Anyone tried part time motor trading?

ellou02

Does anyone buy and sell cars as a part time job?

Have been looking into this and whether it could get some worthwhile extra income.

Looks like you can get part time traders insurance for about £700 to cover you for driving any car.

Thinking of starting with pretty low-cost cars and then working up and reinvesting profits in further cars.

Any strategies on where to buy, what kind of thing is quick to move on, etc would be greatly appreciated. I've always been quite into cars, and am happy doing normal servicing, etc, myself, so should know if something is not worth buying or is about to go expensively wrong.

Will post to let you know how it goes if it does generate some cash

Nudgemod

Ive alsways thought about having a go at this, dont you have to have a registered business for traders insurance?

westy69

Nudgemod wrote: »

Ive alsways thought about having a go at this, dont you have to have a registered business for traders insurance?

no

ellou02 try dragon2000 forum for advice :beer:

ellou02

thanks for that Westy - quite a bit of useful info on that forum. someone on there started selling a few in his spare time and now has a stock of 60 -80 for sale - a great success.

have you tried it?

and with any success?

Nudgemod

westy69 wrote: »

no

ellou02 try dragon2000 forum for advice :beer:

[EMAIL="l@westy69"]@westy69[/EMAIL] like the short plain answer "NO"!!! an explination if you knew would have been helpful or elaborate a bit more..

thanks

BUSTERBOY

although trading can be easy there is so much competition , i make about £6-7k a year on around 10 cars. i generally buy the car drive it for a month then sell it.
thoroughly research your prices, there are so many bargains on ebay. be careful though, check feedback and vehicle check the car, rac website do this for £5. mots are expensive so i buy cars under 3years old. any probs dealers fix them FOC.

dont bother with big petrol engines, nobody wants them, small diesels are best.
i contact sellers, tell them you have cash, try and agree a price then view, any fauls after that you can haggle them down.

just be careful, there are dodgy cars and people.

ellou02

Sounds like you have a good system going there Busterboy.

If you don't mind me asking, do you generally source the cars from ebay then? Do you then re-sell on ebay, or elsewhere?

I am thinking of going along to a local auction this week to see what happens and what kind of prices go through (emptying pockets of money and cards before going though, to ensure I don't buy anything this time).

I am guessing that you go for privately owned cars rather than anything from dealers (although I think some main dealers send anything to auction that is sitting around for too long on the forecourt)

Finally - could I ask if you have traders insurance? It seems relatively cheap from people like roadrunner, at about £700 to cover driving any car.