What's a good Wheeler Dealer car?

pimpm3 wrote: You make your money when you buy the car, not when you sell it

I'm just here to say that Pimppy is the master of "bought right" as we plan to show you at The Challenge!

Harvey wrote:

bmw88rider wrote: Really it depends on your knowledge and what makes you are comfortable with. Let me give you an example. http://austin.craigslist.org/cto/4681510380.html This could be a great car to flip or it could be your worse nightmare. If you know boxsters well and know what the common problems, You could do really good especially if it's an easy fix. I don't know boxsters so it still sits for sale.

I want to believe we can fix this on the cheap, mostly because I want a Porsche Boxster S for $5-7k

That one is over priced IMHO.

I found a this nearby in my CL searches. $7k. Could probably be talked down. That clean headlight can only mean it was hit on that side, but I'd have to look at it in person to see if it was repaired correctly.

http://miami.craigslist.org/brw/ctd/4696540423.html

It just depends. The P0343 error is a short in the wiring. If I had Durametric I would have already gotten the car since I could have tested it and known in a few minutes. But when you add in another $300 to get started plus any wiring and a possible ECU....The returns are going quick even if you can get it for $5500 which I think you can. It could be as easy as a grounded wire.

The one you posted has a story and I think that story is not a good one personally. With the headlight starting at $400-$500 used....There could be a lot more there.

t25torx wrote: Hey, a subject that's near and dear to my heart. I pretty much go for whatever I find that is a neat car and think I can turn a profit on. The way I do things is, to look at Craigslist to see what prices decent cars of the same one I am looking to flip are going for. So say this E39, Found it for $1000, did a quick search of E39 525i on CL and saw that decent ones were going for around $4.5K, so after looking at it I made a best guess that I could fix it for about half that, and if not, then I could at least part it out for the purchase price or more. It's kinda funny you brought this up, I was about to post up a question of what I should try and flip next after this E39. I really would like to do a nice 80's super car, but no one buys those down here, or at least they don't want to spend a decent amount for a nice one. So I'm not sure what I'll get next.

I have no clue. If you get into a specialty car like an 80s super car then you really have to find out what people are paying for them on the specialty websites, because that is your target market.

LT1 Camaro?

http://newhaven.craigslist.org/cto/4671063023.html

Actually, those seem pretty unappealing all around.

In reply to Harvey:

Yeah I'll have to research the market for those cars more before I decide to jump in. I've kind of been thinking about an Audi TT or something along those lines.

Edit: Yeah I don't think there is any market for a nice LT1 Camaro at this point in time.

If in Ohio, look at used Grand Cherokees. I was searching the other day for a possible winter ride and came across lots of them with either bad motors or bad trans. Buy one of each and one that was crashed into or rolled for the parts.

Harvey wrote: LT1 Camaro? http://newhaven.craigslist.org/cto/4671063023.html Actually, those seem pretty unappealing all around.

I sold one of those earlier this year. It was the same year 6-speed with 140K. The guy was asking $3000.00. I offered $1800.00 and he took it. I charged the A/C and replaced the stator valve which was leaking. I advertised it for $2950.00 and sold it 3 weeks later for $2700.00. Other then the A/C fix all I did was detail it.

That one at 2900ish doesn't leave any money on the table.

I try to go with what I know. I've done well with Escorts, Mustangs and Ranger pickups but the process is the same on all of them. I prefer 50 little problems over 2 big ones any day.

One of my favorite finds are private sales cars that are sitting next to the new car with abandonment symptoms. Expire plates, flat tire, dirty or never moves.

I have found many of these with simple primary problems such as a bad sensor somewhere. A code reader is your friend. It is fun to buy a poor running or non starting car only to discover that it is a cam positioning sensor problem or a neutral safety switch.

Bruce

At this point I'm becoming familiar with all the quirks of the E46 3 series BMWs since I've taken apart my wife's engine bay a few times to do various things.

Be prepared to not make money on every car.

https://newhaven.craigslist.org/cto/4698903384.html

Oh wait, this one could be decent.

https://newhaven.craigslist.org/cto/4672900470.html

Okay, head gasket maybe makes it a deal breaker, but...

https://newhaven.craigslist.org/cto/4600953565.html

dean1484 wrote: Be prepared to not make money on every car.

I'm not really considering doing it, my wife would kill me.

I have made money on alot of cars over the years I have dabbled in this. Early on I had some loosers but you get a feel for tour market. You also get a feel for your own abilitys and what is worth it to you. Cleaning versus detailing a car. Two different things and two very different amounts of time are required.

I found that when you start you tend to underestimate time required for tasks as well as costs. The little things add up and can turn a $300 proffit in to a $150 proffit really fast. Also be organized. I keep a binder for every car in the car and note everything I put in to a car in the binder including my time. You would be surprised how fast it all adds up. A $2000 proffit looks great but if you have 60 hours of time in to it it all of a sudden changes things. Account for all your time. Trips to the parts store etc. If you do the math properly you will find that the money is ok but you are going to have to work for it. I have seen many people think they can get a car and spend a weekend cleaning it and they are going to make 3k selling it the following Monday. Reality us you spend two weekends cleaning and fixing things and then it takes another two weeks to sell it and you only make 1k. And if you then decide that by the 50 hours you spent working on it and getting getting parts your $$$$per hour is not looking as great. It is a business and there is money to be made especially if you don't value your time.

Plus you get to play with your flips. I have rally crossed several of mine. That way I can justify not making the labor money.

My challenge car is a flip.

I make the most cash on civics usually, even the most beat example has sold for 1500. If you count your time you don't make much.

I do better with the lower priced cars 3K and under selling price.

Pretty sure if you account for time, that you make almost nothing on this sort of thing, unless you value your time very low.