How to Make Money Flipping Cars
Flipping Cars - Auto Arbitrage
Why should I flip cars? Great money and a fun hobby. The turn around is much faster than real estate, but there are just as many things to look out for.
How do I know which cars to flip?
Buying from the auctions is the best way to get a great deal on previously owned vehicles. Check out some great auctions databases in the links below.
What should I know before I start?
VIN Checks. Get the full history of the vehicle, so you won't overspend or have an angry customer on your hands.
Is it ok to buy damaged cars?
Yes it is and some of the best profits come from purchasing cars that know the roughest roads, the important thing here is that you are making an informed decision.
VIN Numbers - What they do.
A VIN or Vehicle Identification Number resembles a government backed retirement number, UPC code, even a cryptocurrency address depending on what generation you belong to. It's given to a vehicle by its producer, and no two VINs are the same. The VIN is a one of a kind line of 17 characters that distinguish various qualities about a vehicle, including:
- Where the car was built
- The manufacturer
- The brand, engine size, trim and type
- A Vehicle Security code (meaning the car has been verified by the manufacturer)
- The assembly plant where it was made
- The serial number
Fun Facts
- VIN provide current airbag and safety restraint data.
- VIN numbers have been required since 1954 and have been standardized since 1981.
- VIN's don’t use the letters I, O, Q, U or Z so 1 or 0 when in doubt.
The VIN numbers are not just randomly assigned, they tell a story and represent the manufacturing details of each car made, including country of origin.
You need to access the VIN history, however, because each VIN is then connected to a database containing the background of the vehicle.
The details include, ownership, accidents, and title information. With this and the mileage, it's pretty easy to calculate what each vehicle has been through and what type of maintenance one should expect in order to drive it on the open road safely.
You should pull a vehicle history report before buying or selling a car, and everyone recommends this. If you are in the habit of flipping vehicles or have a fleet which demands annual buying and selling of out of warranty vehicles, this is definitely an area not to skimp on, as you will save money on the cost as well as repairs.
Where to get a VIN Check official report.
Vehicle auctions near me.
Government Auctions nationwide.
Comments
Post a Comment