2o6 Flip Car thread!

Started by 2o6, September 11, 2012, 10:11:57 AM

2o6

Some of you guys think it's a bad idea, but I figure I will never know if I don't try.


I spent $500 at auction and bought a 1999 Oldsmobile 88 for $500. At first I was pretty timid, since the car does look quite beat up.


However, it works perfectly. Trunk opens and closes just fine, and all the lights work. More importantly, the car tracks perfectly straight, holds its oil and coolant, has no trouble codes or MIL indicators, stops well and has a nice interior (that needs detailing). Tires are good.


The car is a '99 Olds 88 with 150K, and it has the 3.8L (the best and most reliable out of that series of engines)


I paid $500, I will put in maybe 300-400 in work, and hopefully I can get around $1300-$1400 for it. Aside from the body issues, it really is a nice car.





2o6

Pull-A-Part has three of these, I will have to take a wander down there today and see if i can find a trunk, bumper and front fender. It's not going to look perfect, but it will look better than it does.

SVT666

Count me as one of those that think it's a bad idea.

2o6

Quote from: SVT666 on September 11, 2012, 10:25:28 AM
Count me as one of those that think it's a bad idea.

I'll never know if I don't try!  :lol:

SVT666

I looked into this earlier this year and I determined it was too much work for very little, and sometimes no payback.

Vinsanity

Have you ever seen the show Wheeler Dealers? It's a UK program on the "Velocity" channel where they buy beater sports cars (and other old cars of enthusiast interest), fix them up, and try to sell them for a profit. Most of the time, their profit margins are only a few hundred ?, which isn't very much considering the kind of work that's put in to fix the car. And that's with a decently skilled mechanic at work.

In any case, good luck. It'll be a learning experience in any case.

2o6

Quote from: SVT666 on September 11, 2012, 10:26:48 AM
I looked into this earlier this year and I determined it was too much work for very little, and sometimes no payback.

I've talked to a few people who do it on a regular basis; it can work well if you do it right.


My neighborhood is full of $1-2K GM sedans like these; my neighbors and the city of Akron eats large sedans like these up. I'm always hearing stories of how people pay out the nose for these cars. It's beyond me, but you can pick one up at auction for not that much money.



Even if it doesn't work out, I'm only out $500; the car is fully running and will pass emissions. It has some value.

2o6

Quote from: Vinsanity on September 11, 2012, 10:29:33 AM
Have you ever seen the show Wheeler Dealers? It's a UK program on the "Velocity" channel where they buy beater sports cars (and other old cars of enthusiast interest), fix them up, and try to sell them for a profit. Most of the time, their profit margins are only a few hundred ?, which isn't very much considering the kind of work that's put in to fix the car. And that's with a decently skilled mechanic at work.

In any case, good luck. It'll be a learning experience in any case.


There isn't a car on CL worth driving under $800. Most cars on CL around me you can get at auction for maybe 40-60% of the asking price.



I would like to think that I have analyzed the market and my clientele; even if It doesn't work I'm not out much money at all.

Cookie Monster

You have a job and seem to know what you're doing (seeing as how you spend most of your day on CL :lol: ). It's not a huge investment anyways and it sounds like you do get to work on cars which is always fun if you do it on your own terms.

Good luck with it!
RWD > FWD
President of the "I survived the Volvo S80 Thread" Club
2007 Mazda MX-5 | 1999 Honda Nighthawk 750 | 1989 Volvo 240 | 1991 Toyota 4Runner | 2006 Honda CBR600F4i | 2015 Yamaha FJ-09 | 1999 Honda CBR600F4 | 2009 Yamaha WR250X | 1985 Mazda RX-7 | 2000 Yamaha YZ426F | 2006 Yamaha FZ1 | 2002 Honda CBR954RR | 1996 Subaru Outback | 2018 Subaru Crosstrek | 1986 Toyota MR2
Quote from: 68_427 on November 27, 2016, 07:43:14 AM
Or order from fortune auto and when lyft rider asks why your car feels bumpy you can show them the dyno curve
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MrH

Quote from: SVT666 on September 11, 2012, 10:25:28 AM
Count me as one of those that think it's a bad idea.

+1

Quote from: 2o6 on September 11, 2012, 10:32:32 AM

There isn't a car on CL worth driving under $800. Most cars on CL around me you can get at auction for maybe 40-60% of the asking price.



I would like to think that I have analyzed the market and my clientele; even if It doesn't work I'm not out much money at all.

