Some EV flippers are finding buyers willing to pay sometimes exorbitant sums, tens of thousands more than the retail price, to acquire the vehicles.
On his second effort as an electric vehicle flipper, Wang made $4,000. On his third, he hit what he considered the sweet spot, a $7,000 profit. All the deals involved Teslas that Wang bought and resold, flipping them like tickets to a hot concert.
Some like Wang, a 33-year-old automotive buff with mad spreadsheet skills, have learned that they can flip cars, with a recent emphasis on electric vehicles. In June, Tesla raised the price of its Model Y by 5%, to $65,990, but that hasn't stopped the flippers. A Model Y with less than 2,800 miles was recently up for sale on Edmunds for $70,995. Edmunds considered that a"good price," at $1,739"below market," as in what the market says such a car is worth.
"I was about to order a Model X and the Cyber Truck. The delivery times were nine months to a year, and that would obviously signal high demand, and therefore, low supply. From there, it was taking advantage of simple economics."
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