If you have a passion for cars then you’ve probably considered working in the motor trade at some point. A lot of careers in the motor trade require special skills and training, for example if you want to work as a mechanic, you obviously have to know what you’re doing.
However when it comes to buying and selling cars, there is no real barrier to entry. Of course it helps if you have a bit of money to invest initially and know a lot about cars but even if you don’t, you can learn as you go.
Where to start
If you want to make money buying and selling cars then you need to start somewhere. When looking to make your first sale, it’s extremely important to do your research to find out what the current market value of any cars you’re considering are. This way you will have a good idea what profit you’re likely to make when selling.
The good news is that finding used cars is now easier than ever. Sites like eBay, Auto Trader and Gumtree make it very easy to search for used cars based on a number of different criteria. It’s a good idea to make a list of vehicles you’re interested in and then narrow it down to one or two that you think you can make the most profit on.
Always be sure to view any cars you’re interested in during daylight hours so you can check for faults or damage.
Getting a premises and insurance
Although you can start out selling cars from your home, you will definitely want to invest in a premises sooner rather than later. Having your own premises will not only legitimise your business but also enable you to scale your business by holding a lot more cars. It’s usually a good idea to rent first and then you can invest in the property later once you know you’re happy with it.
When looking for a premises for buying and selling cars, you will ideally find somewhere that’s in a good location, has a good amount of space and is also fairly secure.
You will also need to get a motor trade insurance policy at some point. You can get motor trade insurance quotes from a site such as http://www.traders-insurance.com/. Getting multiple quotes is always recommended since it will enable you to see whether a policy is good value for money.