|
|
|
I know this might have been loosely covered before, but id like to ask on here because you tend to get a real world opinion.
The employment round here is complete and utter turd. Youve got a choice between part time retail, a long commute for full time retail if you can find it or rubbish hours in rubbish jobs. I got made redundant for the second time back in july, was unemployed until november, then got a job as a delivery driver for a motor factors, but its a zero hour contract, and the job is horrible. So horrible job, and i'd actually have earned more last month if i was on JSA.
Therefore, I'm toying with the idea of doing something car related. I like the idea of being a motor trader. No previous experience in doing so as such but ive bought and sold cars before on a casual basis once or twice. I can weld to a decent enough level and I'm certified, can spray paint, no problem in engine or drivetrain work, all the rest, so buying cars needing small amounts of TLC and tidying them up could be something I'm good at.
Its only an idea at the moment, but for anyone who does this, would it be feasible to earn say, £800 a month? Thats about what i'd earn full time on minimum wage and seeing as ive only ever earned minimum wage and never been given a full time contact if i could do that working for myself i'd be happy as you like.
Let me know your thoughts anyway, if i can earn working for myself doing something to do with cars then I'm likely to be far less suicidal than i am at the moment (don't be afraid to tell me how it is, I'm just testing the water at the moment)
Cheers!
|
|
|
|
|
|
|
|
I can't offer much advice, but the guy I bought my celica from was making a decent living, he had a handfull of cars at a time selling from home. Wheeling and dealing in cars. He had a BMW M3 and a Honda S2000 as his own toys so he must have been doing very well. Its got to be worth a go, plus you could always do some retail work and sell cars on evenings/weekends etc.
I wish you all the best and hope you give it a go.
|
|
|
|
|
|
Dec 24, 2013 13:56:52 GMT
|
Do it as something on the side and have a normal day job to take up the slack. A few cars here and there does no harm to anybody but if things start taking off and you set it up officially, it becomes a world of pain regarding paperwork, insurance, warranties and tax forms. To say nothing of the council being very much against selling cars from a residential property, which means renting a unit or similar, which means more expense, more paperwork, more insurance.......
|
|
1986 Panda 4x4. 1990 Metro Sport. 1999 Ford Escort estate.
|
|
mt2man
Posted a lot
Posts: 1,366
|
|
Dec 24, 2013 17:11:17 GMT
|
I have bought and sold many a car in my time! Only ever lost money on one and that was only £100 or so on a car in the last 8 years which isn't bad going! I usually make a few hundred on each. I've made the most money doing swaps really, ended up with a Mk1 caddy essentially free! I would agree with starting to do it in your spare time, I know for a fact you have the room to store cars haha
|
|
|
|
fred
Posted a lot
WTF has happened to all the Vennies?
Posts: 2,957
|
|
Dec 24, 2013 23:43:07 GMT
|
Tis a thought I have, being made redundant in march But like the OP I have not much of an idea buy cheapies and polish them up or go for the classic market??
|
|
'79 Cossie ran Cortina - Sold
2000 Fozzer 2.0 turbo snow beast
'85 Opel Manta GSI - Sold
03 A class Mercedes
Looking for a FD Ventora - Anyone?
|
|
|
|
Dec 24, 2013 23:48:57 GMT
|
A mate of mine back in the UK used to buy old rep's cars, mint them to hell and throw them straight into the auctions. No warranty, no comback and made a fair living. Don't know if something like this is still possible? He'd do one two a week, so no hassles having a load of motors around the house, just in, mint, out.
|
|
|
|
|
|
Dec 24, 2013 23:49:25 GMT
|
Doing it on the side is a plan i suppose. Like Mt2man says ive got the space. Council wont moan, theres at least 10 cars on the property that i can think of.
If i was to do it on the side i'd do classics. I don't like moderns in any way, though i'd faff with them if it was a full time income.
Buying a tatty solid car and giving it a respray could lead to a nice income. Its certainly what my dad did in the 70s.
|
|
|
|
stealthstylz
Club Retro Rides Member
Posts: 14,961
Club RR Member Number: 174
|
Becoming a motor trader?stealthstylz
@stealthstylz
Club Retro Rides Member 174
|
|
I started up on my own doing sales/repairs/modifications 2 months ago. So far the money is mega, BUT I've been working 90-odd hours a week to meet demand. Once the new year has begun I'm gonna get the place sorted properly and roll it back to more reasonable opening hours, probably 7am-7pm, rather than 6am till sometime in the early hours like I'm doing now. I'd rather take a reasonable wage home (£5-700 a week before tax) and have time than keep going on the hours I am doing and get nearly triple that, as its pointless as I'm gonna end up dead.
|
|
|
|
|
|
|
I used to work (Revenue Officer for H M Inspector of Taxes) until retirement in a 10 storey office with around 5-600 people dealing mainly with PAYE. The same office and people now just deal with Compliance ie "Black Economy" - people who are making a bit of money "on the side". Many years ago I even found a file on myself where I'd been investigated due to my working on cars and number I'd owned. I never twigged I was being watched despite having to do it myself to others ! What I'm saying is don't think you are too clever as I assure you the people who do the checking / investigating are cleverer ! Same will probably apply to the council, Trading Standards and such.
