Rant: The whole 'buy a cheap Miata and flip it' advice is overdone

I keep seeing people say grab a $1500 Miata from 1992 off Facebook and make a quick $2000 profit. Last October I tried that with a '91 in Tucson and spent 3 months welding quarter panels and chasing a fuel pressure issue that cost me $400 in parts. After parts, time, and the buyer haggling me down to $2200 I lost money. Has anyone else had a supposedly 'easy flip' turn into a money pit?

2 comments

2 Comments

nelson.finley6d ago

That $400 fuel pressure issue you hit is exactly what got me. Two years ago I would've told you that Miata flip advice was a guaranteed win, but @johnfoster youre right about the pre-purchase thing. I picked up an NB in Phoenix with what I thought was just a bad alternator, ended up being a torn wiring harness behind the dash that took me a full weekend to splice. Sold it for $2800 after buying it for $1800, but after the new alternator, harness fixes, and a set of tires it needed to pass safety, I was under water. The cheap ones always have hidden rot or electrical gremlins that eat up your margin before you even start.

johnfoster7d ago

Honestly, you kinda proved the point though. You grabbed a $1500 car, spent $400 on parts, and still sold it for $2200. That's not a loss if you count the time as a learning experience. The whole "flip" thing works when you stick to cars with blown engines or rust-free bodies, not ones needing custom fab work. Sounds like you skipped the pre-purchase inspection and grabbed a project instead of a flip.