Trader86

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Posts posted by Trader86

  2. Posted

    To be fair to you all, I was 50/50 and this forum contributed to the fact I stayed.. so sure big Thanks for advice. Its a solid 35k salary job. 
    I still have 12 cars in stock and paying rent for the yard but I don’t mind that.. 
     

    Looks like Boris will sort you all out tonight hopefully.  
    I think measures he is taking are very reasonable. 

    • Like 1

  3. Posted

    Surely I made a right call to stay employed.. resignation all typed up, but still in my drawer... god knows when all this ends.. I hope you folks are all taking it easy. 

    Am I even allowed to arrange any viewings as I had couple of people calling but told them not to bother, as don’t want to get into troubles.. 

  4. Posted

    20 minutes ago, New year revolutions...... said:

    i gave you very good advice on page one

    i seriously suggest you read it again

    i really dont think you are mentally ready for a full time business owner job if you ask me irrespective of the product

    just sayin no offence

    Yeah I know. 

    And I appreciated then I appreciate it now too. 

    I ignored it then and will continue to do so, i have similar same mentality with any new manager who starts with us, where I have done this job for 13 year. 

    Its natural and Its ok with me. 

     

    11 minutes ago, Stalker said:

    Presuming you have bought them all well... you might be better off getting a buying job for a supermarket......

    I have struggled to buy stock for over 3 weeks.

    Yes, bought few really good ones. 

    All private sales. 


    ie Qashqai 15 plate 50k 1.2T - £4800 1 owner. 

    I don’t do auctions. 

  5. Posted

    I was 50-50 but looking at the responses it looks like I may keep the job for now.. 

    Can’t believe.. I was planning this for over 1 year, to finally leave that warehouse, no more 12 hrs nights but rather do something what I really enjoy. Last 2 months began to prep my cars really well whatever needed service has been serviced, whatever needed a deep 2-3 hrs valet has been valeted by myself to a very high standards. Paid £2.5k for the office, all the equipment as well. I finally had the balls to start no matter what and this..  Madness. Wow. 

    Wouldn’t recession cripple new cars market and  boost the second hand cars market? 

  7. Posted

    In a case of catching it - 2 weeks of sickness - no-sales wouldn’t have a major financial impact I guess. 
    I am more worried about lockdowns and people simply not planning to buy a car as they won’t intend to travel in a foreseeable future. (1/2/3? Months) 
     

  8. Posted

    Hi All,

     

    Just to give you an update on where I stand at the moment. I have managed to stock 12 cars now with total retail value of around 26-28k. Also had my cabin / office delivered. Its being kitted now. 
    I am ready to hand my notice and list them all on 15th Apr. The only thing worrying me at the moment is that bloody virus, as I have no idea how it’s effecting the second hand cars market, or is it effecting it at all? 

  9. Posted

    7 hours ago, Arfur Dealy said:

    Welcome.

    If you've got the confidence and determination to make it happen, you will do, its all in your mind, you have to have the right attitude...I couldn't image anything more boring than being a warehouse manager (no offence). Making money for yourself is a mindset and its hard work, but its worth every penny ..

    How much cash do you have to invest in the business ?    

    Around 20k

  10. Posted

    14 minutes ago, New year revolutions...... said:

    That's a bit harsh

    If you read his post he has logged in to thank the original poster only

    I dont see where he has asked for any help

    This forum relies on fresh blood

    I've never introduced myself just like in my local pub I dont stand at the door shouting free drinks for all

    I'm off to try and hold the roof on, on my house now

    Yeah definitely harsh!


    Welcome to my thread Mr Landrover expert, so yeah we both seem to have bit of a dilemma..

    I think I have made my mind up which will probably change next week..

  14. Posted

    5 minutes ago, trade vet said:

    So it was a private seller whose name and address would not be on the reg doc.If so,that is a big own goal and I think for the moment you should stick with your day job.

    I genuinely can’t see this 1 mistake being a yes or no factor. It took a while but I got over it. 

    2 minutes ago, David Horgan said:

    If you sold 4 out 7 its not going to be a weekly occurrence is the first thing . The other worry is if you sold 4 out 7 in a week then your too cheap and not earning enough to sustain a business, there will be lots of hidden costs to running a full time business ,   £300/to £500 wont pay the bills , servicing , repairs , rent , MOT , petrol costs , delivery costs , valet costs , insurance costs , trade plates , electric bills , advertising bills , internet bills , water bills , accountant bills , VAT bills , bills like  , printers , pressure washers , waxes , cleaners , carpet cleaners , see where this is going cant you , bills that mean nothing now all of a sudden become huge costs and they are weekly /monthly costs .

    Project your profits that you think you may make and at best HALF them to put in reality . 

    Those are the cars I managed to sell last week:

    I already pay: trade insurance, trade plates, rent, valeting, card machine charges. 

    F Focus Auto - 1350/2000

    T Yaris Auto 900/1800

    T Yaris Auto 1600/2000

    P 508 Auto 2600/3200

    N Micra Auto: 1250/1600

    normally sell about 1 a week, but that week just went really well. I had 7 or 8 cars listed. So I presumed selling similar amount while having 20 cars on my premises going forward.. 

  15. Posted

    5 minutes ago, justina3 said:

    plus to sell 20 you would a steady source of stock in flow no way you could source them all from ebay so off to auctions it would be and then your swimming with sharks and there just the auction houses, £1500 value cars you can add £250-400 fees and delivery doesnt leave a lot for your £300 -500 margin.

