If i was your dad and you sold a car i helped you pay for i would want my money back or be mad about it.Flipping older cars right now is hard the prices of cars is dropping too many people out of work and selling there toys to pay the bills.My step dad bought a 56 chevy belair last month for 3k and all it needed was paint and interior.Same car couple of years ago would have been 8k up.I seen a 67 fastback no title needed floor pans for 5k not long ago same car would have been more a while back.Most of us buy cars because we love them and don't care to sell them.The things easy to flip are pick ups 1/2 up and normal cars things people have to have.

 

Sounds to me like your parents did you a favor by buying your car to help you out, and then hold on to it until you were in a better financial place. It seems to me that now you are buying the car back from them (even cheaper then what they paid) just to turn around and make a profit. This looks like you are seriously taking advantage of your parents and a overall **ty move.

 

Hey thanks for the input all! I hear what you're saying about buying it back and reselling it to make money seeming @#$itty. It's not like that, though. I would completely make my father aware of what my plan was, and possibly split the profit with him. He wants to get rid of it because it's just sitting, and I have been seriously thinking about attempting to do this with many cars, not just this one. So, this would be an opportunity for him to help me start the business and try it on this car. I think he'd be all about that. Besides the "emotional" issues of the situation, how much of a knock to the price do you think the issuing of the new vin number will be?

Don't get me wrong, I love these cars, too! If it was realistic to get a business going doing this, than I could eventually have more than one for myself.

Really appreciate the info you all. Thanks alot Gregski for all the info you gave me. Gives me some actual things to look at.

 

Unless you specifically seek out rare cars I'd say you don't stand a chance of making a living flipping mustangs.

If you are just doing it because you love it and are ok with only making a little bit of profit, that's a whole different story. I wouldn't try to feed my family off of it though.

 

+1 on this.

2. Very rarely do people make a profit selling run of the mill mustangs. I lost my *** on mine. Again, its a tough market right now

If you were finding solid cars that were rare and unique, you might have a chance.

 

Money can be made flipping classic mustangs but it is not easy. I have sold two in the last year, both 2 bbl auto coupes with fresh paint and interiors with rebuilt front ends and good running engines. I was asking 12k and ending up taking 10k fo each for them. There are buyers out there for the nice midrange cars. The cars I did were very nice drivers, not high end or rare at all. The trick is having buyers willing to pay the money. The last one I did was a 66 with a pony and it went to the Houston area to get shipped over seas. The one before was a 67 that I sold to a couple from Canada. I would say I got paid about $5 an hour for my labor for both. I do all my own work. I would have never made money if I had to pay for labor.

The high end rare cars bring high money but they have a high risk and take a ton of money to get finished. Not a good idea for the beginner.

If you are going in cold with no experience I would say start small and make it a hobby. Find some nice original cars that you think you can make a profit on and see what happens. Don't get a ton of money tied up in one car. Stay away from the straight 6 cars because they don't sell. Educate your self so you know what you are looking at when you go look at a car to buy. Nice original cars are best because they sell the best. Highly modified cars are not a good idea.

The state VIN you have on that 68 is going to devalue the car by at least 2000.

 

Selling to foreign buyers will definitely help increase the profit, but it wont be a normal practice.

 

I agree but I know of two brokers in Texas that ship mainly over sea. I sold to one of them but selling to over seas buyers is not something for the novice. I would not do it myself, too much risk. You would have to be set up with overseas buyers prior to even buying the cars and also have all of the details worked out on the shipping and inport taxes. Too complicated for me.

 

I have a friend who only does older corvettes and some cars he gets stuck sitting on for years to get what hes got in it.Quick money now watch craigslist for a nice car or truck that needs a engine or trans replace it and resell it.I have flipped a few pickups and suvs here because people love them.But sometimes things don't sell for what you want you have to wait or give up and lose a little to sell it.

 

Unless you do substandard work under fairly nice paint it's hard to see how you could make more money flipping Mustangs than, say, working as night manager at Wendy's.