Ready to change up your career and get into the car trading business? Before you do, it’s important to understand exactly what it takes to operate within the car buying and selling business.
Below you’ll discover everything you need to know before taking the plunge.
Where will the business be based?
Deciding upon where you’ll store the cars you buy to sell is the first important decision you’ll need to make. It’s common for traders to start out from the comfort of their own home. However, to do this you will need a generous amount of space to store the cars and you’ll also need to check what restrictions are in place by contacting your local council or HMRC.
If you’re looking to buy and sell cars on a full-time basis, it’s worth looking into either hiring or purchasing commercial premises.
Consider repairs and upgrades
It’s likely once you’ve bought a car, that it’s going to need some work done before you sell it. So, if you don’t have the skills to fix them up yourself, you’re going to need to hire a mechanic, or at least develop a good relationship with a local mechanic.
The type of cars you’re planning on selling will also need to be considered. If you’re planning on selling classic cars for example, you’ll need to take into account the cost of doing them up.
Protection against fraudsters
Did you know there are a lot of fraudulent buyers and sellers who will try to rip you off? When you get into car trading, it’s important to check you’re not falling victim to one of the many scams out there.
A good way to protect yourself and your business, is to carry out HPI checks on each vehicle you buy. That way, you’ll discover how many previous owners the car has had, whether it’s been reported as stolen and everything about the car’s history that you need to know.
The HPI check can also help you to correctly value the car, ensuring you’re getting the best value for money.
Overall, these are just some of the most important considerations you need to make before you start out in the car trade business. The more research and preparation you do before setting up your new business, the more successful it’s likely to become.