Paul H
|
|
|
|
|
|
Dec 25, 2013 18:05:47 GMT
|
And don't forget there are start up costs, you need to buy your first car and the kit to clean it and repair it and advertise it then you will need traders insurance. Do you have money or someone else to life of for the first few months if not ten do it part time to start with to get yourself into the grove then after a few months if it is still going okay and you are making money then go full time?
Best of luck with whatever you choose to do.
|
|
|
|
|
|
|
Dec 25, 2013 20:46:31 GMT
|
Doing it on the side is a plan i suppose. Like Mt2man says ive got the space. Council wont moan, theres at least 10 cars on the property that i can think of. If i was to do it on the side i'd do classics. I don't like moderns in any way, though i'd faff with them if it was a full time income. Buying a tatty solid car and giving it a respray could lead to a nice income. Its certainly what my dad did in the 70s. You need FAST turnaround when starting out. Buying in something and having it sitting for weeks while you patch it up and paint it may give a tidy lump sum at the end, but if you count up the hours you ACTUALLY put into it, its quite likely to pay less than minimum wage. High volumes and smaller profit gives a steady income straight from the off, with no money sitting tied up in longer term projects. There is always a market for cheap, small cars - commuter cars, first cars, budget runnabouts for lower income folks - yes, flogging on Citroen Saxos is not anyones idea of fun, but its much more likely to sell quickly and easily than a recently repainted MGB or some other classic which has a very limited market.
|
|
1986 Panda 4x4. 1990 Metro Sport. 1999 Ford Escort estate.
|
|
|
|
Dec 27, 2013 10:41:20 GMT
|
I used to work (Revenue Officer for H M Inspector of Taxes) until retirement in a 10 storey office with around 5-600 people dealing mainly with PAYE. The same office and people now just deal with Compliance ie "Black Economy" - people who are making a bit of money "on the side". Many years ago I even found a file on myself where I'd been investigated due to my working on cars and number I'd owned. I never twigged I was being watched despite having to do it myself to others ! What I'm saying is don't think you are too clever as I assure you the people who do the checking / investigating are cleverer ! Same will probably apply to the council, Trading Standards and such. Paul H This. I know someone who got done for buying and breaking 106 / saxos. He put each one in his name, and sold spares on ebay. Not quite the same i know but they are catching people. The OP states that he can weld and is certified, i don't know where abouts you are but i am registered with a few employment agencies (I'm a fitter) and in the list of jobs they keep sending me there are always a few for platers and welders.
|
|
|
|
|
|
Dec 31, 2013 23:38:57 GMT
|
II wish you luck with your venture. Provided you're honest with all your dealings, both with the revenue and the public then you can build a reputation. Having been self-employed once I can say it's jolly hard work doing all the jobs simultaneously and you may never earn big, but it had it's rewards. I was rubbish at running my own business and am now happy taking a wage (more than I ever earned) letting accounts, HR and management taking the trouble!
|
|
Peugeot 307sw - Suzuki SV650S - MX5.
|
|
|
|
|
Being self employed isn't that difficult, going by your job description you might be better off doing that and at least you'll have the working tax credit coming in every week as long as you do full time hours - doesn't matter if its just polishing cars, visiting auctions or whatever. Paperwork is relatively simple as long as you can keep records and if you can use a spreadsheet on a computer its pretty much a doodle to do your tax return at the end of the year.
|
|
|
|
|
|
|
Being self employed isn't that difficult, going by your job description you might be better off doing that and at least you'll have the working tax credit coming in every week as long as you do full time hours - doesn't matter if its just polishing cars, visiting auctions or whatever. Paperwork is relatively simple as long as you can keep records and if you can use a spreadsheet on a computer its pretty much a doodle to do your tax return at the end of the year. Nice of you to put it into perspective! I did 100 hours in november, and about 30 this month, so its becoming more and more likely....
|
|
|
|
compass
Posted a lot
www.compasstrading.co.uk
Posts: 1,644
|
|
Jan 11, 2014 18:36:28 GMT
|
Ive been a trader for ten years, and gone through many different types of cars. Feel free to PM me if you need any info.
I'd certainly not do it "on the side". Not only is is so so simple to set up as a sole trader to start with, and very cheap, you can still have a part or full time job at the sane time. Not only this, potential buyers might be put off if they get the feeling you're doing it on the dodge. Don't hide the fact you're a trader either. That's a big put off if a buyer spots that you are. Be up front and honest, and most people appreciate this. You'll still get the odd narrow minded fool who will refuse to buy a car off you, as no matter how you look at it, a lot of used car salesmen still have a bad reputation.
