Everyone’s felt the pinch of 2020 in their purse strings, and many are looking for ways to make a supplementary income. If you are worried about money going into 2021 and have some knowledge of cars, you might be wondering if you could put these two things together and make some cash! Fixing up an old or broken down car requires time, knowledge and effort, but if you do so successfully, you could earn extra money from this enterprise that will help you kickstart 2021 in comfort.
The question is, can you make enough money fixing up cars? The Automotive industry is booming as ever, but does this guarantee your success? Here are some pros and cons of going down this route.
Pros!
- Putting your passion to use. If you have a knack for finding broken down cars at low prices, and are passionate about mechanics, this could be a passion project that’ll help you immensely at the end of this gloomy year. Everybody could do with a pick-me-up, and endeavouring to flip an old car and turn a profit could be the motivational project that provides you with the boost you need. Even if the profits aren’t what you thought they would be, you’ll have put your skills and passions to good use
- There’s no time limit on this enterprise. There’s no boss on your back telling you there’s a deadline to sell, therefore you could commit to this project during the evenings or on weekends. You don’t have to give up your job to seek this supplementary income – it is, essentially, a paid hobby that takes as long as it takes.
- The amount you earn could surprise you. All investments like this one are a risk; you never know what the actual results will be. This means, though, that the profits could surprise you in a positive way! If you successfully flip an old car into a safe, driveable, beautiful vehicle, your efforts could be rewarded with a hefty pay packet.
Cons…
- The profits will take a while to turn up. This isn’t a get-rich-quick scheme, by any means. Finding a car to buy, spending the time and money on fixing it up and then finding a suitable buyer can take months. That means you could be spending more money in the beginning, further tightening your finances, before you see any cold hard cash.
- There is no guarantee of profits at all. Like any investment, you are going out on a limb with any car you want to make money from. The car’s problems could be bigger than you thought, or turn out to be too expensive to fix for what it’s worth. In addition, you might not find a buyer. There are lots of risks to trying to flip cars for profit, and although you could be pleasantly surprised by the profits, you could also be sorely disappointed.
All in all, if you want to make money fast, this might not be the project for you. However if you are looking for a long term investment strategy and have the time and knowledge, flipping cars could be the supplementary income you’ve always wanted.