With tough times and the increasing popularity of unorthodox money-making, personal strategic car sales, or “flipping” cars, is a lucrative possibility. However, while the practice used to be reserved for timeless classics like Japanese Domestic Market (JDM) gems and American muscle cars, the current market offers an exciting option: electric vehicles (EVs). So, can you make money flipping electric cars?
How do you flip electric cars to make money?
Flipping cars involves paying attention to the market and capitalizing on profit potential. Flipping EVs is in a few ways similar to flipping houses in growing regions. If you have something that other people want, you can sell it for profit. Furthermore, electric cars have become a hot commodity in today’s market, and car buyers are willing to pay well over MSRP to get them.
Are electric cars worth the investment?
Unfortunately for prospective first-time EV buyers, companies like Tesla are having difficulty keeping up with demand. According to Business Insider, high demand amid a tough market results in long waiting lists for new EVs and a growing resale landscape. So if you can get your name on a waiting list for a popular electric car like the Tesla Model 3, you should.
If you’re one of the EV owners lucky enough to see the value of your car increase with the supply and demand disconnect, you should consider flipping your car for a profit. Flipping electric cars can sometimes generate as much as $7,000 profit.
Which electric cars should you sell to make money?
In the case of Dennis Wang, it’s flipping Teslas. According to the Los Angeles Times, Wang has been dabbling in selling Teslas for supplemental income. He recently sold two of the EVs for $4,000 and $7,000, respectively. Keep in mind that he drove the cars for months before flipping them.
How do you make money flipping vehicles?
If you want to make money flipping electric cars, you have to consider a few things. First, you need the finances to buy an EV like a Tesla Model S. Next, you need to buy the car as cheap as possible, often by waiting it out on the long lists. Once you take delivery of your electric vehicle, you can watch the car’s resale prices and fair market values for the optimum point to sell.
In Wang’s case, he ordered a Tesla Model S, Y, and X and intends to sell them a few months into ownership. During that time, he’ll undoubtedly watch the market and sell high.
What other cars can you sell to make money?
Just like electric car flippers, you can flip other cars in high demand. For instance, many of the first people to get their hands on the 2020 Chevrolet Corvette C8 Stingray quickly sold the vehicles at a premium. Although Chevrolet billed the car as the latest iteration in the long line of blue-collar Corvette heroes, the vehicle quickly became a $100,000+ commodity. If you can snag a sought-after car before it becomes unobtainable, you’ve got a money-making opportunity.
Scroll down to the following article to read more about EVs!