How to Flip Classic Cars

Classic Chevrolet Camaro

When it comes to buying and selling classic cars (and cars in general for that matter) there are a few different methods yoy can use. One approach is buying a classic that needs to be restored, performing the necessary work tand then selling it. The work may include having it painted, rebuilding the motor and installing a new interior. The problem with this approach is that it is expensive and time consuming. Another technique is called "flipping," in which a car is purchased and then sold quickly while investing as minimal of an outlay of cash as possible.

Things You'll Need

• Detailing supplies
• Automotive tools

Instructions

1. Buy low. This probably goes without saying, but the chances of actually making money on flipping a classic car are greatly increased if you start out by getting a good deal. It's not unusual to find sellers who just want a classic (to them it might just be an old car) out of their garage or driveway. Start low when beginning the bargaining process to find out what the minimum the seller is willing to take. The worst they can do is say no to a low-ball offer.

2. Deal with cars that are popular and easy to sell. One aspect of flipping classic cars is the time element. The point is to buy a car, clean it up and get it presentable and then turn around and sell it for a quick profit. With this in mind, it is better to stick with classics that have an established following of enthusiasts. For example, British sports cars like MGBs and Triumphs and Italian cars like Alfa Romeos are very popular and may not be as difficult to sell as say, an obscure French car like a Citroen.

3. Find a mechanic you can trust. By trust, this means find a mechanic who will only do the work on the car that you specify and has some idea of what you are trying to accomplish, which is to get the car in marketable condition for as least money as possible. If there are only a few minor issues, then that is all your mechanic should focus on.

4. Find cars that need a minimum amount of work. This is another one of the differences between restoring cars and selling them and flipping cars. At the least, a potential classic for flipping should be in good mechanical, driving condition. Having an engine and gearbox rebuilt is extremely costly and time consuming and may eat into any profit you hope to generate. Minor issues like wiring problems, tune-ups, etc can usually be handled by you or your mechanic. Even a car that needs a complete paint job may be a good candidate for flipping if the rest of it is in good condition.

5. Detail the entire car. Sometimes successfully flipping a car comes down to something as simple as thoroughly detailing and washing it. This means a very high quality exterior wax job, shampooing and cleaning the interior and steam cleaning (or at least detailing) the engine bay.

6. Maximize your marketing. When it's time to sell, advertise the car in as many places as possible. While the newspaper used to be one of the only places to advertise a car for sale (and is still a very good venue) thanks to the Internet, we now have free advertising on sites like Craigslist and automotive forums. There is also eBay and the weekly Auto Trader.

References

• Cars Direct: How To Make Money Selling Classic Cars