Taking over a small garage

[EPV 631]

Seems to me Lucas has a load of money (good on him) and can afford to lose a fair chunk of it whilst he learns. Must be nice. 

[NOACROSS 414]

An expression I used to hear when I was a kid and I was always saying it (in vain) to my daughter: ‘burning a hole in your pocket’.

8 minutes ago, EPV said:

Seems to me Lucas has a load of money (good on him) and can afford to lose a fair chunk of it whilst he learns. Must be nice. 

 

[Lucas 9]

I just edited one of the ads writing to the previous page. Please take a look and give me some tips. Thanks.

Edited December 19, 2018 by Lucas

[NOACROSS 414]

Say ‘Full Jaguar History’ (are you sure this is correct?)

You’ve said nothing about condition etc.

Also, I don’t think the BCA AA check does indeed check ‘everything’, but is rather limited to visual inspections. I could be wrong. Where’s Benji when you need him! ;o)

‘All pass’ should say ‘passed’. 

Why not look at some other adverts like Nick’s or EPV etc. and see what you like. 

[Lucas 9]

22 minutes ago, EPV said:

Seems to me Lucas has a load of money (good on him) and can afford to lose a fair chunk of it whilst he learns. Must be nice. 

Not true, mate. I just don't have the ability to make it profitable from day one! And some of the prices I can't avoid to pay, like the crazy motor trade insurance price, the 12 months security deposit from Mr landlord, etc, etc. Those are something I can't control.

2 minutes ago, NOACROSS said:

Say ‘Full Jaguar History’ (are you sure this is correct?)

You’ve said nothing about condition etc.

Also, I don’t think the BCA AA check does indeed check ‘everything’, but is rather limited to visual inspections. I could be wrong. Where’s Benji when you need him! ;o)

‘All pass’ should say ‘passed’. 

Why not look at some other adverts like Nick’s or EPV etc. and see what you like. 

Great, advise! Will verify one by one later. Thank you, Sir!

[NOACROSS 414]

You can control it by NOT DOING IT. Especially the garage idea. 

You need to find a friendly independent garage to do your work (rare as it’s going to be at this rate) and SHOP AROUND before getting any work done. 

Maybe someone on here is in your general area of London and can recommend a place. 

[Lucas 9]

9 minutes ago, NOACROSS said:

You can control it by NOT DOING IT. Especially the garage idea. 

You need to find a friendly independent garage to do your work (rare as it’s going to be at this rate) and SHOP AROUND before getting any work done. 

Maybe someone on here is in your general area of London and can recommend a place. 

Great. I just told the agent I will go pass this one this afternoon because the landlord insisted 10 years lease + 12 months deposit. It' non-negotiable to me.

Will try to get lower price next time when I doing the repair job. I just got a Mini delivered this morning, but looks like there is no repair needed for this little car. Have to wait for the next car.

Edited December 19, 2018 by Lucas

[NOACROSS 414]

What do you mean no repair needed? Has it got a new MOT and has it just been serviced/Pdi’d?

If the answer is no to any of these questions, then you aren’t doing your ‘job’ properly or giving yourself the best chance to sell it. You’re also not covering your arse.

 

[Lucas 9]

11 minutes ago, NOACROSS said:

What do you mean no repair needed? Has it got a new MOT and has it just been serviced/Pdi’d?

If the answer is no to any of these questions, then you aren’t doing your ‘job’ properly or giving yourself the best chance to sell it. You’re also not covering your arse.

 

Okay. My poor understanding. When I said repair, I mean to fix something broken, or something needs to be replaced. Like the brakes, battery, etc.

MOT, service and pdi will do. I just thought these are not called "repair" to me. MOT and service are not expensive, so I do not dare to ask the local garage to give me anymore discount. I just think they need that price to do it to keep running. 

Edited December 19, 2018 by Lucas

[Del Boy 76]

Lucas, how did you get on with your manual driving test the other week? 

[Lucas 9]

2 minutes ago, Del Boy said:

Lucas, how did you get on with your manual driving test the other week? 

It's a passed.

[NOACROSS 414]

5 minutes ago, Lucas said:

Okay. My poor understanding. When I said repair, I mean to fix something broken, or something needs to be replaced. Like the brakes, battery, etc.

