Today, everybody seems to be looking for ways to make a couple extra dollars, and for those who know how to flip cars on craigslist, that is buying damaged repairable cars and fixing them up to resell, can be quite a simple process. While some automotive knowledge is required, flipping cars can be a great way to earn just a small extra income or even make a living off. While not right for everybody, here are some tips for those interested in finding repairable cars for sale.
When it comes to flipping cars for profit, the first thing to do is scour local craigslist adds for cheap cars. Typically, these should be used cars under 1000 – 1500 dollars or in that price range and will most likely not be overly impressive to look at. The real trick is while looking through all the used cars for sale by owner listings finding the ones that are a great deal to begin with and may only need minimal repair work. Several important areas should be examined in order to determine whether the car is worth the investment. A running engine is critical, cars that do not run will not sell. Having prior knowledge about engines can allow for great profits if the engine can be made to run with a few cheap junkyard parts, but this is not always the case. In fact, the simplest and most common reason for low prices on cars is simply aesthetics. Rust and torn leather are frequent in older or lightly damaged cars and actually quite simple to repair with some Bondo and automotive paint. By restoring a presentable appearance, flipping the car becomes easy and extremely profitable at relatively low cost to you.
In order to flip cars on craigslist some knowledge of what to look for is required, but this can be a great way to earn some extra money. It is important to look carefully and choose investments carefully, but if cars can be found that simply need rust repairs and paint it is always worth the money. Before making the investment however, ensure that a test drive is taken to prevent you from being the one being ripped off on a barely running car.
With the economy the way it is today, more and more people are finding it difficult to obtain car loans and financing for a vehicle that they have found from the used cars for sale by owner ads. Many may need cheap cars for a new job or need reliable transportation to and from medical facilities. Whatever the reason, the people who need a car but cannot obtain financing through traditional lending institutions usually end up turning to buy here pay here car lots. While some may think this a bad thing, others consider it a good choice if you’re careful. Here are some pro’s and con’s to consider before purchasing a car from such a dealer.
For beginners you need to know there’s a reason a car dealer can offer to carry the financing of a car for you. In some instances, the dealer may increase the price of the car that they’re financing for you. So you end up paying more for the car than you would through a traditional dealer.
Other dealers may hit you with a very high interest rate on the car you buy. While the price of the car may sound reasonable, the interest rate could be so high that by the time you get it paid off, you’ve paid hundreds or maybe thousands more in interest than you would have through traditional car dealers.
And there are some buy here pay here car lots that will increase the asking price of the car and charge you a high interest rate to finance the automobile for you!
But on the flip side, I believe most buy here pay here car lots are honest. They do have the right to charge a reasonable price for their cars and a reasonable interest rate on the loans they carry for you. And yes, those interest rates will probably be higher than a traditional lenders interest rate. After all, you’re probably a credit risk to begin with or you would have went through a traditional lending institution like one of the automakers lending departments, a bank or credit union.
I once needed help buying a used pickup. Since my credit was dinged, I ended up buying it from a buy here pay here car lot. This particular lot reported my on time payments to the credit reporting bureau’s. This went a long way in helping me increase my credit score. This is another bonus of buying from these lots, just make sure they will report your on time payments, some will, some won’t! All in all not a bad deal for buying cheap used trucks.