Ive been reading these forums for close to a week now and decided to make an account and ask some real motor traders if im doing anything wrong, or even right!
So, I seriously disliked my job but loved cars and decided to get into motor trading about a year ago, i done months of research but only decided to start buying about 6 months ago.
I'm just a small trader who trades from home but I would love to turn it into a full time job.
As of now, in the past 2 months ive spent roughly £5,500 on cars (from BCA, silver card holder). But ive only made about £400 profit.
Heres what I do from start to finish. Day before an auction I read through their catalog and write down some cars im interested in, day of the auction I go check them out and 50% of the time I do end up getting one, I take it home, clean it and stick it on Gumtree (good pictures, descriptions). On avg. it takes me about 1 week to sell the car and I make about £100-£150 on each car, now If I want to turn it into a job obviously I couldn't on that profit, so Im just looking for literally any advice from some real motor traders.
Where I think I'm going wrong is I'm paying to much for cars, for example traders can spend more on a car because they own car lots and can afford to bump up their price and have the car for weeks or even months, where as I can't so I'm forced to drop the price for a quick sale.
Also, not to mention auction fees are killers.
EDIT: I just realized I think I posted in wrong forum . Sorry!