in your own name (shrinking any potential profit margin) unless you acquired it on an "open" title.
The 3 vehicles listed appeal to vastly different potential buyers and none stand out as particularly good for a flip although either the old truck or the Civic should be an easier sale.
Basic market knowledge is essential in flipping anything. With vehicles, pricing information is readily available through kbb.com; edmunds.com; and the like. One must have the ability to accurately evaluate a vehicle's condition and the amount of money necessary to prepare it for sale. In addition, in most states use/sales tax will have to be paid to title a vehicle in your own name (shrinking any potential profit margin) unless you acquired it on an "open" title.
The 3 vehicles listed appeal to vastly different potential buyers and none stand out as particularly good for a flip although either the old truck or the Civic should be an easier sale.
04-11-24, 12:45 PM
#5
Lexus Test Driver
Amen on that.
CarMax will write them a check on the spot.
If you get possession of their car for less than they can get in 10 mins by walking into CarMax, consider it a bridge burned.
Especially now that you know. Lol
04-12-24, 02:42 PM
#6
Lexus Fanatic
Sometimes the right advice comes across as "not very friendly"...
The way you learn is by doing, but I don't think I would do this with family as others have said. If you are really interested in flipping cars, watch some YouTube videos about it, they are out there. How much ability do you have to fix the cars up yourself so you can substantiate more for them from the next buyer than you paid for them?
The way you learn is by doing, but I don't think I would do this with family as others have said. If you are really interested in flipping cars, watch some YouTube videos about it, they are out there. How much ability do you have to fix the cars up yourself so you can substantiate more for them from the next buyer than you paid for them?