If you have a passion for cars then you’ve probably thought about making a living from them at one point or another; maybe you already do.
There are countless jobs you can do in the motor trade but one of the most potentially profitable is buying and selling cars.
Below are some of the keys to making a living buying and selling cars successfully.
When starting your own business it’s always better to start small and scale your way up as you learn more. This is certainly true when it comes to buying and selling cars. While it might be tempting to invest in high end vehicles and start renting a premises straight away, this is going to put a lot more pressure on you to be successful right from the start. If you don’t have much experience buying and selling then it’s definitely better to start off small to begin with.
The key to making a good profit when buying and selling cars is to get them for the best price possible. The usually means buying privately, whether it’s from car auctions or from private sellers online. Buying privately does come with some risks so you’ll need to be knowledgeable about cars so you can avoid the usual pitfalls.
Make a plan to invest in a premises
Although you can start off buying and selling without a premises, this is going to be very limiting since you’re only able to sell cars that you have space for at home. Trying to trade from your home is never going to be sustainable for long so you want to start thinking of investing in a premises quite quickly. Whether you rent or buy will depend on your current financial circumstances and how confident you are that you can make the business a success. Many people start by renting and then invest in the property once they’re more established.
Make sure you have the right cover
Having the right cover is key when working in the motor trade. Motor trade insurance will cover you for every risk associated with buying and selling cars, including road risks and liability claims. If you have a premises then you can also get a combined policy, which will not only cover your vehicles but also your building, stock, tools and cash as well.