The best bit of advise i can think,of when starting out is buy with your head, not your heart. Its very easy to buy cars that you'd like to own, without thinking of the profits. As someone suggested above, a great starting point would be cheapies. People are always looking for sub £500 cars with a good MOT, especially diesels and small engines cars. You can pick cars up off gumtree, preloved etc for next to nothing. If you're handy enough to do a few MOT repairs, and get a ticket on a car, you can easily make a few hundred quid per car, with an outlay of less than £300.
Don't be scared of doing it at home, but just watch out for nosey neighbours, and maybe don't talk too much about it. People quite easily get jealous, and can be quite spiteful about your success if you start doing well. It'd just be one call to the council to put a stop to your hard work. Units are generally plentiful, and not too expensive if you ask the right people, so id certainly look at one of these if you start earning a bit out of it.
Anyway, ive hone on long enough. Let me know if I can help with anything else.
|
|
|
|
mid72
Part of things
Posts: 163
|
|
Jan 24, 2014 16:04:14 GMT
|
Question about insurance - is it legal to have a vehicle registered as "in trade" if it is insured on a standard social domestic and pleasure policy?
Can anyone suggest an insurer who would provide quotes for a small trader as discussed in this thread, i.e. low cost vehicles, only trading one or two cars at a time? I've looked into this in the past and for this kind of setup the policies seem very expensive.
|
|
Vehicle transportation - National Coverage - Competitive Prices
|
|
|
|
Jan 24, 2014 16:45:45 GMT
|
Trade policies are expensive, thats just the way it is. If you aren't using customers cars you could go 3rd party only with a huge excess to bring the costs down, also restricting what you want cover for will bring down the costs, max value no exotics etc. You need to speak to a specialist broker rather than trying to get quotes on the net as there are so many variables. They are likely to ask for proof of trading in the event of a claim or query (ie if you are employed working full time and not also declaring the income from trading as well they may void the policy...) so thats another reason you need to keep your paperwork up to date. Basically they want to cut down on people just using a traders policy and not trading if you get my drift.
|
|
|
|
compass
Posted a lot
www.compasstrading.co.uk
Posts: 1,644
|
|
Jan 24, 2014 16:52:22 GMT
|
Question about insurance - is it legal to have a vehicle registered as "in trade" if it is insured on a standard social domestic and pleasure policy? Can anyone suggest an insurer who would provide quotes for a small trader as discussed in this thread, i.e. low cost vehicles, only trading one or two cars at a time? I've looked into this in the past and for this kind of setup the policies seem very expensive. You can get part time traders policies with most companies. As mentioned above, keep the indemnity down, and it does make quite a difference. If you increase you voluntary excess too, this should help. If its a road risks only policy, it shouldn't be THAT much really. I pay £1300 for a specialist policy to include classic cars, with an indemnity of £20k. I can also drive imports etc. Just a note though, the vast majority of trade insurers will only cover classics (what they class as 25 years or older) as third party only. They don't make this known to you though, so make sure you ask. Tradex will cover you, but I wouldn't recommend them. Try calling a dew brokers (think insurance and crowthorne are ones I've used in the past, and I currently use Peter James in Birmingham, or around there. They were superb, and sorted my new policy out with Equity Red Star.
|
|
Last Edit: Jan 24, 2014 16:55:40 GMT by compass
|
|
|
|
Jan 25, 2014 23:07:40 GMT
|
Question about insurance - is it legal to have a vehicle registered as "in trade" if it is insured on a standard social domestic and pleasure policy? Can anyone suggest an insurer who would provide quotes for a small trader as discussed in this thread, i.e. low cost vehicles, only trading one or two cars at a time? I've looked into this in the past and for this kind of setup the policies seem very expensive. To have a car insured on a domestic policy the car has to be in your name. check with your insurer but they will question why the car is 'in trade'. If a car is registered 'in trade' you can not drive it using the 'drive other car' clause on a domestic policy because any car driven on a 'DOC' needs to have its own policy in force. Also if you do have a traders policy than you can not drive your spouses car (so get her to add you as a driver) unless it is being driven for trade purposes so no going shopping in the missus car, only cars registered to you or in your control for motor trade policies are covered. Get 'demo' cover so buyers can test drive the cars, their policy may not cover others cars or cars in trade especially if the car isn't on the MID. I am with Tradewise insurance (Think insurance is the broker),£500 (ish) cover is road risk and theft for my personal vehicles and road risk only for trade vehicles £200 excess and up to £50k value but as said only third party on classic cars. I am registered as a part time classic car restorer. I am not covered for any imported cars, to put a car on the database I just log onto the MID link provided by Tradewise and enter the car details, within a few days it will show as insured.
|
|
Last Edit: Jan 25, 2014 23:12:43 GMT by Deleted
|
|
|