Why bother putting any money or work into it?  Just immediately resell it if what you're saying is true...
2023 Ford Lightning Lariat ER
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Previous: '02 Mazda Protege5, '08 Mazda Miata, '05 Toyota Tacoma, '09 Honda Element, '13 Subaru BRZ, '14 Hyundai Genesis R-Spec 5.0, '15 Toyota 4Runner SR5, '18 Honda Accord EX-L 2.0t, '01 Honda S2000, '20 Subaru Outback XT, '23 Chevy Bolt EUV

Raza

"Flipping" shit like this often doesn't take into account the cost of time and personal labor and the opportunity cost that goes along with it. 

It's almost always a losing proposition.  It's a stupid idea and you're going to get burned.
Quis custodiet ipsos custodes?
If you can read this, you're too close


2006 BMW Z4 3.0i
http://accelerationtherapy.squarespace.com/   @accelerationdoc
Quote from: the Teuton on October 05, 2009, 03:53:18 PM
It's impossible to argue with Raza. He wins. Period. End of discussion.

Eye of the Tiger

+1 points for trying
-2 points because failure is imminent
2008 TUNDRA (Truck Ultra-wideband Never-say-die Daddy Rottweiler Awesome)

2o6

Quote from: Raza  link=topic=28077.msg1777323#msg1777323 date=1347383581
"Flipping" shit like this often doesn't take into account the cost of time and personal labor and the opportunity cost that goes along with it. 

It's almost always a losing proposition.  It's a stupid idea and you're going to get burned.

My opportunity cost is nil. I'm not calling off work or class to put work into this car.

The dealer you bought your Z4 basically did the same thing; except he has a dealer's license and that is his only source of income, likely.


Quote from: Eye of the Tiger on September 11, 2012, 11:14:17 AM
+1 points for trying
-2 points because failure is imminent


There isn't much of a fail here; even if I scrap out the car, I'm out maybe $150.

Quote from: MrH on September 11, 2012, 10:52:02 AM


Why bother putting any money or work into it?  Just immediately resell it if what you're saying is true...


I'm listing for sale as well, if it's not gone by this time next week I may put some $$$ into it. Still not 100% sure which way I want to take it; I have a couple of plans and options.

Raza

Quote from: 2o6 on September 11, 2012, 11:37:26 AM
My opportunity cost is nil. I'm not calling off work or class to put work into this car.

The dealer you bought your Z4 basically did the same thing; except he has a dealer's license and that is his only source of income, likely.

You don't understand opportunity cost.  You should spend more time taking classes.

There is always an opportunity cost.  That is unequivocal fact. 

And no, my dealer took a car in for a trade, washed it, and turned a profit.  You're talking about doing a lot more work on it than he did.  I think you have no clue what you got yourself into.  You bought a car; you have to register and insure it, don't you?
Quis custodiet ipsos custodes?
If you can read this, you're too close


2006 BMW Z4 3.0i
http://accelerationtherapy.squarespace.com/   @accelerationdoc
Quote from: the Teuton on October 05, 2009, 03:53:18 PM
It's impossible to argue with Raza. He wins. Period. End of discussion.

2o6

Quote from: Raza  link=topic=28077.msg1777341#msg1777341 date=1347386715
You don't understand opportunity cost.  You should spend more time taking classes.

Not at this time; because of the nature of my major.

There is always an opportunity cost.  That is unequivocal fact. 

And no, my dealer took a car in for a trade, washed it, and turned a profit.

He likely got the Z4 from auction or another trade. He had to likely put in some effort to get it ready to sell.

  You're talking about doing a lot more work on it than he did.  I think you have no clue what you got yourself into.  You bought a car; you have to register and insure it, don't you?

You've never sold a car, I take it.



I have gotten two calls on the car already.

FoMoJo

Good luck.  If nothing else, you'll get experience...hopefully good.
"The only reason for time is so that everything doesn't happen at once." ~ Albert Einstein
"As the saying goes, when you mix science and politics, you get politics."

Cookie Monster

Quote from: Raza  on September 11, 2012, 12:05:15 PM
You don't understand opportunity cost.  You should spend more time taking classes.

There is always an opportunity cost.  That is unequivocal fact. 

And no, my dealer took a car in for a trade, washed it, and turned a profit.  You're talking about doing a lot more work on it than he did.  I think you have no clue what you got yourself into.  You bought a car; you have to register and insure it, don't you?

The opportunity cost is justified if he enjoys doing it. :huh:

Not sure why you're being so down on him. It seems like a cool idea and at the most he's out $200 or so.
RWD > FWD
President of the "I survived the Volvo S80 Thread" Club
2007 Mazda MX-5 | 1999 Honda Nighthawk 750 | 1989 Volvo 240 | 1991 Toyota 4Runner | 2006 Honda CBR600F4i | 2015 Yamaha FJ-09 | 1999 Honda CBR600F4 | 2009 Yamaha WR250X | 1985 Mazda RX-7 | 2000 Yamaha YZ426F | 2006 Yamaha FZ1 | 2002 Honda CBR954RR | 1996 Subaru Outback | 2018 Subaru Crosstrek | 1986 Toyota MR2
Quote from: 68_427 on November 27, 2016, 07:43:14 AM
Or order from fortune auto and when lyft rider asks why your car feels bumpy you can show them the dyno curve
1 3 5
├┼┤
2 4 R

Eye of the Tiger

You should keep this and sell the Yaris.
2008 TUNDRA (Truck Ultra-wideband Never-say-die Daddy Rottweiler Awesome)

2o6


Vinsanity

Quote from: Eye of the Tiger on September 11, 2012, 12:38:21 PM
You should keep this and sell the Yaris.

