VTSummit

I've flipped dozens of cars over the years. I started with a $2000 old land rover and did multiple 'fix and flips' until I ended up with a 2 year old Range Rover from that $2K investment three years prior. It can be done.
My only third gen flip was a $900 rust free v6 Camaro that didn't run well at all. Towed it home and started going through it. Turns out it was a coil. Swapped in a new coil, new plugs, fixed a few inop lights, cleaned it and sold it in three days for $2600.
Just bought a clean 88 GTA for $3900 with lots of recent work done. The guy was insulted at my offer- but he didn't have to take it. I'm putting more in than I want, but I might keep it. All it really needed was the headlight motors rebuilt, fuel pressure regulator and tune-up. Oh, it also needed a cat to pass inspection.
Flipping cars is a great way to make money if you have the time and skills. As it's been said many times before- you have to get a smoking deal up front to make it work. You also need to be damn sure you can fix it. Don't go pick a car and end up paying too much- only buy the right car at the right price, which means walking away from a car you may want- but the price isn't right or the problems too unknown. There are plenty out there.
Personally, I don't think third gens are a hot enough commodity to demand good prices. I only picked cars that had unusually good appeal so I didn't end up staring at it in my driveway.

zya5point0

iTrader: (4)

A lot a great advice, and obviously a lot of experience here. As mentioned, lady luck is definitely your best friend. As much as I don't like the guy, one of my old bosses is one of the shrewdest businessman I've ever known. He flipped probably a dozen cars in the couple years i worked for him. Never saw him lose money on a flip, but didn't always make as much as he was shooting for. Anyway, his number one rule when buying? You got drivetrain, interior, and body. If the car doesn't have 2 of the 3 going for it, walk away. His second rule, always make sure the seller thinks you don't give a crap if you buy it or not. Just more to consider...

ray jr

iTrader: (2)

honestly there are just to many good deals on third gens that are in nice condition out there to be buying a beater and fixing it up for a profit .. mechanical , paint and interior work plus your time just doesnt add up when theres so many already available , especially rs camaros and early z28's ..

PurelyPMD

iTrader: (3)

You sir are a brave man! I've heard it said that they call Rover owners who sell their trucks "quitters" - and I am one of them!

We had a 99 P38 and LOVED it, but I got intimately familiar with all of her workings as I was always working on her. Like a woman, when you least expect it and needed her most, she would leave you without notice!

Finally sold her after a year long relationship when after taking her to Boston & back on an 85* day, the next morning she overheated after traveling only 5 miles (and it was only 45* outside). Only got back half of what I had in her!

KMK454

The secret to flipping European cars is to buy low after somebody else fixed the problems and quits in frustration, then sell right before they start breaking again. The art is determining how long you have before they break again...

steves

There is this kid on Jaloponik that used to constantly flip cars he had the science down.
Here is a link to one of his flip projects.

http://thegarage.jalopnik.com/restor...bmw-1580597044

PurelyPMD

iTrader: (3)

The kid is a good read - highly entertaining!

for example....

Abubaca

iTrader: (3)

This has been a fun thread to read through. Love all the feedback!!!!! ...and I don't really have anything to add for the most part. I go back and forth, but eventually I'll find that one car and profit or not, it'll be on!

dmccain

iTrader: (2)

I just sold a 99 S10 I drove 4 years with ZERO problems. Bought it for $500. Had to put a new exhaust manifold, starter, and radiator in it when I bought it it did not run. So $1000 in the truck and a lil cursing and bloody knuckles I had a tight lil truck good a/c and heat 139k miles. Got $2800 for it the other day. Bought an 83 GMC for $2800 turned right around sold it for $4500. Last third gen I had atleast $8500 in it. 87 GTA fresh built 350 Vortec, fresh seats, carpet, paint. I only got $3900 for it when I had to sell it promptly due to a costly surgery. Before that I sold a nice 91 Z28 for $2500 w/ 146k miles I had paid $4500 for a few years before. I just always seem to lose $ on these cars. I have made $ on some 80s model G-body cars ive sold though, 86 Monte Carlo and a 81 Grand Prix.

chazman

iTrader: (4)

Interesting read.

