Buying and selling cars for profit

140490

Im just wondering if its worth it or no, im not working atm and i know quite well about cars, so does anyone one doing this? any stories? Cars to look for ? Best fast selling cars? Any suggestion are welcome

Henry Ford III

Car dealers do it lots, and some make a very good living by doing so.

Kevin McCloud

Buy them cheap sell them on at a profit, how hard can it be.

ian87

Kevin McCloud wrote: »

Buy them cheap sell them on at a profit, how hard can it be.

Very hard work. If it was as easy as you say everybody would be doing it.

OP start knocking on garages doors and ask them for trade sales. 95% of them won't give you anything as they keep them for their repeat customers ie other garages/traders. Keep trying them and you'd never know what you might pick up. Don't automatically assume the price they give will lead to profit as there are always hidden costs eg nct preparation, bodywork and such.

Car auctions can be good but you really need your wits about you. Bids come out of the walls, the fees are high and a lot of stuff can hit near retail prices. Often times auction stock is the rubbish the trade dont want.

You'll need trade insurance. It's expensive. Expect to pay up to 2k or more.

Have you a premises to work from? If so you'll need to pay rates and having planning permission to operate.

You need trade plates to drive cars without tax. To get those you need all of the above.

Its not as simple as you'd think.

Why not offer to work in a local garage or dealers on a no foal no fee basis. It will let you see the workings, gain experience and understand if the car game is for you.

bazz26

Some how I reckon the OP is looking to make a few quid flipping cars on the side like those on donedeal rather than going down the route of becoming a dealer.

Kevin McCloud

bazz26 wrote: »

Some how I reckon the OP is looking to make a few quid flipping cars on the side like those on donedeal rather than going down the route of becoming a dealer.

Well in that case the best fast selling cars are the cheap ones.

Victor

If selling your own car and you happen to make a profit, there isn't much of a problem* and you pay no tax.

However, selling cars means you gain all the responsibilities of a dealer and you have to pay tax.

What happens if you sell someone a dud and it comes back to bite you?


* Be careful regarding liability for defective vehicles.

visual

The cars that are in demand are small petrol or diesel up to 2 litre with NCT at the right price.

There is a niche market with learners for small engine automatics


Done deal is full of part time or unofficial car traders selling from car parks side of the road or their homes. They mostly buy at auction clean it up and pose as private seller to avoid come back. It's not a easy game.

If you had more money you could import diesel cars that are in demand VRT it and sell on but the profits are small.

A lot of these unofficial traders stoop to clocking high mileage cars bought cheap to turn a quick buck.

If your honest man and do it right you'll make a poor salary. If your dishonest git you make much more but will have disgruntled customers to deal with.

biko

I've a mate that does it but he has a real job too as it pays peanuts.

Mycroft H

At what point does Revenue become interested?

Yakuza

I'm pretty sure i've read somewhere (on this very forum I think) that if you make more than 6 sales a year you're classed as a dealer, and have to offer warranties etc. along with extra reporting obligations.

140490

Thanks for advices guys, really helpfull
well im not looking to become a dealer i just make few quid better then doing nothing all day i love cars and i know a bit about cars i do service myself and detailing...
As i just sold my second car Fiat punto sporting bought it for 650 after few months i sold it to a girl for 1150 ... It just because i polished the car and it looks mint thays why i got many calls about car.
I will have a look on Donedeal . Thanks again

fastrac

Nothing ventured nothing gained.Good luck.

140490

fastrac wrote: »

Nothing ventured nothing gained.Good luck.

What u mean ?

Yakuza

It means if you don't try ("venture") something, you won't win/earn ("gain") anything. It's an old expression.
http://dictionary.reference.com/browse/nothing+ventured,+nothing+gained