With the rising price of gasoline, many people are looking for alternative ways to make money. Car flipping has been on the rise and can be done online with a bit of research. But is it worth it?
If you are considering flipping cars for profit, this will shock you! This article will give you a detailed analysis on the process and whether or not it is worth it.
How can you figure out how much an automobile is really worth?
If you’ve ever traded in a car, you’ve undoubtedly heard of Black Book or auction pricing.
These tools are normally unavailable to the common individual.
Even if you don’t want to purchase from them, auction and black book prices are about the amount a dealer is prepared to pay for your car.
CarMax operates in the same way, except they usually go a little cheaper than the “auction” price.
This is why you appear to get conned every time you trade in your automobile, particularly if you do your homework online.
Let me show you how to determine that value using Kelly Blue Book.
This strategy isn’t ideal when it comes to flipping automobiles for profit, but it’s close.
Since I’ve done hundreds of vehicle flips over the years, I’m rather certain about this.
When you’ve chosen a vehicle, go to the Kelly Blue Book website and click the “Check My Car’s Worth” button.
Enter the year, make, model, and mileage after that.
Then you’ll be asked to enter your zip code, vehicle type (sedan, coupe, etc. ), condition, and options.
Begin by carefully filling out the blanks and selecting fair as the criterion.
Finally, a screen shows your trade-in range and provides you with a price.
Because it’s the same amount that dealerships pay, you now have a starting point for how much you want to spend on the car.
However, just because you know the auction price does not mean you have to purchase at that price.
The price you want to pay for the automobile is $500-$1,000 less than the fair trade-in value.
If you can’t sell the car for any reason, you may always take it to CarMax to at least break even, if not make a few hundred dollars more than you paid for it.
However, if you can do this task without any shocks, you may win $1,000-$2,000 for each flip.
Flipping cars for profit is not always worth it. You will be surprised by the amount of money you can make with other investments. Reference: flipping cars 4 profit.
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