Flipping houses is something you’ve probably heard of. But did you know you could make some decent money flipping cars? 

Let’s check out how. 

What is Car Flipping?

Car flipping involves buying a used car and then selling it at a higher price after doing the required repairs and modifications. 

A car flipping is different from simply reselling your old or used car. Car flipping is a business; you got to add value to the used vehicle by fixing up the loopholes and just generally sprucing it up. Anyone with a passion for cars, an eye for a good deal, and expertise in car repairs can take up car flipping as a side business. 

You must have a good knowledge of the automobile market and a sharp business sense to be successful in this business. It’s not as simple as selling your old car. When you are selling your vehicle, you are simply hoping to get its current market value. But car flipping is all about profits. So you got to make the right calculation and assessment to determine the resale value of your vehicle. You must have a fairly decent idea of the used car sales market in your local area. 

Car flipping is a good business for those who don’t have much time on hand. You could end up selling a few cars in a month without having to invest too much time. But you must have the skill to add value to the car’s asking price through your own technical expertise, or the expertise of other professionals. 

Strategies for Car Flipping

1. Start small 

 Car flipping is a business. It takes time to figure out the tricks of the trade. So when you’ve just started, it’s better to play safe. Start with cars that carry reasonable price tags. Focus on smaller cars. That would lower your profit margins, but it would also significantly cut down the risk of losses. As a beginner, it’s best to do a couple of small sales consistently and make some profit rather than go for expensive cars and incur huge losses. 

2. Get access to the service history 

 You must thoroughly check the service history of a used car before investing in it. You want to be sure that the vehicle won’t require any major repairs. One must also ensure that the car ticks all the boxes when it comes to safety checks. When you are going to resell that car, customers will ask you questions about its service history. You should be able to answer their questions honestly and accurately. 

3. No major repairs 

 It’s best to go for cars that do not require any major repairs. The logic is simple. The more complicated repairs a car needs, the greater the amount of money you will have to spend on fixing it. If a car has major scratches and dents, or the brakes or engine need replacement, you’d be better off skipping that one. 

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4. Find the right buyer 

Finding the right buyer is more challenging than it might seem. 

You can share your vehicle pictures and info on social media sites like Facebook. You could also list your car on Craiglist classifieds.  

Sometimes, spreading the word to your network is the easiest way to find the right buyer. 

Best Cars to Flip in the US Market

1. Japanese cars 

If you are a beginner in the car flipping business, Japanese economy cars are your best bet. These cars are easily available in the market and are reasonably priced. 

The best thing about Japanese cars is that their OEM parts are easily available and cheap. This considerably reduces the time and effort needed for fixing and tidying the vehicle. 

The icing on the cake is that the resale value of Japanese used cars is relatively high. They don’t seem to deprecate as quickly as their American or European counterparts. 

The best Japanese car models to flip are:

1. Toyota Corolla – The Corolla remains one of the best-selling cars of all time, making it ideal for flipping. The vehicle scores rather well on the fuel efficiency front, and is super easy to maintain. It’s reasonably spacious and easy to drive. The Toyota Corolla has an impressive history of safety and reliability. 
2. Honda Civic– Another popular Japanese model, Honda Civic is always in demand. Its affordability, reliability, and full efficiency make Honda Civic a best-selling car of all time. Plus, you get ample choice in terms of different body styles. These features make it ideal for flipping. When you flip a used Honda Civic, you won’t have to spend a fortune on repairs and maintenance. 
3. Toyota Prius – Toyota Prius is a great Japanese car to flip because the only thing you’ll have to probably replace is the hybrid battery. And you can easily do this yourself using an aftermath rebuild kit. This would be more cost-efficient than sourcing a replacement battery direct from the manufacturer. 

2. SUVs 

SUVs are a good option for flipping because their market demand is high. SUVs are especially sought after by families. 

Due to their sheer size and built, these cars appeal to buyers looking for more seating capacity and storage space. 

The popularity of SUVs has seen a dramatic spurt in the past 30 years. Due to their amazing off-road capabilities and impeccable passenger abilities, SUVs are equally popular with families, professionals, and students. 

The best SUV models to flip are:

1. Toyota RAV4 – It is one of Toyota’s most popular SUVs. RAV4 has a spacious interior coupled with an ultra-modern dash design. These cars are easy to find and can be the goldmine of car flipping. You should be able to make good money after the repair costs. 
2. GMC Yukon – It is one of the longest-lasting and most reliable SUVs. GMC Yukon has an excellent track record of functionality and durability. Many owners of this vehicle have said that their repair costs rarely go beyond $500. 
3. Honda Odyssey – Honda Odyssey is another hot favorite SUV in the car flipping market. It stands out for its strong performance and safety ratings. Buyers also prefer Honda Odyssey for its extraordinarily low repair and maintenance costs. 

3.   Classic Cars 

Classic cars are evergreen. They have a specific customer base. If you manage to find a cool classic car for flipping, there is nothing like it. They never go out of fashion. Plus, classic cars have that X factor which makes it easier to resell them at a profit. 

The extent of repairs you need for a classic car depends from vehicle to vehicle. Some would only need a new set of tires or a brand new battery to be up and running again. Others might require more complex restoration. But you can be sure that the resale value of a classic car will be worth all the trouble. 

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The best classic cars for flipping are:

1. Ford Mustang (1964-68) – This is one of the most popular classic cars. It’s ideal for car flipping because of consistent demand. You might think restoring a classic car and finding parts to replace will be challenging. But Ford Mustang’s replacement and reproduction parts are easily available. 
2. Chevrolet Nova ( 1968-1970 ) – This evergreen classic car would never get short of buyers. Since more than a million of these cars were manufactured, their parts are not difficult to find. You must remember that the two door Nova is better for car flipping than its four-door counterpart because it’s more popular and thus easier to resell. 
3. Chevrolet Bel Air (the 1950s) – This is one of the most iconic cars of the 1950s. Its used parts are easily available and various upgrades and reproduction parts are also not hard to find. It’s one of the top favorites with classic car collectors, so reselling Chevrolet Bel Air shouldn’t be a problem.