    It sounds as if we are all a grumpy bunch of gits, which you would be right but i am just trying to highlight some of the issues You will come across you havent even started to think about yet. 

    As tv mentioned if you can run your job and maybe do the odd one here and there to build up some extra income, that has got to have an appeal. 

    Your opening comment we all started somewhere was true, but for most of us it was days of hardly no internet no cra rules one or two local suppliers for cars with an add in the evening post every thursday to sell stock, things are a lot harder these days.

    Mark101 - great comment. 

    I am trying to stay realistic here and I know you guys learned the business for years and years and probably went through few heavy losses that only contributed to your success, but then if I don’t try I will never know.

    I have been saving for this journey for years and managed to get around £30k but this does not seem to be enough to have a solid clean start..

    And yes being on my own with people around me having absolutely NO CLUE about business and cars is not helping either. And I considered partnership too, but finding someone with a clear goal is lot more difficult than I thought...

    just that level of uncertainty is unreal.. with family and mortgage still at a back of your mind..

  16. Posted

    20 minutes ago, Mark101 said:

    As a 1 man band, you have zero chance of doing 20 cars per month, there is simply not enough man hours in a day, especially if you do the job properly:

    MOT

    Service

    Cosmetic Repairs

    Valet

    All pre sale.

    I am on for 12 this month between 2 of us and to achieve 12, we are entertaining 30+ visitors in the month (only work 5 days per week). On Friday, we had 1 customers pop back for a tiny  job, 4 walk-ins, 1 appointment, 2 cars for MOT and another for Service plus 3 cars to prep, photograph and advertise.

    I only presumed so as I managed to sell 4 last week with only 7 cars listed. But thanks for heads up. 

  17. Posted

    48 minutes ago, Mark101 said:

    No - it's the turnover from your business, nothing to do with income. Unless of course, you're self employed and the business is linked?

    No, totally different job. I work as a warehouse manager. 

    53 minutes ago, trade vet said:

    When you pack in your day job, you will have to work very hard and be lucky to replicate what you are now earning in total.Could you also just re explain how you were scammed.Who did you buy it from,did you do an HPI check etc.

    Thats one of the reasons why I started to be skeptical about the whole concept of my business...  
    Car was listed on eBay as Buy it now. 
    I hit the button expecting it to be write off as it came from a certain city which I found to be a mother of all Categorized vehicles. I don’t deal with any Cats but I thought to myself that for that much money surely there will be a 4 digit figure profit.
    Did the HPI - clear, which was surprising.  
    Collected it, paid for it and lost it in less than week time.. (once proving I am not a suspect they are looking for but rather a victim) I was told by police that it was purchased with stolen credit card and within few hrs then sold to me. 
     

  19. Posted

    Thanks Matt. 
    Well clarified. 

    Do I need to keep hold of receipts for fuel, repairs etc ? or is it pointless from a  TAX point of view  

    I currently have 7-8 cars. And I purchase all of them on eBay and sell via Autotrader. I have not tried auctions yet. It might be a weird way to source my stock but it somehow works. I have not tried auctions yet. I am very skeptical about the fact that “big boys” will simply overbid me every time as they have lot of cash ready and they can sell it with better packages from their nice forcourts with better overall service - for more money. Their prep standards definitely exceed mine too. 
    I will probably need to break this psychological barrier... 

    Its both money and lifestyle but mainly money driven with an idea to expand to 40-50 cars in 5 years time. 

  20. Posted

    Hi All,

     

    I have registered as a sole trader in Mar 19. Starting selling cars from home while working however got hold of premises last month and my portable office is being delivered next week. I now accept Cards and offer warranties. 
    my plan is to quit my £35k / year managers job and go “cars only” from April. Nit handed my notice as yet, as I am undecided.  I have some knowledge about cars but not knowledge about running this business. I admit. but no one knew at their very beginning I guess. Financial year is coming to the end and I have looked at my invoices and profits etc... Yeap I will be absolutely molested by Tax man. But its ok. I’ll declare it all and pay what I owe. I am not VAT registered at this stage as didn’t meet or exceeded the threshold. I will however need to register IF go ahead with my plan, as I don’t want to be dealing with £300 X reg Mondeos.. 

    I am averaging pre-tax profit at around 300-500 per car (after expenses) and can see myself selling about 4-5 cars a week. Is this sufficient earning to sustain in this business? 
     

    Can someone please please explain how much tax will I need to pay on a following example.

    Vauxhall Corsa purchased for £1500

    expenses: transport £70, valeting 20, mechanical work/service: 150

     Sold for: £2200

    will any of the expenses above bring my taxable amount down or is it simply the £700 Difference I will pay tax for?

    whats the tax percentage? 20%?

    £2500 office I am about to buy, will this be knocked off my profits?

    I invested 10k to start with, will this count in my turnover? 

    Last one, but a big one.. I got scammed on a car I have recently purchased. It was bought from another dealer using stolen card then I purchased it from them. Vehicle has been recovered off my drive and confiscated by Police (literally) during its sale. I lost £6000 + expenses. Will this be taken into account in terms off losses when it comes to paying tax? 

    Any genuine help and advice would be highly appreciated. 
     

    Thank you