I've heard a few theories on this - specialize in one make/model, go for condition, go for whatever is a deal... What's the best strategy and why?
I've heard a few theories on this - specialize in one make/model, go for condition, go for whatever is a deal... What's the best strategy and why?
Find cherry G-body. Sell. Rinse. Repeat.
Can also work with Fox body, nearly any station wagon, or corvette.
Find any niche market like the ones above. Find a cheap example outside of the right channels and then sell it on a forum or specific community. For instance, find a nice AMC Hornet wagon for $1000 on CL and then post it on an AMC forum classified site for 2000. Or find an 88 Notchback LX 5.0L for $2000 on CL in an unpopulated area and post it on a fox body classified site.
It has worked for me several times... not necessarily with profit intended but just careful buying to make sure I get my money back if I sell it. I recently bought an 86 El Camino for $1800, put about $400 in brake lines and exhaust into it and sold it for $3500. It wasn't my intention to even sell it, someone just offered it to me in an AutoZone parking lot.
In that price range, often times a good wax job and well-done photos can be worth $500. Set up a CL search for cars in the $200-500 range. You'll probably find a hundred cars that could be waxed, vacuumed, and given a tune-up and sell for $1000 with good pics.
If you Live somewhere with inspections like I do, the easiest way has been to scour cl for cars that aren't current. Sometimes it's an o2 sensor or some fiberglass work. Then detail or send to detailer, new pics,and back onto craigslist for double price.
Just have to know what the inspection stations want to see, although this is pretty much useless advice if you don't have inspections in your state.
Fox body Mustang
In reply to RevRico:
I've heard of doing that in neighboring states too. Like the buy a car cheap in pa that won't pass, take it to ny where inspections are a bit easier. Make money. It also helps if you live by the border between states.
No inspections needed here. Just emissions but usually takes a few months if not years before the notices come through.
4x4 trucks are good also
I'm in NY, and have talked with car friends in Florida and other southern spots about starting a pipeline flowing interesting no-salt cars northward. We've never been able to come up with a way to make the transport costs work on any car that would resell for less than about $6500...
In reply to ManhattanM (fka NY535iManual):
I've been thinking about working it into vacations. Fly somewhere warm in the winter, use it a couple weeks and drive back.
In reply to ManhattanM (fka NY535iManual):
We looked as far as buying a 5th wheel trailer and a tow pig to get them back east when I lived in California. Best bet probably would have been to rent a whole car hauler. Seeing 3 series and C classes out west for ridiculously low prices got lots of rusty gears spinning in my head. Just couldn't cover buying a full hauler worth of vehicles up front to do it.
The vacation idea has crossed my mind. Was planning a trip south to buy something before I feel into the 2 p71s.
curtis73 wrote: MG Midget could get some profit 73 Charger roller with title for $500? Yes please 64 Valiant $2500
That Charger looks like a Roadkill episode waitin' to happen... OH, that's tempting...
For me the formula was buy a clean car with one fairly major mechanical issue, like head gaskets or a timing belt. Its an expensive job in a shop but cheap if you do it yourself. Spend a weekend fixing it, drive it a few weeks, shine it up and sell it. I tried to stick with cars under 150,000 miles with good tires. A clean title is a must. Every time I was able to sell it under fair market value for a quick sale and still make a healthy profit. Now is the time to buy and get it on the market in time for tax refund checks.
I can provide links to rust-free southern cars, and a spare bedroom near the beach. 
I would build this into a snow-bird hobby since I would go stir-crazy trying to kill a winter in the south. Fly in, buy one pick-up truck and spend the winter finding a good deal on a second truck and a trailer. Drive the lot home and sell.
petegossett wrote: I can provide links to rust-free southern cars, and a spare bedroom near the beach.
I'm working on the big trailer.
I generally look on CL for the most recent ads that look too good to be true and jump on those. Sometimes it works, sometimes i sit on stuff too long.
Show up with cash and trailer. I got the 02 se-r for way cheap because i was there with cash and trailer. Same with an 80 z28, and the 99 silverado i just dragged home. Sometimes i come home with empty trailer, most times i dont.
Its easier for me to flip that which i do not love. If i tried flipping roadmaster wagons from the south i'd keep them all for me.
Make time to get it done. Aforementioned se-r is still here, i have diagnosed it and sourced the part, i just got tied up with the challenge car and it's been sitting here since march.
The first thing i do is try to make a quick buck listing it somewhere an enthusiast might bite while it's still on the trailer. I'd have taken 500 for the sentra from a grm'er had a bunch of dicks not crapped up my thread with "precat failure needs engine" bullE36 M3 when i knew the pcm was dead.
Also, don't be a D and crap up people's for sale threads with internet hearsay and keyboard diagnosis when they're selling a broken car
It's a bit harder here because of passing smog. But, usually cars that "wont start don't know why" are easy deals and usually simple. Starters etc. I bought a 79 450SEL for $300 bucks and I didn't know what was wrong with it. Threw in a batter and she was running, perfectly. Best flip so far.
If I had the space I'd be flipping old Mercedes left and right.
oldtin wrote: No inspections needed here. Just emissions but usually takes a few months if not years before the notices come through.
Careful there. They are needed every 2 years. If you just bought a car, you can register it anew without it, but when you try to register it again in a year you'll need it.
Solution to that? Buy 1995 or older or a diesel.
The more valuable the car you're flipping, the more money you'll make. FYI.
I've done it more times than I can count (not literally, but you know). I've even drove them for years and made a healthy profit. Here's the rub. I don't count my labor because, at my price point, any car I own will be getting stuff done to it. But if I've just done a timing belt, I'm asking more for it.
Part of the deal is buying right, the other part is your ad. When I sell a car I avoid all the dumb things most CL ads have:
a garden hose and bucket right next to the car, the driveway is wet around it
I take GOOD pictures of the car. Not only do they show actual detail, they are pleasing to the eyes
My ad actually provides useful info that pertains to the car (that seems almost impossible in the CL world)
I list the major things that aren't right about the car, and no pretend diagnosis "the car doesn't run right now. it only needs 1 spark plug and a valve-stem cap and it'll run great. I just don't have the time"
I also state that I don't entertain offers if you haven't seen the car. If you e-mail or text me an offer, I'll block the number.
DrBoost wrote: I list the major things that aren't right about the car, and no pretend diagnosis "the car doesn't run right now. it only needs 1 spark plug and a valve-stem cap and it'll run great. I just don't have the time"
QFT
Marquee specific can be good too, especially if you have room. $2500 will buy you five FWD 3800 equipped GM cars, all probably needing intake gaskets and misc little stuff. Sell the best one for $1500, the second best for $1200, and you are making money after that. Once you get the routine down you know what to look for in the next ones and you're in business.
Speaking of business, better check how many cars you can sell before you need a dealer license. Here it's 5/yr, which means at $500-1000 per car it's just a hobby and you have to be doing it for fun. If you were dreaming of quitting your day job either explore the dealership or plan on cars with real return.
In reply to mtn:
They're not true inspections, like some states or mot/tuv in Europe, just emissions
oldtin wrote: In reply to mtn: They're not true inspections, like some states or mot/tuv in Europe, just emissions
Yeah but it can be a royal PIA tracking down what the hell is throwing that code.
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