![]() More: Used cars cost more than new ones? Here's what's going on Buyers will have to put down a deposit, usually only a few hundred dollars, and they can decline the car later if they change their mind.Įlectric cars and hot new models, such as the Corvette Z06 or Cadillac Escalade-V, are the prime target of flippers because the rollout is slow and inventories are limited. The trend these days is for highly anticipated models to be ordered online and built to the buyer's specifications. See: Ford hikes price on all-electric F-150 Lightning due to shortages, inflation - here's how much the pickup truck will cost And, GM (GM) will cancel the warranty on the popular Chevrolet Corvette Z06 if it's resold in less than a year, according to auto site Jalopnik. But it's become so popular that it's caught the attention of carmakers, which are trying to clamp down on the practice.įor instance, the Ford (F) F-150 Lightning, a truck that sold out before production started, comes with an agreement stating that the buyer won't resell the truck for at least a year (this additional agreement is included at the dealer's discretion), as reported by car news website Carscoops. MARKET WATCH GAME REGISTRATIONYes, there are related fees - sales tax and registration - and it can be risky, as you can't guarantee the price will increase after you have the car. When it arrives months later, the vehicle's value rises because of the current car market, it can be sold at a profit. Here's how car flipping works: A person orders an in-demand vehicle from the factory at a fixed price. ![]() ![]() But in an era of rising used car prices and online vehicle ordering, the game has changed - and the profits are much higher. This article is reprinted by permission from NerdWallet.įlipping cars has been a side hustle for years as a way to make a little extra cash. ![]() Flipping cars has been a side hustle for years for some, but these days, the game has changed - is it worth it? Here's what you should know before putting money on the line. ![]()
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