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]
Author: J.D. Roth
In 2006, J.D. founded Get Rich Slowly to document his quest to get out of debt. Over time, he learned how to save and how to invest. Today, he's managed to reach early retirement! He wants to help you master your money — and your life. No scams. No gimmicks. Just smart money advice to help you reach your goals.