MOT, service and pdi will do. I just thought these are not called "repair" to me. MOT and service are not expensive, so I do not dare to ask the local garage to give me anymore discount. I just think they need that price to do it to keep running. 

I’ve said it before and I’ll Say it again: FFS!. ;o)

[Lucas 9]

Just now, NOACROSS said:

I’ve said it before and I’ll Say it again: FFS!. ;o)

Got it. Thanks.

[MAP 5]

Lucas, you sound like a nice chap, but you AREN’T listening to the VERY GOOD advice the VERY experienced PROFESSIONALS are trying to give you. PUT SIMPLY, DON’T DO IT UNLESS YOU WANT TO WAVE GOODBYE TO YOUR £200k. 

You have ZERO motor trade experience, why would you go and potentially rent/lease a unit/garage on a long term lease without any idea if you can do the job ? You haven’t even advertised a car yet, never mind sold one!!

You sound really enthusiastic but you are delusional if you think you can just go out and buy 3 or 4 cars and start a successful business just like that, on a whim. You don’t know anything about cars for a start! 

Everyone is telling NOT to do it, but you aren’t listening. 

I’m all for people having a go at their own business but PLEASE listen, you have no idea what you are doing, and you will probably lose a lot of money if you carry on.

 

 

 

 

[MrV 66]

57 minutes ago, NOACROSS said:

Say ‘Full Jaguar History’ (are you sure this is correct?)

You’ve said nothing about condition etc.

Also, I don’t think the BCA AA check does indeed check ‘everything’, but is rather limited to visual inspections. I could be wrong. Where’s Benji when you need him! ;o)

‘All pass’ should say ‘passed’. 

Why not look at some other adverts like Nick’s or EPV etc. and see what you like. 

The assured reports are a load of crap, performed by unqualified people in conditions that mean the tests can't possibly be completed correctly, but I haven't got an opinion about it 

[L-P 15]

Hi Lucas,

How did you price the car ? Is £13,500 the price you are going to advertise it for ? Is 95k the correct mileage, because if it is that looks well over the market price to me ? 

Certainly not looking to kill your enthusiasm, but the pricing is key to a quick turnover. That doesn't mean you have to be the cheapest BTW, but you do need to make sure that customers looking for that type of vehicle/mileage find your car in a search.

Best of luck

 

 

 

[Lucas 9]

8 minutes ago, MAP said:

Lucas, you sound like a nice chap, but you AREN’T listening to the VERY GOOD advice the VERY experienced PROFESSIONALS are trying to give you. PUT SIMPLY, DON’T DO IT UNLESS YOU WANT TO WAVE GOODBYE TO YOUR £200k. 

You have ZERO motor trade experience, why would you go and potentially rent/lease a unit/garage on a long term lease without any idea if you can do the job ? You haven’t even advertised a car yet, never mind sold one!!

You sound really enthusiastic but you are delusional if you think you can just go out and buy 3 or 4 cars and start a successful business just like that, on a whim. You don’t know anything about cars for a start! 

Everyone is telling NOT to do it, but you aren’t listening. 

I’m all for people having a go at their own business but PLEASE listen, you have no idea what you are doing, and you will probably lose a lot of money if you carry on.

 

 

 

 

Thank you very much, MAP. Yes, the most secure way to do a thing is not to do it. I can totally understand why people telling me not to do it. It just too risky we can see. That is true. So, I understand the people here are the really good man with a good heart. That is true.

This garage idea stopped today afternoon as I received so many advise here why should not do so, and the Mr landlord serving me no option as well. However, the car sales idea will continue. Not because I am not listening to people. It just I personally think it's not a bad business. The question for me is how to do it. I am listening, watching, and absorbing how to do it. Slow, clumsy, folly, and yes, risky too. But what business could be fast, smooth, smart, and save? I don't know.

One saying I really like from the UK is that: Keep Calm and Carry On.  Thank you so much!

[EPV 631]

As I said. More money than sense. 

[ExCouncilJobsworth 27]

You will have to be tough in business...otherwise you might get a buyer turn up offer you £8k for a car that you got on for £10k and end up paying you £8500... Yet the car cost you £8200...

