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Dennis Wang lost on his first attempt, but then learned from his mistakes.
In his so-first effort as an electric vehicle pinball machine, Wang earned $4,000. In his third, he reached what he the sweet spot, a profit of $7,000. All of the transactions concerned Teslas that Wang bought and resold, returning them as concert tickets.
“Lately I have a Model S that I will probably sell in 3 months, waiting for the market,” Wang said. “I also have a Model Y and a Model X in order. “
Buying and reselling things is as old as the industry itself, with stories of warning and dubious legality. The reversal of the space is so attractive that several TRUTH SHOWS announce the procedure and the personalities involved.
Now, a new generation of pinball machines has emerged in the hope that 0 emissions will equate to big profits. They are helped by a confluence of points affecting electric vehicle brands (supply chain issues, semiconductor shortages, unmet production targets, emerging lithium battery shortages) as well as car buyers (record fuel prices, higher used car prices, long waiting lists for electric vehicles). Vehicles).
Some like Wang, a 33-year-old car enthusiast with crazy spreadsheet skills, have learned they can go back to cars, with a recent focus on electric vehicles. Some EV pinball machines find buyers willing to pay exorbitant sums, tens of thousands more. than the retail price, to win the vehicles.
Consider the user looking to sell a new 2022 Hummer EV1 for $220,000 on Facebook. It sold for less than a portion of that, at $105,000.
Also on Facebook, two 2022 Rivian R1T adventure cars are indexed for $123,000 and $220,000. On rivian’s website, the same vehicle starts at $67,500. Buyers on Cars
Cars
In June, Tesla raised the value of its Model Y by 5%, to $65,990, but that didn’t stop the fins. Recently, Edmunds put on sale a Model Y with less than 2,800 miles for $70,995. Edmunds thought it was a “good value,” at $1,739 “below the market,” as the market says, is the value of such a car.
Eddie Gribust, who makes a living equipping Mercedes-Benz Sprinter pickups for off-grid use, recently unloaded the Tesla Model Y he had used as a family car for nine months.
Gribust was so excited about the sale (the customer flew from Las Vegas to Boise, Idaho, for the deal) that he posted a YouTube video titled “Flipping My Tesla for $5,000 Profit!Here’s how. “
“Since my company buys and sells those Sprinters, I’m aware of things like the shortage of microchips,” Gribust said. “And they all talked about how the secondary market grew by 20 to 30 percent.
“I was about to order a [Tesla] Model X and the Cyber Truck. Delivery times were nine months to a year, and this would clearly indicate high demand and low supply. From there, he enjoyed undeniable savings. “
Former chief economist Larry Harris of the Securities and Exchange Commission teaches this accurate lesson to academics at USC’s Marshall School of Business.
“When source and demand are aligned, you get opportunities that other wise people can take advantage of,” Harris said. the item has a higher price for others than for them, and they will sell it to other people willing to pay more than they would pay and benefit from it. “
Or, as Gribust said in his video, after expressing remorse for leaving the Tesla, “I have an undeniable rule: if you put the benefit in your hand, all you have to do is close that hand and leave. “
Recurrent, which tracks the used electric vehicle market and provides car buyers with independent reports on electric vehicle functionality and battery life, noted in its latest market assessment that used electric cars of 2021 “make up an unexpected 17. 5% of inventory. “
The Seattle startup found that the price of used electric cars has risen 25% since March 2021. On average, according to her, a 2021 Mustang Mach E sold 60% more than last year. Citing what he called “the new general and inflated values are here to stay,” Recurrent said the trend in used electric vehicle sales is heavily skewed toward the last few years of maximum style available.
“For the record, we’ve heard of a lot of homeowners who sold fairly new cars to dealerships and recouped more of the value of their acquisition, and the numbers show that makes sense,” Recurrent said. in the car. In terms of Teslas, the value of new cars increased so much last year, and wait times are so long for new cars, that the cost of used cars skyrocketed. “
If you have a new EV, Recurrent’s recommendation is that you enter the game now.
“If you own or distribute an electric vehicle, now is the best time to list a used electric vehicle. Since we assume costs may not replace much in the coming months, by keeping your car, you threaten to expand your inventory by flooding the market. “
If one of the many hopes to get an electric vehicle, “it might not be worth waiting for costs to come down,” Recurrent said.
The restrictions on delivering a vehicle depend on where you live.
In France, where pinball machines resell nearly all new electric cars for a profit of $10,000 or more, the government in June replaced its energy code to save it early resale for the benefit of electric cars purchased through state incentives. keep your vehicle for a year before reselling it.
Germany has a six-month suspension on reselling vehicles, but plans to move to a one-year wait from 2023.
In the United States, several states restrict the number of cars, EV or not, that a user can buy and resell in a year before needing a car dealership license, which in California requires taking an online course, taking a check managed through the DMV. , payment of fees and assembly of other requirements. States are looking for consumers from car thieves and unscrupulous dealers and distributors of street competition cars.
If you’re promoting a car for profit in California, for example, you’ll need to have a car retail license, the California DMV’s Office of Professional Licensing said, even if you use a car auction site as an intermediary.
In California, obtaining such a license requires a six-hour course, passing an exam, and paying a fee. Most EV pinball machines can’t make high-volume sales anyway because it takes too long to get the cars in the first place. In terms of compliance, according to the California DMV’s research offices, the agency’s main targets are those that make unlicensed volume sales or a lot of car sales. breaking them can result in fines and imprisonment, depending on the severity of the case.
Wang, a Los Angeles resident who has a virtual marketing representative for the auto industry who said he’s getting a license to sell, said he’s heard of several EV buyers on waiting lists who are already negotiating to sell them at the time of delivery. dollar, he said.
“I heard that other people moved their reservation to their call for a safe price,” Wang said. “There are tactics to do it, but it’s very difficult. “
It is also imaginable to irritate the goose with the golden eggs here. Wang recently posted a video on his YouTube channel showing examples of other people who seemed to be banned from buying new Teslas because they resold them too soon and too often.
When it comes to cars, Wang is someone who loves them and leaves them.
Although he recently focused on electric vehicles, Wang has returned several dozen cars over the years, buying them first on Craigslist and making minor improvements before promoting them. Of course, he remembers the first car he returned: the car and profit, exactly.
“It’s a Lexus ES 300. Je bought it for $3,000 and sold it for $4,000,” Wang said.
Wang insists he doesn’t do it for money; you just need to drive as many great cars as possible.
“Life is a story of experiences, is it almost never?I like cars. That’s why it fills me to be able to drive other kinds of things,” Wang said. “Before that, I worked for BMW and I had 20 BMWs. “at other times. So it’s the same thing I do with Tesla. “
Wang said his consumers are car dealers.
“I sold one to a personal buyer, and then I learned that dealers would just make you a check, and it’s even easier” than a personal sale, Wang said.
Your recommendation for long-lasting car fins?
“Don’t pay for a lot of accessories if it’s not a car you’re going to keep,” he said, “and don’t wait too long to sell it. “
This story gave the impression in the Los Angeles Times.