Have a line on a cheap 06 Miata with just over 100k. Brakes, tires, top all in good shape. Needs a few odds and ends and a good cleanup. Say I could snag it near $4k, would there any meat on the bone? Would I have to wait until Spring to optimize profits?
Don't know if there is enough headroom for you to flip it, but I'd definitely wait until spring to sell it. You're leaving money on the table otherwise.
Definitely best off waiting until spring. I don't know about your area, but $4k is thousands cheaper than I've ever seen an NC...
$4,000 is cheap, do it.
Yeah, around here that would be a superb price, especially for one that's not an automatic.
I've seen high mile autos for like 8-9 and I thought that was cheap
I'm a little conflicted on what to do. It's an excellent price. I could probably be all in for $5k including tag taxes title and piddly fixes. I know I could clear around $2500 to $3000 sweet profit. That could pay off the last of some unexpected bills that we had this summer.
On the flip side, I could be sitting on it for a long time and my credit card would be financing this whole ordeal.
ScreaminE wrote: my credit card would be financing this whole ordeal.
This is the only thing that gives me pause. Anything you're trying to flip pretty much requires that you be able to hold it until the buyer comes along that allows you to clear a profit. If you could comfortably do it in cash, I'd say go for it. On credit it seems a little sketchy. On a credit card, even sketchier.
After two bad experiences I only flip cars that I would be happy to own/drive in the meantime. I did not enjoy the anxiety of having funds tied up in something that I had no desire to be stuck with.
If you would enjoy driving the car, or have ample room to store it until spring have at it.
ScreaminE wrote: On the flip side, I could be sitting on it for a long time and my credit card would be financing this whole ordeal.
I would only do it if I was a gambling man, it's a risk.
i don't see why a Miata wouldn't be good for flipping..
https://www.youtube.com/watch?v=45H1pUXQXos
Clean examples around here fetch about twice that all day. Question is why is this one so cheap?
As with all things flipping...you make your money when you buy. Any work you do should only be considered as advertizing or market appeal; it has to be undervalued as you bough it.
I would never flip a car on a credit card.
If you had the cash, then yeah it sounds like a good deal if the car is as good as you say.
I think around here, you'd struggle to get $7k for it unless you were cool with sitting on it for awhile, which i don't think would be fun if it's funded via credit card.
Swank Force One wrote: I think around here, you'd struggle to get $7k for it unless you were cool with sitting on it for awhile, which i don't think would be fun if it's funded via credit card.
It's red. You should buy it.
Agree with all of you. I get this sinking feeling deep in my stomach when I think about sitting on a car that is racking up interest. It could turn into a disaster.
Ugh.... red NC1 sounds like my worst nightmare. 
Two things i hate, all rolled into one!
I decided to pass, but maybe one of you guys would be interested.
http://pittsburgh.craigslist.org/cto/4806074708.html
This is the ad. Seems like a decent human being on the other side of the phone. Hope one of you buys it instead.
Damn too bad it's on the opposite north end of the country from me. If you really could get it for the 4k you say, that would be a steal.
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