What's your background / ethnicity? 

I ask because you might be better off doing a business that serves your community and you will know the area quite well. For example a lot of Arabs and Asians have Sheesha / hooka bars. They dont cost much to open but it is a little hang out joint what some 20yr old can open with very little money and have a little profitable business.

Sorry for being blunt but i rather be blunt and rude and you dont waste a lot of money.

Remember its hard to earn money and its even harder to save money and the hardest of all is investing money and making profit!

Hard - making it (gettting a job with good income)

Harder - saving it (lots of tat people waste money on shoes handbags iphone X etc)

Hardest - investing it with a return (invest in a dead business or dont know what you're doing you've paid tens of thousands in leases etc and you wasted it)

Edited December 20, 2018 by ExCouncilJobsworth

[Lucas 9]

17 minutes ago, L-P said:

Hi Lucas,

How did you price the car ? Is £13,500 the price you are going to advertise it for ? Is 95k the correct mileage, because if it is that looks well over the market price to me ? 

Certainly not looking to kill your enthusiasm, but the pricing is key to a quick turnover. That doesn't mean you have to be the cheapest BTW, but you do need to make sure that customers looking for that type of vehicle/mileage find your car in a search.

Best of luck

 

 

 

Thank you L-P. Maybe not price it like that number. The screenshot just a draft, not a finish version. Will decide after a holiday when it's on the market. I think I will adjust it show as a great price label on AT and change it over time until it sold.

Edited December 20, 2018 by Lucas

[L-P 15]

That's all well and good Lucas. The tipping point for a Great Price label on AT for that car/mileage is £11,074. Did you know that when you bought it, because that's a big difference from £13,500 ?

Its a cliché but you make your money when you buy, not when you sell in this game.

Good luck

[Lucas 9]

6 minutes ago, L-P said:

That's all well and good Lucas. The tipping point for a Great Price label on AT for that car/mileage is £11,074. Did you know that when you bought it, because that's a big difference from £13,500 ?

Its a cliché but you make your money when you buy, not when you sell in this game.

Good luck

Thank you. This car meant to be money lose since I bought it at a very high price. In fact, all my cars on hand right now will lose money, just because of the purchase prices are too high. These are some lessons I have to pay.

Edited December 20, 2018 by Lucas

[ExCouncilJobsworth 27]

4 minutes ago, L-P said:

That's all well and good Lucas. The tipping point for a Great Price label on AT for that car/mileage is £11,074. Did you know that when you bought it, because that's a big difference from £13,500 ?

Its a cliché but you make your money when you buy, not when you sell in this game.

Good luck

100%

The hard bit is having a budget in mind. Then bid up to your maximum amount. You need to consider possible faults (parts plus labour costs), prep, MOT, advertising, auction fees, travel costs or delivery

[L-P 15]

Blimey, OK

What you need to do is liquidate those cars at the right market value ASAP. They will not get any better. Don't make the mistake of holding out for higher prices because they owe you so much. You need that money back to invest into profitable stock.

You also need to think about your purchasing strategy. I would stop buying altogether until you are confident that you are buying at the right prices. Do not throw good money after bad.

 

[Lucas 9]

15 minutes ago, ExCouncilJobsworth said:

You will have to be tough in business...otherwise you might get a buyer turn up offer you £8k for a car that you got on for £10k and end up paying you £8500... Yet the car cost you £8200...

What's your background / ethnicity? 

I ask because you might be better off doing a business that serves your community and you will know the area quite well. For example a lot of Arabs and Asians have Sheesha / hooka bars. They dont cost much to open but it is a little hang out joint what some 20yr old can open with very little money and have a little profitable business.

Sorry for being blunt but i rather be blunt and rude and you dont waste a lot of money.

Remember its hard to earn money and its even harder to save money and the hardest of all is investing money and making profit!

Hard - making it (gettting a job with good income)

Harder - saving it (lots of tat people waste money on shoes handbags iphone X etc)

Hardest - investing it with a return (invest in a dead business or dont know what you're doing you've paid tens of thousands in leases etc and you wasted it)

Thank you mate. You are a good man.