I flipped a car this week. I REALLY liked it. It was easy and I made a good chunk of change. I'm writing it down so I don't forget the details, but also to see if you all have any thoughts or feedback.
My company maintains a fleet of cars. Right now we have 22. We buy 3-5 new cars a year, use them for approximately 8 years or 100,000 miles, and then sell them. We're a health care company. The cars are used mainly for hauling clients and patients to appointments and meetings. The cars stay on-site when not in use, and are well-maintained.
Last week the maintenance manager sent out an email saying our 2010 Chevrolet Malibu with 97,000 miles was being auctioned. Sealed bid, one bid per person. Opening bid was $3,100, since that was the trade-in value.
I took it for a drive. It was pretty dirty, the armrests on the doors were floppy, and hail damage on the hood and roof. On the plus side, no funny noises, shifts smoothly, no leaks, no other damage. I looked it up on KBB, confirmed the trade-in value, and saw that the private party value was $5,800. Hmmm, I think I see an opportunity.
I bid $3,400 and won. The maintenance manager told me the next highest bid was $3,275. I vacuumed and cleaned the interior, glued the armrests back on, shampooed the seats, cleaned the engine compartment, and washed the exterior. I got the oil changed, filled the gas tank, and paid tax and registration. I added it to my insurance. My total cost was $3,803.
I bought it on Thursday and listed it on craigslist on Saturday. One guy came to see it on Sunday, but delayed making a decision. Another guy came on Monday morning and bought it for $5,500 cash.
I've never been so happy to make $1,700 in my life! It was easy and fun. Now I'm trying to figure out how I can do it again. My state only allows three auto sales per year per person, so this isn't something I could do over and over. But I think I'll try it a couple more times this year.