I find used vehicles for sale, often times through Cars.com, and I price them using KBB.com. When I find one that I know is in more demand, with a motivated seller at or below private party pricing, I go look at it and sometimes buy it. Then I drive it for a while for free, and sell it when I’m ready, for more than I bought it for. Then I roll that money into the next vehicle, or sometimes keep a bit for myself.
According to the article, the steps to flipping a car are:
- Screen used car ads for in-demand cars priced below market.
- Make a cash offer for below the asking price.
- Make necessary repairs.
- Get the car cleaned and detailed.
- Have the title free and clear, ready to hand to the buyer.
- Show the vehicle in a safe location.
- Don’t negotiate — you don’t need to sell the vehicle, so wait for your price.
- Accept only cash.
This doesn’t interest me — I’m not a car guy — but if you’re mechanically inclined, this could be a great way to make some extra cash.
[No Limits Ladies: More Money Mondays: Flipping Cars]