Complete Novice To Car Dealing

[Stephen 21]

Hi

Looking for some help and advice really, thinking about trading from home not massive probs 6 cars total at anyone time ive got enough space on drive. 

Looking to sell cars 4-6k roughly and nothing special standard cars really. 

I know I sound massively naïve, but do you think this can work from home part time? Ive got a contact at a big vw chain that I can get their trade ins at good prices also got friend with a garage for repairs and valets. Not trying to make a killing just something extra to give me a few comforts in life then who knows if I can build it possibly get a unit and change the day job.

Any help and criticism would be grateful just want to pick brains of experienced operators

Thanks in advance

 

[russp 10]

Have you accounted for overheads such as tax & vat?

[andymc1973 199]

with all due respect I'd be astounded if there wasn't several traders in a big VW chain who take all the swoppers

[Stephen 21]

Yeah one buys 10/20 a week know I won't get the best but he's willing to sell to me which I think is a bonus for a newbie and in time will hopefully get a better choice

yeah know about vat currently got business vat registered and been trading for years so not to worried

tax? What's that lol

[Arfur Dealy 823]

lol, your going to buy his dregs and make a profit. I can see him reeeelllliiinnnng you in.

 

[Stephen 21]

Well only time will tell but I've know him for years so wouldn't think so. Said can drive them and will run thru his workshop so can't ask for more maybe your right but it's a starting point 

[andymc1973 199]

he will run your part ex's through his work shop????? Mate you're getting the shit

[Arfur Dealy 823]

Run through his workshop for you to pay him, he's already cherry picked, given you the dross and then you have to pay him to fix it.....mmmmm

[Stephen 21]

Thanks for heads up but he said that so I know what I'm getting myself into and said I can cum and look and talk to his mechanic about it before I buy it. He usually just valets them and has traders in a queue for them so can't complain il let you know how I get on sure he will get a load in over weekend thanks for advice tho god to know that people are willing to spend their time to help other!!! That is business is rare these days and well appreciated 

[Reggaj 12]

Good luck fella 

[Stephen 21]

Thanks Reggaj appreciate that 

[MattGM 12]

Understanding VAT, and understanding the VAT margin scheme is another matter, with its own pitfalls. Get to know the latter well if you don't already. 4-6k stock and you'll approach the threshold in no time atall if you move them.

Keep good books, you'll need a VAT compliant stock book as a bare minimum. I run my own Excel books, including stock, sales, bank & cash receipts, and profit & loss account amongst others.

Don't sell shite that you know is coming back, because it will. And it'll cost you more in the long run than just fixing it to start with

2/3/4 cars at home as a second income is fine, but don't expect to make anything like a living off it. Unless your motors are dirt cheap they won't be selling the moment you advertise them, and factor in the cost of re-advertising, because it's a given. With just a couple of cars from home, the phone won't be ringing as much as you'd like, trust me, been there.

Growing your reputation is more important than skinning a vehicle for every last penny, don't cut silly corners on repairs, or try to hide faults that are present, the customer will find out later if not on inspection, and they'll see straight through your bullshit excuses.

Sometimes people just aren't happy, and it doesn't take a lot for some to 'lose faith' in the car in a short period of niggles after purchase. If you've prepped well, this should be the exception rather than the norm, but even so, things go wrong sometimes. Don't be affraid to refund if you can't win, get the car back, fix it, and go again.

Know the law. You don't have to be a lawyer, but know key facts about the consumer rights act.

And just treat good people fairly, honestly. and don't drag the 'used car dealer' name through the dirt.

[Stephen 21]

Hi

thanks for reply

i will get all vehicles checked by a local garage, serviced and motd if required

as I'm selling from home I want to ensure that I don't have people coming back to the best of my ability. Don't want family doing nuts about a bloke twisting on drive about a car when I'm not there. I want to do it right and accept that I might not make as much as possible but accept that and rather build slowly and build it right. I'm happy to give money back if that's what is required I live in local community and reputation will be key, so will ensure everyone's happy to best of my ability

as for the vat got meeting with accountant next week about my other businesses and will go through it with him I want to understand it not just get him to sort it

is there a package you can use as also need invoices with terms and conditions etc

thanks for help really appreciated