Is flipping cars a good way to make money?
I plan on not having to go to college after I graduate highschool to avoid being in debt for most of my life. I'm trying to figure out several ways to make good cash without having to physically go to work. And flipping cars was one of my ideas. Lets say I buy a stock Honda Civic and tune it up, add some parts to it, and then selling it for more. Would I be making good money?
AS DESCRIBED ABOVE… Flipping cars may damage them. I take it you don't know much about cars or you wouldn't need to ask this.
What you described, no I think you would lose money. In general modifications do not add value.
The reason is simple, 99% of all buyers do want mods on a car.
Regular flipping- find a decent car by a private seller, where the car needs some basic repairs and or clean up. Note the transaction costs can take soak up any potential profits.
You will have to pay sales tax and get plates, and insurance as you are fixing the car and selling it.
No! Flipping cars will damage them and put big dents in the roof.
Not for the average person it isn't. You need to know what you're doing. You need to be able to know the difference between a car that needs a little sprucing up versus one that needs a lot of work. There's usually not much profit in flipping cars unless you can do it on a large scale.
You could make some good money by tuning up some cars if you know where to buy the parts for cheap, quick, and reliable, but you also need to buy a good car. My current car which is a toyota supra 1997 was about 40k just because some dude turbocharged it, painted, sprayed, etc, he said that he bought the car for 14k, but I highly suggest you go to college. Nothing wrong with a having a degree to go back on if you make a mistake with your business, also note the competition in the area, do special deals every once in a while, etc. You also need to get insurance and do some transactions to allow you to see the car and flip it at the same time
Lol@ JetDoc's idea
Ha, I love JetDoc's answer!
To answer your question, it depends on a lot of factors. Is there a lot of competition in your area?
Selling a modified car is not a good idea because aftermarket parts don't increase a cars value. If you buy a $5000 Civic, then you turbocharge it, change it's interior, modify the suspension, change the rims and whatnot it will still be a $5000 Civic. A better option is to modify someone's car and charge them for the parts/labor.
If anything automotive is really your career choice, i suggest taking a mechanics or bodywork course at a local college, it wouldn't cost that much. Then you can fix/repair cars rather than modifying which i personally think is better. Because modifying only attracts young people, while repairing cars attracts everyone. But it's up to you, it's just a suggestion
That's ridiculous, since you will have to get titles in YOUR NAME in order to flip them. Do you know how much it costs to do a title change in your state? What about doing the work on them prior to purchase? Do you know how to do this?
Save up and flip houses. My girlfriend averaged around 30-50k profit per house she flipped. After you establish a reliable contractor and work crew, you oversee the project and there's minimal manual work unless renovation is taking too long and the mortgage is due.
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- Why do older cars make that wind up noise when reversing? I have always wondered… It was real prevalent on saturns and hondas. They make like a high pitch winding noise and I just wondered why.
- What kind of cars are safe from flipping over? The freeway next to my house has had several Honda oddyseys flip over. Noone was killed though. Alot of white drivers texting and drinking drive and getting away with it as part of privilege, what cars can prevent flipping over to buy.