Jbuchanan

You mentioned the 83 GMC, I always do good with the 73-87 gm square bodies. I buy every decent one I can find for 2500 or less and always always get at least 3800 for them. I used to stay away from long beds simply because they don't look "cool" to me but have found I can pick those up super cheap and turn a good profit on em. I picked a 76 lwb Chevy up for $400 plugs wires tires and a windshield and lots of elbow grease I about$1200 in it and sold it on Craigslist within a week for $3800. Can't go wrong with those trucks at all. I have sold some of the nicer Silverado swb trucks right at 6k.

okfoz

I have made thousands on flipping 3rd gens. BUT there was work involved, none of the cars I got on the cheap were free of labor. But you have to know what you are looking at too. I bought a 1987 Formula 350 that did not run for $600 and sold it for $2500... I had to get it running, found the fusible link was broken because they rebuilt the engine they routed the wires wrong. It took me a while to find, but I got it.

The biggest thing is you have to buy the car with a low price, someone who has lost interest or something and you know how to fix it.

John

Jason E

I'm going to throw my 2 cents in here, only because I've done it so much in the past 7 years....

If you start with a LOW MILEAGE, ORIGINAL CAR...you can absolutely flip them and make money. You need to have a clean car that would stand up at any show. You need to give somebody something that's virtually turn key. You have to have a no-apologies car, that's sorted out, that someone can be proud of and feel good about spending more on it than you did!!!

Since 2010, I have flipped 4 third gens. 3 I made great money on. One was a higher mileage RS (strike one) that I customized a little with the intention of keeping (strike two), and lost sight of how much I had invested in it until I was too late (strike three). Admittedly, I didn't intend to flip it...I planned to keep it, but wanted to move on to different things. On that car, I lost about $5,000 on my original investment, but had one gorgeous 91 RS I rescued from a $1,000 wholesale crapbox, enjoyed it for 5 years and put 13k miles on it, and it has lived a pleasant life since 2011 in FL...and I may have the chance to buy it back, actually...

A 34k mile 86 Trans Am 305 TPI car that I restored to 100% original condition I made about $1,200 on after painting it, re-doing the wheels, tuning it up, fixing a few things on it, replacing the spoiler etc. Again, a car I was going to keep and drive a little bit, but I watched my costs, didn't let it get out of hand, made it the prettiest third gen I've ever owned and saved another from being a beater (bought it for $3,000 in 2010, sold it for $10,000 in 2012).

A 27k mile 88 Trans Am LB9/M5/WS6 car that I sold on here to a fellow board member netted me a nice little profit. It was a great car, it didn't need a ton, and it was the right car...red, 5 speed, TPI, WS6, low miles...it ticked all the right boxes. I bought it for $6,800 in 2011, ended up with around $8,500 in it fixing niggling things, buying tires etc., and sold it for $11,500 in 2012 (including a brand new Hawks spoiler I never installed). It was probably worth a little more, but it went to a board member here from PA for his personal collection, and hopefully he still has it.

Finally, my baby, and the one I hope I never say "I let it get away," my 25k mile 88 IROC 350/t-top/non-G92 car. Owned it from 2010 to 2015. Bought it for $12,500. Only thing I didn't like about it was a previous collision that necessitated repainting the entire passenger side at one point. When purchased, I caught the RH quarter, but not the door and RF fender. I still would've bought it anyway, because it was that perfect. I sold $1,200 worth of extra parts I got with it (PurelyPMD has my original Gatorbacks!!!), spent a few hundred on some R12 and brake pads and fluids over 5 years, kept it pristine, and flipped it for $15,000 back to the family I bought it from!!

While I was hoping to be back in the third gen game again soon, my V means it ain't happening until that's paid off. So in about 3 years, I'll be getting another one I'm going to keep, not flip due to boredom/divorce/lack of storage like the above 4. This time, it'll definitely be a Pontiac...either a GTA or if I'm lucky, a TTA. I'm leaning towards a TTA, because I want something fast!!!!

PurelyPMD

iTrader: (3)

Still glad to have them Jason - will be going on my 87 IROC when it gets done!

VTSummit

Nice looking machine. One of my better flips was buying an overheated P38 with 60K on it and MINT for under a grand and fixed for $600 in parts and a LOT of my labor for $7200. Picked up an 02 Discovery SE7 for $1500 with coolant in the oil deemed "unfixable" by a dealer. It was the front cover gasket that's $11. I put in a new water pump because it was already off and sold it for $9K. Made over $20K each on a couple of Defenders. Being able to diagnose and fix them is really valuable.