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Thoughts on flipping a GTP?

SomeDudeAtHome

SomeDudeAtHome

New member
Alright so someone posted a green 98 GP GTP on Craigslist near me. It's been sitting in a garage for over 2 years and has 120,000 miles. It runs but has some body rust, needs a good cleaning and a tune up. The brakes were new before it was put away she says. The drivers window doesn't go down either. She's asking $1000 for it but will hopefully talk her down to atleast 600. What's everyone's opinion? Worth doing the work and try to flip it for 5K? As long as there's nothing major that needs to be done to it I can do the work. Even if it does need something big I could part it out for a profit probably. What are things I should pay close attention too when looking at it?
 


Logan, thanks that was helpful. It said it'd be worth a little under 3K which is right. I meant more that I'd list it for 5K and probably get talked down some. It'd be a project for sure and I'll know more after seeing it. If I can have between $1000-1200 invested and make 2K off it I'd be happy.

*edit* TLSheff we posted the same time. Your post made me laugh and made me think of some possibilities haha. That link was helpful though thanks I wasn't aware it was there.
 


SomeDudeAtHome said:
Alright so someone posted a green 98 GP GTP on Craigslist near me. It's been sitting in a garage for over 2 years and has 120,000 miles. It runs but has some body rust, needs a good cleaning and a tune up. The brakes were new before it was put away she says. The drivers window doesn't go down either. She's asking $1000 for it but will hopefully talk her down to atleast 600. What's everyone's opinion? Worth doing the work and try to flip it for 5K? As long as there's nothing major that needs to be done to it I can do the work. Even if it does need something big I could part it out for a profit probably. What are things I should pay close attention too when looking at it?
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Won't sell for 5k unless you have a BHPH car lot or are willing to do payments (and a repo if payments are not made.)

Don't list it for 5k or you'll get exactly 0 calls, and if you DO get calls it'll be mostly from dreamers.
Be reasonable, probably post for $3,500 and let $2,400 be your lower limit.

Might be worth it if you have a lot of spare time.
 
you guys crazy, dealers would ask for 6k for that car if its running well, but cars around here are priced a lot higher around here. There was an 05 impala SS with like 60k on the clock and a dealer wanted 12k.
 
I wouldn't count on it. a dealer can ask whatever they want. Doesn't mean they will get it..

They don't usually get asking price however unless it's a hot new car or it has collector value.
That dealer asking $6,000 may get $5,000-$6,000 selling price if they do a payment plan, but $3,500-$4,500 if it's a cash sale.

Typically a dealer actually sells a car for 50% over what a private party can manage to get.
So, $3,500/3 ($1,166) - $4,500/3 ($1,500), Multiply that by two and you get $2,332-$3,000
 


Yeah it depends on where your located, here you could get 4-5k for that car as is easy.

I would look at what other grand prixs are selling for in your area, I said selling not listed for, and sell it for a little less or about the same.
 
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Nixon just because you graduate from highschool doesnt mean you are smart. Some people will pay whatever people are asking for cars.
And we went over this before cars in this area sell for way more than they do down south. I can find cars in better condition with less miles in the south east part of the country for 2-3k less than they want for them here.
 
If you end up purchasing it make sure you get it for a low price therefore if **** hits the fan you can make your money back by parting it our and/or scrapping it. You won't get 6k though unless some idiots really wants it...you never know. 3500 would be my starting price for a quick sale and accept any reasonable offer. Dealer could probably get 6k but of course that's a dealers and strive on desperate people and people with low to no credit.
 


Depends on how much you pay for it ctracer. If you can get one for less than $1000 that only needs less than $500 worth of work and has low miles you can easily double what you have into it. And in my book any time you can at least double your cash its well worth it. My friend does that kind of stuff he will buy cheep cars fix them up and sell them. You just have to be smart and make sure you don't buy a money pit.
 
REDCOMPG said:
If you end up purchasing it make sure you get it for a low price therefore if **** hits the fan you can make your money back by parting it our and/or scrapping it. You won't get 6k though unless some idiots really wants it...you never know. 3500 would be my starting price for a quick sale and accept any reasonable offer. Dealer could probably get 6k but of course that's a dealers and strive on desperate people and people with low to no credit.
Click to expand...

Like i said.

$3,500 list and be prepared to go as low as $2,400 for quick sale.
 
Thanks guys all been really helpful. I think I'll list it for 4K because GM has a good market around here with the Delphi plant about 10 minutes down the road from me. I'm willing to go lower on the price just want to start higher because I know I'll get talked down.
 
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