Are you in need of a side hustle? Is your full-time job not paying you enough to make ends meet? Many people in today’s world are looking for remote jobs, part-time gigs, and side hustles to supplement their income. Whether it be due to reduced work hours, extra spending, or the desire to be more productive in their free time, people around the globe are searching for something extra to put in the bank.
But where should you look? If you’re handy with a wrench, you could make your money restoring classic cars. Getting involved in classic car flipping and learning how to buy and sell these antiques will not only be a hobby but can provide you with thousands of extra dollars in the bank per month.
Here’s your driver’s ed guide to making money in the car restoration business.
How to make money buying and selling classic cars
Before you can have a successful side hustle, you need to follow the steps to find classic cars, repair the broken parts, advertise your services, and sell your finished product.
Find the cars first
The first step of buying and selling classic cars is to find the vehicles. There are numerous places where you can find old cars needing a little TLC. Start by looking at decrepit barns and old properties that contain vehicles that have been sitting out for years — or even decades. These cars may be in poor condition, but knowing the right people who own land can lead to undiscovered gems.
Other places to find classic cars include garages and driveways. If you see a classic car sitting in someone’s yard day in and day out, you can network with that owner and see if they will give you a good deal for their virtually-abandoned car.
Find the repair parts
The next step of car flipping is to find the necessary parts for repairs. Individuals need to find places to buy classic car parts, such as a local junk yard.
Get into the business
The next step is to immerse yourself in the business of buying and selling classic cars. You can turn your side hustle into a consistent income by establishing a legalized business and earning your dealer’s license.
Make sure you keep track of your receipts, sales, purchases, and miles on your car while conducting business so you can deduct these expenses from your tax forms at the end of the year. Learning how to be an entrepreneur is easier than you think.
Advertise to buy classic cars
The final step of buying classic cars is to begin advertising your business or your interest in purchasing local owner’s vehicles. People with classic cars typically look online to see if anyone is interested in purchasing their vehicle and the value of their car. If you put out feelers, people are going to respond favorably.
Sell your classic cars
Once you have found junk cars, repaired and restored the vehicle, and advertised your classic car prowess online, you can then sell your classic cars for a hefty profit. Not to mention there are online startups and apps today that help you sell your car fast without any time wasted waiting.
Before you go
Understanding the ins and outs of the classic car world can be exactly what you need to find a hobby, start a business, and supplement your income. Learning to find, repair, and sell classic cars is a great way to build your business and make some extra cash.