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Update on the Truck Flip

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Have you heard that I’m trying to make over $1,000 on my recent truck purchase? I found a 2004 GMC Sierra for $4,700 (after taxes and fees) that I think I could fix up and sell for nearly $7,000. It’s going to take a bit of work, but I think it’s going to help me get that much closer to my goal of paying my mortgage down to $40,000 by the end of this year. So what is it that I have to fix on this truck? Well, unfortunately for me, the list of fixes is getting longer and longer (stuff often breaks on vehicles as you own them for an extended period of time).

  • Get a new battery (it died on my second day of ownership….not a good start)
  • Get the smoke smell out of the interior fabric
  • Change the transmission filter and clean the pan
  • Replace the front bumper fascia
  • Replace the 3rd door handle
  • Replace the oxygen sensors
  • Cover paint chipped areas with fresh paint

The Progress

This first week was spent taking inventory of what I needed to purchase in order to fix this truck up to a pristine condition. Early last week, I purchased a new battery, then ordered a new bumper fascia, a 3rd door handle, and two oxygen sensors, and a few cans of spray paint. And then my presents started coming in the mail (I love getting packages at my back door when I come home from work – I feel like a little kid on Christmas day :)). First I received my new bumper fascia, so I started painting that (I have no experience with this, but am basically learning as I go) and have gotten two coats of white paint over-top of the original black. I can’t wait to finish this up and put in on the truck!

My truck - take not of the missing pieces on the front bumper
My truck – take note of the missing pieces on the front bumper
Almost done painting the new bumper!
Almost done painting the new bumper!
The O2 sensors and the third door handle that need to be installed
The O2 sensors and the third door handle that need to be installed

The Total Expense So Far

I have been carefully tracking my expenses with this truck (as you may have guessed), and here’s where I’m at so far:

  • Truck purchase = $4,700
  • Spray Paint/ Touch-up Paint = $42
  • New Battery = $105
  • Front Bumper Fascia = $99
  • 3rd Door Handle = $13
  • Oxygen Sensors = $30
  • Air Freshener = $3

Grand Total = $4,992

I still have to drop the transmission pan and change out the transmission filter, and I haven’t priced this out yet. I’m pretty sure it will be less than $50 though since I’ll be doing it myself (thank you in advance YouTube for your assistance in this).

So are you curious to find out the results of this investment?? I know I am!

 

Weekly Round-Up

I didn’t have a ton of extra time to read blog posts this week, but here are a few that I know you’ll enjoy!

The High Price of Materialism – by Money Smart Guides

The Best Strategies to Get Out of Debt and Become Happier in the Process – by Financial Samurai

Investing 101: Avoid Fees Like the Plague – by 20’s Finances

Money

AUTHOR Derek

My name is Derek, and I have my Bachelors Degree in Finance from Grand Valley State University. After graduation, I was not able to find a job that fully utilized my degree, but I still had a passion for Finance! So, I decided to focus my passion in the stock market. I studied Cash Flows, Balance Sheets, and Income Statements, put some money into the market and saw a good return on my investment. As satisfying as this was, I still felt that something was missing. I have a passion for Finance, but I also have a passion for people. If you have a willingness to learn, I will continue to teach.

5 Comments

  1. Yes, I can’t wait to see what happens. When do you plan on listing it?

    • Good! I will be working on the truck quite a lot today and tomorrow, so hopefully I can list it for sale this weekend.

  2. I am very curious to see the final numbers on this project. Do you ever get a vehicle and like it so much you want to keep it?

    • I’m trying to keep the expenses low, which means bigger profits. I do often enjoy the cars I buy (which is why I buy them in the first place), but after a couple weeks, they don’t seem all that special and are easy to sell.

  3. Thanks for the mention. I’m looking forward to the follow up post to see how much you were able to sell her for.


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