I hope you all enjoyed this video. It took me over 25 hours to edit so please drop a like and subscribe if you haven't already.

Since most of you enjoyed my last car flipping video where I flipped a 2007 Ford Focus, I decided to find a new project to flip. I began searching the Copart Auto Auction where I’ve found most of my deals. That is when I stumbled upon a 1998 Chevrolet C5 Corvette. Not knowing how much these cars cost, my first impression was that it was too expensive and I wouldn’t be able to do much with it. Later that evening, I was doing a second glance of the cars that were supposed to be playing live the next day and once again I stumbled upon this corvette. So I decided to give it a second look. After doing some math, I came to a conclusion that my final bid was going to be $7,400. And after going back and forth with a fellow Oregonian, I ended up winning the C5 corvette for $7,400.

To my surprise, my mechanic did not find any structural damages. There were only light mechanical repairs that needed to be done which included replacing the oil pressure sensor and the idler pulley.

Also my friend Max recommended that we switch out the two rear tires, clean out the front two tires from all those rocks that were jammed in, and along with that do a balance of all 4 tires.

The final and the most important part was to sell the car.
Now you may be wondering how much this corvette ended up costing me?

Well I do want to say that in the breakdown of the repair of this car, I did not add the cost of the exhaust and that was because if I were to flat out resell the car, I would not have replaced it. I would have just repaired the exhaust tips on the old one myself and sold it as is.

I purchased the corvette for $7,400 after all the auction fees, tow fees and repairs, the corvette ended up costing me $9,516.32
I did end up posting the car for a few days after which I made up my mind that I was going to keep it. You see, if this car didn’t have the low miles that it had and if it wouldn't have been made in 1998 which is coincidentally the same year I was born, I would have sold it.

I did ask around a few other sellers in my market about their C5 corvettes and what offers they had received. One seller said they received a 15.5k offer and another seller who had one with just a bit higher mileage said he received a 13k offer. To make math easier I decided to go with a selling price point of 13k. This is a very niche car, so selling it would probably take some time, but I believe 13k is a viable selling point.

So if I were able to sell it for 13k which I believe I could, that would leave me with a potential profit of $3,483.68. The amount of time I invested into this car was about 4 hours not including the time that I would have spent selling the car. So if I were to add another few hours for all the time that I would have spent showing the car to clients, that would bring my hourly rate to $580.61/hr.

I do have two more car flips coming up so make sure you subscribe and check out this other car flip that I did right here.


Here is the detailed breakdown:
$7,400.00: Purchase
$878.00: Fees
$200.00: Tow
$100.00: Inspection
$263.28: Rear Tires
$166.00: Corvette Tire Replacement
$34.00: Trip Permit
$200.00: Oil Pressure Sensor Repair
$131.84: Battery
$68.22: Oil Pressure Sensor
$46.99: Idler Pulley
$27.99: Serpentine Belt
Hours: 6 hours
Hourly Rate: $3,483.68 profit / 6 hours = $580.61/hr

My videos are not financial advice so please take it as a grain of salt. I hope you have a good laugh out of it as well. Enjoy the video and please share your feedback, like, and subscribe!

#finance #flippingcars