A friend recently asked me why I started flipping cars. More reasons came to mind that I could list here, but I decided to boil them down to only four. The following are reasons that you should consider buying and selling cars for profit.
1. Creates Extra Income
This is naturally the first thing that comes to mind when people think about flipping cars. Let’s be honest. Everyone likes a little extra cash. A typical flip can range in profit anywhere from $500 to $3000.
I see people online selling courses where they claim to make $4000-$6000 on every car they sell. This isn’t reality. Will it happen occasionally? Yes. Should you expect to make that on every deal? No.
Whether you are looking to create a little extra spending money or to generate enough revenue to quit your day job, it can all be done flipping cars.
2. A Profitable Hobby
Hobbies can be expensive. Whether you golf, hunt, fish, or are an underwater basket weaving champion; they all cost money. I don’t golf because I got tired of paying to get aggravated, and since I can buy a freshly packaged cow and fish at the grocery store; hunting and fishing have never been that appealing.
While I don’t hunt deer. I do hunt. Deer season only comes once a year, deal hunting is always in season. Instead of four-legged animals, I hunt four-wheeled vehicles, although I have been known to buy the occasional 2-wheeler.
Finding a car to flip is in every sense a “hunt”. In order to make money, we have to go out and kill something and drag it back. We then show it to our friends, clean it, and display it for all to see.
3. Provides Extra Time With Family
This doesn’t seem to make sense at first. Our schedules are already packed as it is. How are you supposed to find, clean, and repair the cars you buy – all while spending more time with family?
The beauty of flipping cars is that because of the extra money generated by selling cars, you can adjust time used for other profit generation (overtime at work) or money saving (mowing your own grass). If time is money, then money is also time. Money buys time.
On average I have between 2-6 hours of time invested for each car I sell. If you make $1500 on the deal (and you will) how does that compute hourly? That translates from anywhere from $250-$750 an hour.
Suddenly time and a half for overtime at your day job seems like peanuts. We all have time that we aren’t currently maximizing. If $250-$750 (sometimes more) sounds better than hammering out more overtime at work, then car flipping is for you.
4. Go At Your Own Pace
Unless you own your own business, and even then its a stretch, you are on someone else’s schedule. You know the drill. Have the report in on time. Make your quota. Pretend to talk on the phone so the boss thinks you’re busy. (You never do that….)
Flipping cars allows you to go at your own pace. Let’s say you buy a car and it needs to be cleaned. You’ve been really busy and would rather spend the afternoon with your family. That’s ok.
You choose the pace. Sure, you can buy, clean, repair, and have it for sale the same day. Or you may do a little here and there and have it ready next week. It’s totally up to you.
I hope the reasons mentioned above will cause you to think seriously about whether flipping cars is for you. If so, I would love to help. Just put your name and email in over on the right, and I’ll personally email you to answer any questions you might have.