Dennis Wang sold one of his current Teslas, model Y. Wang sold two other Teslas he owned for a total profit of $11,000.

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In his second attempt as an electric flying machine, Wang won $4,000. By the third time, he hit what he thought was the sweet spot, a profit of $7,000. All the deals involved Teslas, which Wang bought and resold, flipping them like hot concert tickets.

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“I currently have a Model S, which I will wait on the market and sell in the next three months,” Wang said. “I have another Model Y and a Model X on order.”

Buying and reselling items is as old as business itself, complete with cautionary tales and questionable legitimacy. House siding has become so attractive that many reality TV shows glamorize the process and the personalities involved.

Now a new breed of drone has emerged, hoping that zero emissions equals big profits. Helping them is an unusual mix of EV makers (supply chain issues, semiconductor shortages, missed production targets, lithium battery shortages) and car buyers (record fuel prices, high used car prices, long electric waiting lists). Conveyors):

Some, like Wang, a 33-year-old car enthusiast with mad spreadsheet skills, have learned they can flip cars with a recent emphasis on electric vehicles. Some power flippers find buyers willing to pay exorbitant amounts, sometimes thousands above retail price, to acquire the machines.

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High gas prices and concerns about climate change and pollution are forcing some drivers to convert older cars to electric vehicles.

Consider someone trying to sell a nearly new 2022 Hummer EV1 on Facebook for $220,000. It retailed for less than half that price at $105,000.

Facebook also has 2022 Rivian R1T electric adventure vehicles listed for $123,000 and $220,000. On Rivian’s website, the same car starts at $67,500. Buyers can find them listed on the car and bid online auction site. for $97,000 and $103,000. While the more outrageous claims of doubling or tripling the price of some EVs have either been ignored or vigorously debunked online, some less make the high lists.

Cars & Bids, for example, lists 14 recent R1T sales between April 12 and June 28, with prices ranging from $106,000 to $138,000.

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In June, Tesla raised the price of its Model Y by 5% to $65,990, but that didn’t stop the flippers. A Model Y with less than 2,800 miles was recently listed on Edmunds for $70,995. worth it

Eddie Gribust, who drives Mercedes-Benz Sprinter vans off the grid, recently unloaded a Tesla Model Y that he has been using as a family car for nine months.

Gribst was very enthusiastic about the sale. The buyer flew from Las Vegas to Boise, Idaho, for the deal, which he posted in a YouTube video: Here’s how.

“Since my business buys and sells these Sprinters, I’m aware of things like missing microchips,” Gribst said. “And everyone was talking about how the secondary market in particular grew by 20-30 percent.

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Eager to escape the claustrophobic epidemic of life and take advantage of new remote jobs, a growing number of Americans are heading to faraway places in vehicles that are twice as uncomfortable as home.

“I ordered a [Tesla] Model X and a Cybertruck. Delivery times ranged from nine months to a year, and that obviously meant high demand, therefore low supply. From there it benefited from simple economics.”

Former Securities and Exchange Commission chief economist Larry Harris teaches that lesson to students at USC’s Marshall School of Business.

“When supply and demand are out of sync, you get these opportunities where smart people can take advantage,” Harris said. “We’ve seen it in all kinds of markets. When the prices of rare items change significantly, some buyers realize that the price is better for others than for themselves, and they sell to people who are willing to pay more than they are, and profit from it.”

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Or, as Gribust said in his video after expressing his regret for abandoning Tesla, “I have a simple rule. If someone puts a profit in your hand, you close that hand and walk away.”

Recurrent, which tracks the used EV market and provides car buyers with independent reports on EV performance and battery life, noted in its latest market assessment that used EVs will make up “17%, 5% of inventory” in 2021.

The Seattle startup found that the price of EVs in use has increased by 25% since March 2021. On average, the 2021 Mustang Mach E is said to have sold 60% more than last year. Citing the “new normal, inflated prices are here to stay,” Recurrant said the trend in used EV sales is heavily skewed toward the newest available model years.

“Anecdotally, we’ve heard of many owners who have sold brand new cars to dealers and recouped more than their purchase price, and the numbers show that it makes sense,” Revarvarti said. “Reselling a pre-owned car works differently for different cars. For Teslas, the price of new cars went up so much last year and the wait time for new cars is so long that used car prices have exploded.

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Despite high gas prices, a shortage of vehicles is slowing the EV boom and prompting buyers to look for solutions.

“If you’re an EV owner or dealer, now is as good a time as any to list a used EV. We assume prices won’t change much in the coming months, so by holding onto your car, you risk flooding the market with more inventory.”

If you’re one of the many hoping to get an EV, “it might not pay to wait for prices to come down,” said the reviewer.

In France, where flippers have been reselling nearly new EVs for a profit of $10,000 or more, the government changed its energy code in June to prevent the immediate resale of electric cars bought with government incentives. EV owners must now keep their vehicles for a year before reselling them.

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Germany has delayed the resale of EVs by six months, but is considering waiting until 2023.

In the US, many states limit how many vehicles, EV or not, a person can buy and resell in a year before they are required to obtain a vehicle dealer’s license, which in California requires passing a DMV-administered test and taking an online course. States try to protect consumers from car thieves and unscrupulous sellers, and protect car dealers from street-level competition, by paying fees and meeting other requirements.

If you sell cars for profit in California, for example, you must have a retail car dealer’s license, the California DMV’s Office of Professional Licensing says, even if you use an auction site as a broker.

To get such a license in California, you must take a six-hour course, pass an exam and pay. However, most electric clutches do not sell in high volume because it takes a long time to get the machines in the first place. In terms of enforcement, according to the California DMV’s investigative offices, the agency’s main targets are those who sell volume without a license or car dealership. However, playing by the rules will benefit, no pun intended. Violating them can result in fines and possible jail time, depending on the severity of the case.

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The National Highway Traffic Safety Administration has released a long-awaited report on crashes involving Teslas and other vehicles that use driver assistance programs.

Wang, a Los Angeles resident, a digital marketing consultant for the auto industry who says he is getting a license to sell them, said he has heard many EV buyers on the waiting list have already negotiated to sell them after delivery. Some people need money more quickly, he said.

“I’ve heard that some people have transferred their reservations to your name for a price,” Wang said. “There are ways to do it, but it’s very difficult.”

Here it is also possible to sharpen the golden goose. Wang recently posted a video on his YouTube channel citing examples of people being banned from buying new Teslas because they sold them too early and too often.

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Although his recent focus is e-cars, Wang has flipped dozens of cars over the years, initially buying them off Craigslist and making minor improvements before selling them. Of course, he remembers driving the first car. Cars and profits, right.

“It was a Lexus ES 300. I bought it for $3000 and sold it for $4.

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