Looking to flip a car and make some extra cash?
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You don’t necessarily need to be a mechanic to make money restoring and selling used cars (although it can be helpful). The secret is in finding a good deal. You also don’t need to be a millionaire to try your hand at this business. Buying and selling your first one or two vehicles initially can be achieved with not too much money.
Online trading is one way to earn some extra cash to get up and running. It’s become popular to trade stocks, currencies and everything in between on the internet. Many platforms offer accounts that are easy to set up. Online trading works on the premise that you can invest a small amount of money to speculate on the prices of different financial assets. Hopefully you will take away profits. Make sure you take time to study the markets and the method closely before you try this out. Otherwise you could find yourself losing money.
5 Car Brands You Can Purchase That Keep Their Value
No matter how you do it, once you have enough in your back pocket to buy and sell vehicles, you need to ensure you get the most bang for your buck. Some of the top makes and models that can earn you a small fortune when flipped include:
This is one of the biggest vehicle manufacturers worldwide. Common models include Corolla and Camry. It is very easy to find these cars’ spare parts, making them very dependable and good fixer uppers.
Korea’s biggest car manufacturer has popular models including the Elantra and Accent sedans. You can generally make good money flipping Hyundai cars.
Although this brand is a subsidiary of Hyundai, it operates independently. Kia vehicles have won the International Car of the Year award several times. It means that they have a good reputation, making them attractive to potential buyers once you are ready to sell. Look out for the Optima and the Cadenza.
This is another Japanese brand that is considered very reliable. The most popular models are Accord and Civic, which are easy to acquire and flip. Most people go for well-known brands with low mileage when buying used cars.
North America’s biggest manufacturer is Nissan. At one point, their Versa model was the world’s most common vehicle. Most young drivers love this brand, which makes its cars easy to flip.
What to look for when buying a car to flip
Once you have settled on the car brand to buy and flip, consider the following important factors.
Start the car from cold
This is the first thing you should do when examining a used car. If the vehicle is already running when the seller shows it to you that should be a red flag. Starting a cold car engine requires more energy and you can also feel or hear any problems like a bad motor. Look out for:
- Cars that take time to start
- An engine that produces a loud noise or grinding sounds
- A car that shakes or whines while starting
Check the oil level and its color
Ask the seller about the history of the car. This includes the last time the oil was changed. The best oil colour should be light; anything brown or dark is a big no especially if the seller claims it was changed within the last six months. If you notice any water or solid particles in the car oil, simply walk away as it will cost you a fortune to fix. Have the seller start the engine several times and watch the exhaust. If black, thick smoke comes out, walk away too.
Check the engine and under the car for any leaks
Finding a little water under the car is fine, but radiator fluid or oil are no-nos. With the car running, have its radiator cap taken off to check for any leaks. The presence of bubbles in the radiator is also a big no. A hot engine calls for a bargain. Once you are satisfied with the quality of the car’s engine, get inside and check the safety belts, any signs of rusting and the extent of wear. All these will help you make the best deal.
Has the car been maintained?
Does the car need any repairs? Many vehicle repairs can be done yourself for a minimal amount of cost. DeBoss Garage did a good video on vehicle maintenance tips.
Always ask for the title and a copy of its registration
If the seller doesn’t have the car’s title, be wary about buying it. You will need it to get the car registered and insured. Negotiate the final price and take the car home with you.
Clean the car thoroughly and take care of any fixes needed
Before you put your used car back on the market, ensure you clean it inside out for you to maximise your profits. Since used cars at the auction are not cleaned first, you should pay attention to dirty interiors, glass, paint scratches and chips. Ideally a mechanic should also check it and fix anything that isn’t in tip top condition.
Advertise the car
Once the car has been cleaned and serviced, it is time to put it back on the market. You can use the same medium you did to buy it in the first place.