TriStateTuners.com :: Home of Tristate Auto Enthusiast - View Single Post

420sx · 12-14-2010, 10:59 AM

No, not literally flipping cars.

This is a thread for those of us who want to share our technique for finding used cars and turning them for a profit. Some people may want to hold onto their secrets, if so- fine. But Ill share my knowledge.

I usually start by searching craigslist and the forums. In craigslist, ill use keywords like "needs work" and search all cars and trucks that way. Then Ill try putting in a maximum amount I want to spend, and use that as my only search field. In the search bar, ill simply put a space- that way every car below my maximum price comes up. From there, I look for a car that looks feasible for me to fix and turn around. I dont have a full shop- just some decent car knowledge, a driveway, a set of hand tools, and a knack for problem solving. My most recent pickup was an '00 Neon. I bought it off a coworker who was under the impression that the transmission was blown. Turns out it had a clogged cat and a broken motor mount. Got myself a decent daily driver for under $500. I could sell it for a profit, but currently Im using it as a daily while the 240 is getting the SR put in. But I will be looking for another car to pick up on the cheaps and fix and sell. Its a great way to make extra money, especially if youre young, handy, and have a good amount of free time.

I try to look for cars that are "just cars." Just a regular old daily driver. Ive flipped BMW's, Honda's, and a few others- i tend to find that modified cars carry a bit of "drift tax," so I try to either buy from someone who doesnt really know anything about cars, or from someone who's fed up with that particular vehicle. I bought a 1993 525i for $1000 and all it needed was an exhaust manifold gasket and a thermostat. Sold it for $3800. The previous owner had spent a bunch of money trying to get it up to par, and was just "done with it." I lucked out and grabbed it from him for next to nothing. But since he was a friend, I gave him $1000 of the $2800 I made off the deal.

For those of you who dont mind sharing your tricks of the trade, post up your experiences! How do you find your deals? What do you look for in a flip candidate? How do you determine if the vehicle is worth your effort, and how do you know when to cut your losses if youve gotten yourself in over your head? More importantly, how do you keep yourself from getting in over your head?

12-14-2010, 10:59 AM	#1
420sx Tri-State Post Whore Join Date: Oct 2006 Location: Warrington, PA Member #2811 My Ride: '98 240sx, 98 Impreza L, 00 SV650 iTrader: (5)	The "Flipping Cars" Thread No, not literally flipping cars. This is a thread for those of us who want to share our technique for finding used cars and turning them for a profit. Some people may want to hold onto their secrets, if so- fine. But Ill share my knowledge. I usually start by searching craigslist and the forums. In craigslist, ill use keywords like "needs work" and search all cars and trucks that way. Then Ill try putting in a maximum amount I want to spend, and use that as my only search field. In the search bar, ill simply put a space- that way every car below my maximum price comes up. From there, I look for a car that looks feasible for me to fix and turn around. I dont have a full shop- just some decent car knowledge, a driveway, a set of hand tools, and a knack for problem solving. My most recent pickup was an '00 Neon. I bought it off a coworker who was under the impression that the transmission was blown. Turns out it had a clogged cat and a broken motor mount. Got myself a decent daily driver for under $500. I could sell it for a profit, but currently Im using it as a daily while the 240 is getting the SR put in. But I will be looking for another car to pick up on the cheaps and fix and sell. Its a great way to make extra money, especially if youre young, handy, and have a good amount of free time. I try to look for cars that are "just cars." Just a regular old daily driver. Ive flipped BMW's, Honda's, and a few others- i tend to find that modified cars carry a bit of "drift tax," so I try to either buy from someone who doesnt really know anything about cars, or from someone who's fed up with that particular vehicle. I bought a 1993 525i for $1000 and all it needed was an exhaust manifold gasket and a thermostat. Sold it for $3800. The previous owner had spent a bunch of money trying to get it up to par, and was just "done with it." I lucked out and grabbed it from him for next to nothing. But since he was a friend, I gave him $1000 of the $2800 I made off the deal. For those of you who dont mind sharing your tricks of the trade, post up your experiences! How do you find your deals? What do you look for in a flip candidate? How do you determine if the vehicle is worth your effort, and how do you know when to cut your losses if youve gotten yourself in over your head? More importantly, how do you keep yourself from getting in over your head? __________________ loltst Last edited by 420sx; 12-14-2010 at 11:03 AM.