You should sell the Accent and buy the Olds.

Raza

Quote from: 2o6 on September 11, 2012, 12:19:11 PM
I have gotten two calls on the car already.

Before doing any work?  Then bravo.

The car was a trade-in on another purchase, I know that for sure. 
Quis custodiet ipsos custodes?
If you can read this, you're too close


2006 BMW Z4 3.0i
http://accelerationtherapy.squarespace.com/   @accelerationdoc
Quote from: the Teuton on October 05, 2009, 03:53:18 PM
It's impossible to argue with Raza. He wins. Period. End of discussion.

Cookie Monster

You should keep doing this til you can afford the car in your sig. :lol:
RWD > FWD
President of the "I survived the Volvo S80 Thread" Club
2007 Mazda MX-5 | 1999 Honda Nighthawk 750 | 1989 Volvo 240 | 1991 Toyota 4Runner | 2006 Honda CBR600F4i | 2015 Yamaha FJ-09 | 1999 Honda CBR600F4 | 2009 Yamaha WR250X | 1985 Mazda RX-7 | 2000 Yamaha YZ426F | 2006 Yamaha FZ1 | 2002 Honda CBR954RR | 1996 Subaru Outback | 2018 Subaru Crosstrek | 1986 Toyota MR2
Quote from: 68_427 on November 27, 2016, 07:43:14 AM
Or order from fortune auto and when lyft rider asks why your car feels bumpy you can show them the dyno curve
1 3 5
├┼┤
2 4 R

2o6

Quote from: Raza  link=topic=28077.msg1777365#msg1777365 date=1347389302
Before doing any work?  Then bravo.


Yep. And another call just a few mins ago.

Vinsanity

Did you advertise the car for like $501 or something? What the heck.

2o6

Quote from: Vinsanity on September 11, 2012, 12:56:29 PM
Did you advertise the car for like $501 or something? What the heck.

Like I said, I know what this market wants.


I have it listed for $900, and it passes emissions.

Raza

Quote from: 2o6 on September 11, 2012, 12:55:05 PM
Yep. And another call just a few mins ago.

I stand corrected then.  Seems that you truly know your market. 

Congratulations.
Quis custodiet ipsos custodes?
If you can read this, you're too close


2006 BMW Z4 3.0i
http://accelerationtherapy.squarespace.com/   @accelerationdoc
Quote from: the Teuton on October 05, 2009, 03:53:18 PM
It's impossible to argue with Raza. He wins. Period. End of discussion.

2o6

two texts and a voicemail. I keep getting hits

Eye of the Tiger

Quote from: Vinsanity on September 11, 2012, 12:47:54 PM
You should sell the Accent and buy the Olds.

I would if we could work out a trade-in deal.
2008 TUNDRA (Truck Ultra-wideband Never-say-die Daddy Rottweiler Awesome)

2o6

Quote from: Eye of the Tiger on September 11, 2012, 01:08:05 PM
I would if we could work out a trade-in deal.


I will give you $365 for the Accent, and I will let you take out a 72-month loan at an interest of 23.3%.

Cookie Monster

Quote from: 2o6 on September 11, 2012, 01:08:51 PM

I will give you $365 for the Accent, and I will let you take out a 72-month loan at an interest of 23.3%.
Sounds like a better deal than your parents' Rendezvous!
RWD > FWD
President of the "I survived the Volvo S80 Thread" Club
2007 Mazda MX-5 | 1999 Honda Nighthawk 750 | 1989 Volvo 240 | 1991 Toyota 4Runner | 2006 Honda CBR600F4i | 2015 Yamaha FJ-09 | 1999 Honda CBR600F4 | 2009 Yamaha WR250X | 1985 Mazda RX-7 | 2000 Yamaha YZ426F | 2006 Yamaha FZ1 | 2002 Honda CBR954RR | 1996 Subaru Outback | 2018 Subaru Crosstrek | 1986 Toyota MR2
Quote from: 68_427 on November 27, 2016, 07:43:14 AM
Or order from fortune auto and when lyft rider asks why your car feels bumpy you can show them the dyno curve
1 3 5
├┼┤
2 4 R