Halfpenny 114 Posted August 4, 2020 On 8/3/2020 at 9:06 PM, chrishowie said: best of luck, it can be a lot of fun but stock value is high at the moment and suggestions are... some are going to get caught holding the baby so to speak very soon when the economy crashes. Spot on! Be careful out there. The cracks are starting to appear. Picked up a lovely Boxster today off a pilot. Been laid off. His weekend car and he was desperate to get out of it so we picked it up stupid cheap. Cracking condition, been looked after like a newborn baby. 3 Share this post Link to post Share on other sites
CCC 31 Posted August 5, 2020 6 hours ago, Halfpenny said: Spot on! Be careful out there. The cracks are starting to appear. Picked up a lovely Boxster today off a pilot. Been laid off. His weekend car and he was desperate to get out of it so we picked it up stupid cheap. Cracking condition, been looked after like a newborn baby. That’s the new reality. It was easy to find new employment before, what’s an unemployed pilot qualified to do if he can’t fly a plane? Share this post Link to post Share on other sites
Frank Cannon 812 Posted August 5, 2020 7 hours ago, Halfpenny said: Spot on! Be careful out there. The cracks are starting to appear. Picked up a lovely Boxster today off a pilot. Been laid off. His weekend car and he was desperate to get out of it so we picked it up stupid cheap. Cracking condition, been looked after like a newborn baby. Yup, just picked up cheap Lexus for the wife from a local gentleman, similar story but guy was a director at a large retail chain.....I've said before come late September the reality will sink in. From what I'm hearing after an avalanche of sales, main agents are looking a tad empty. Share this post Link to post Share on other sites
Halfpenny 114 Posted August 5, 2020 3 hours ago, Frank Cannon said: Yup, just picked up cheap Lexus for the wife from a local gentleman, similar story but guy was a director at a large retail chain.....I've said before come late September the reality will sink in. From what I'm hearing after an avalanche of sales, main agents are looking a tad empty. With all the money that the government has been throwing around a lot of folks are living in a fool's paradise right now. Its the calm before the storm. When furlough ends its all going to hit the fan. Bike vouchers, half price meals and all the other BS will quickly be forgotten when people are filling in their Universal Credit forms. What I would say to any new starter right now is the market is highly irrational so don't overpay for stock. Share this post Link to post Share on other sites
Dave2302 387 Posted August 5, 2020 5 hours ago, Halfpenny said: What I would say to any new starter right now is the market is highly irrational so don't overpay for stock. Exactly this A local twat wondered why I laughed at him today, he's just bought a V10 Lambo for £120k if he left that purchase for a few months I'll bet he coulda got the same car for half that 1 Share this post Link to post Share on other sites
LSP Vehicles 11 Posted August 5, 2020 10 hours ago, Halfpenny said: What I would say to any new starter right now is the market is highly irrational so don't overpay for stock. yeah, have defo picked up on that. Prob gives us good chance to practice in negotiating and learning the market. Thanks to everyone for all the advice. Share this post Link to post Share on other sites
Frank Cannon 812 Posted August 8, 2020 On 8/5/2020 at 12:33 PM, Halfpenny said: With all the money that the government has been throwing around a lot of folks are living in a fool's paradise right now. Its the calm before the storm. When furlough ends its all going to hit the fan. Bike vouchers, half price meals and all the other BS will quickly be forgotten when people are filling in their Universal Credit forms. What I would say to any new starter right now is the market is highly irrational so don't overpay for stock. Spot on, when that bubble bursts the pop will be deafening. Share this post Link to post Share on other sites
johny1980 4 Posted August 10, 2020 Just got back to this thread as i have been moving house, got a full time IT job and then the car sales venture on top of that. That aside, another car gone with a healthy profit. Keeping my stock at 2 until i build up a 'warranty' buffer though as tempted as i am to put the profits straight into another car! I will speak my accountant about it when i catch her but i presume i can pay myself back the initial money (directors loan) i put into the business at my own leisure (if i chose to do so)? Share this post Link to post Share on other sites
Rory RSC 596 Posted August 10, 2020 9 minutes ago, johny1980 said: Just got back to this thread as i have been moving house, got a full time IT job and then the car sales venture on top of that. That aside, another car gone with a healthy profit. Keeping my stock at 2 until i build up a 'warranty' buffer though as tempted as i am to put the profits straight into another car! I will speak my accountant about it when i catch her but i presume i can pay myself back the initial money (directors loan) i put into the business at my own leisure (if i chose to do so)? Just buy as many cars as you can. Can't sell a warranty pot can sell cars. Keep an emergency credit card for if shit hits the fan Share this post Link to post Share on other sites
MattR 177 Posted August 10, 2020 44 minutes ago, Rory RSC said: Just buy as many cars as you can. Can't sell a warranty pot can sell cars. Keep an emergency credit card for if shit hits the fan Exactly that. On a 40% tax bracket job and already thinking about warranty pots and paying back Director Loans? Johnny, if you sell those 2 tomorrow, you then have no stock. The more stock you have, the more opportunities you have, the more credibility you have. If youre selling 2 -4 k cars you have a worst case scenario of a 4k buy back, and thats not very likely if you're prepping right. You're talking like your accountant. More cars = more sales = more profit. Hassle will come with that, but youre unlikely to get hit with a multitude of warranty claims that require a 'warranty pot'. I believe there are some tax advantages to having one, but its going to be minimal compared to just using the money to buy more stock. Share this post Link to post Share on other sites
David Horgan 564 Posted August 10, 2020 On 8/5/2020 at 7:25 AM, CCC said: what’s an unemployed pilot qualified to do if he can’t fly a plane Become next round of new car traders Share this post Link to post Share on other sites
johny1980 4 Posted August 12, 2020 Thanks Rory / Mat - I am perhaps being a bit apprehensive with the 'warranty pot'. The premise is that apart from the initial loan I do want to keep personal finances totally separate from the business and having a safety buffer in covering any eventuality from the business is appealing. Bear in mind that I am in no particular rush. That said if there is money sat in the bank and I see a car with £'s in I wont be able to resist. I also guess that as stock builds and there are more regular sales there should be money in the account and most points in time to cover any issues! Share this post Link to post Share on other sites
