This idea just jumped out to me recently and I have been trying to get into the business as well. Just like reselling anything, the concept is the same: buy low sell high. However, with vehicles it may be a little more challenging to start and risky and I’m going to go over that in this.
Should I flip motorcycles or cars? That’s a good question. I believe the most important question to ask yourself before you decide to do this is, which do you have more interest in. Do you like cars or motorcycles more? Being interested in what you’re selling is the most important part in business because this allows you to pick up information faster while you’re also enjoying it. So if your answer to that question was neither, I don’t recommend you do that.
Location. Obviously people need cars where ever you live, but motorcycles are a different story. If you’re living in the California, flipping motorcycles will most likely be easier than if you’re living in Maryland. But don’t let this stop you, at the end of the day, someone still wants motorcycles it just may be a little more callenging.
Okay, let’s talk about flipping cars. There are lots of different sites you can find cars on: cars.com, craigslist, carmax, autotrader, etc. Flipping cars will require some extra capital as obviously cars are more expensive than motorcycles, but the good thing about this is that location does not limit you and that cars at the end of the day will probably be easier to sell.
Now let’s talk about flipping motorcycles. I feel like sites are a little more limited when it comes to motorcycles but you can try: CycleTrader, craigslist, Facebook Marketplace, eBay, etc.
One thing I wanted to mention is that there are two routes to selling.
- You buy an damaged vehicle and fix it up and then resell it
- Buy a used vehicle that is really undervalued, clean it up, and resell it.
Obviously option 2 is the easier way, but it is also probably harder. Most sellers will do their research and know a general price but sometimes you’ll find a hidden gem.
Another thing to keep in mind is that if you’re flipping multiple vehicles each year you will need a dealers license, so if you’re flipping business starting gaining traction go get a dealers license!
I hope this article gave you an idea to start flipping vehicles, and like always please research what you’re doing whenever you’re flipping anything. Knowledge is POWER. Keep on grinding and hope you all have a great day!
