Electric vehicle demand is so hot that Tesla owners are flipping cars like houses

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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