Yahoo Finance 5 Easy Ways To Make Thousands Off Old Cars
Making money with old cars sounds like it could be expensive or even time-consuming, but it doesn’t have to be. There are plenty of ways to make money off old cars.
See: These 20 Cars Will Last You Twice as Long as Any Regular Vehicle
Conversely: These 10 Cars Could Drain Your Savings Through Constant Repairs
Keep reading to learn more about some simple (and not-so-simple) ways to make money with older vehicles.
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1. Flipping Cars for Money
The most straightforward way to make money with old cars is to sell them. However, there’ll likely be a learning curve before you master this art.
If you’ve got some tinkering skills, you could buy older cars from different marketplaces like Facebook, eBay, Craigslist or others, fix them, and sell them. This takes a very specific business acumen and skillset that will require one or more of the following:
An eye for underpriced used cars
Knowledge of after-repair value
Negotiating skills
Resources or know-how of common issues for certain models and how to fix them
The ability to market and resale used vehicles
Financial organization to report appropriate profits, losses or taxes owed on the entire flipping operation
Even the most keen experts have admitted to purchasing a vehicle beyond repair and losing money. However, once you learn the ropes, you’ll be in a position to earn thousands of dollars off old clunkers that move folks have given up on.
Al Lijee, the owner of myWindshield, works with many car flippers in the business, saying, “I’ve observed that flipping cars can be lucrative if done right. It involves buying underpriced vehicles, often in need of repair, and then selling them for a profit after refurbishment. This requires a keen eye for potential and understanding of the car market.”
2. Sell Parts and Scrap Metal
Lijee revealed, “Old cars can be a goldmine for parts. In my industry, we often see high demand for authentic, well-preserved parts, especially for classic or antique cars. Additionally, scrap metal from old cars can also fetch a decent sum, depending on the metal prices.”
Selling parts is a natural extension of restoring and flipping older cars. Inevitably, there will be some projects with extra parts left over. There could be some cars you can’t salvage, so the next best thing would be to sell those parts on some of the same marketplaces mentioned above — eBay, Craigslist, etc.
Then, if you can’t sell the car or any of its parts, you can still make money on the metal. You can market to private sellers via online marketplaces or call junkyards to get quotes for how much you’d get for your car’s frame, parts or both.
3. Car-for-Hire
Certain cars turn heads and are in high demand for special events. These cars can be as old as the first Ford Model T’s to the 1950s Chevrolets, or even as recent as nice Corvettes from the 1980s or 1990s.
People like the look of antique or vintage cars for events like weddings, formal school dances, parades, photo shoots, car club exhibitions and more. With this option, you can allow clients to drive the car themselves, or add chauffeur services for those who want a more full-service experience. Most cars are hired out hourly, though you can make them available for daily or weekly rentals, too.
There are also scenarios where you may be able to charge a premium for your older car. Film and television productions often need older vehicles on set.
The good news is that you don’t have to live in L.A. to rent your car out for filming. Location scouts and production assistants coordinate these needs, often in conjunction with your state’s film commission or office.
Finally, as a marketing note, you can list your car rental on your own website or on a marketplace. With car rentals, you’ve got plenty of ways to rake in hundreds of dollars in a single day.
4. Classic Car Investments
Some older cars hold their value incredibly well and even increase in value over time. Brenda Christensen is a former auto exec from Detroit whose brother used to design Corvettes, so she’s a huge fan of the car brand.
She said, “Corvettes are highly collectible and a great investment. Why? They’re easy to maintain and repair with ubiquitous parts and service assistance from mechanics nationwide. “
She noted there are easy ways to get started investing in classic cars, “You can get in at an easy entry-level, as I did with the less popular years (1976/C3s) where I purchased mine for $10,000 cash in excellent condition, which is now worth $30,000 five short years later.”
Other classic car brands that could be a great investment include certain years and models of Ferrari, Jaguar, Porsche, Lamborghini and Ford (Thunderbird) cars. Typically, you’ll have to keep them in pristine condition to resell them for a higher price than your initial investment.
5. Advertising
Are you willing to add some embellishments or signage to your older vehicle? You could get paid just for driving around. In some cases, a sponsor may pay you just for donning their imagery, or ask you to show up at different events. You can negotiate a car advertisement contract with requirements and payments that suit your comfort level and availability.
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