Madison MoneySports - Personal Finance Thread

[G.Irish]

Btw Taylor, flipping cars for extra income is a false economy. You might as well flip burgers for the amount of time, expense and lost income from investing it.

I don't buy cars to flip, I buy to enjoy. The difference is I try to avoid anything I can't sell 2-3 years down the line for breaking even before personal property taxes and insurance. Buying the LR gave me a heartache but every other thing my wife wanted (cue every small SUV) had the same hard depreciation. If I'm going to lose my ass I might as well enjoy it.

Sage advice. There may be cars that you can flip for profit but that is not easy to do consistently and as DJ said it requires a lot of work. From the jump you have to figure in 4% lost to tax, then title, tags, annual car tax, and any repairs/maintenance/improvements.

Just use resale value as a factor in what you buy (and when you sell) so you lose less money when you switch.

Now, you can flip for money with bikes fairly easily by buying in the winter and selling in the summer. A lot of people have bikes that only need a little bit of work to be sellable for a profit. RJ made a few thousand this way back in the day.