Buying & Selling Cars

WillyWonkaBar

Hello,

I want to get into the buying and selling of cars, just on the side type of thing, But i don't really know enough about it just yet. Laws and things.
Im only 18 (nearly 19 ) So i was wondering if any of you do this and could you tell me a few things about it.

One thing im not sure about is if i buy a car off a person and i send the log book away to change vehicle ownership, do i have to wait a certain amount of time before i can sell the car on? or could i just get the original owner i bought the car off to sign the log book and i keep it and dont change ownership myself but let the guy who buyes the car off me, fill in his details and send it off that way?.

Any help would be appreciated.

smash

you'll need insurance, you'll have to pay tax on the sales, you wont make money!

Vertakill

You're also not allowed, by law, to sell cars from your house if you're in a residential area if I recall correctly.

Although, a lot of people still do it. If a neighbor complains, you have pretty much no defense.

Treehouse72

OP, with respect, if buying and selling cars - with no experience at it or no expert knowledge about motors - were so easy don't you think more people would be doing it? The notion that you can buy a car at X price and then just flip it for X + €1 is kinda naive.

djimi

I would suggest that unless you have a lot of experience in the area (and at 18 Im going to hazard a guess that you dont) then you are going to end up losing a lot more money than youll make.

Owen

You'll also need to register as a Dealer if you sell more than 6 a year.

mondeo

I done abit of this before back in 2001'. Made little or no money out of it.
I use to buy cars that would be almost guaranteed to sell, civics, golfs etc. It just did not work out at all.

WillyWonkaBar

All that just for a hobby? Just 1 or 2 cars every so often?

Owen

Yup. A hobby business is still a business. You'll need your ass covered when - not if - things go wrong.

Saab Ed

Op give me a call , I have loads of bargains for you that you can make a fortune on

WillyWonkaBar

I think i preferred my fantasy world where i was a millionaire!

robtri

WillyWonkaBar wrote: »

I think i preferred my fantasy world where i was a millionaire!

ahhhh the young people today fantasing about being millionaires......
god gave that one up years ago.. on the Billionaire dream now

WillyWonkaBar

robtri wrote: »

ahhhh the young people today fantasing about being millionaires......
god gave that one up years ago.. on the Billionaire dream now

Damn it, Im living in the past again!

znv6i3h7kqf9ys

Treehouse72 wrote: »

OP, with respect, if buying and selling cars - with no experience at it or no expert knowledge about motors - were so easy don't you think more people would be doing it? The notion that you can buy a car at X price and then just flip it for X + €1 is kinda naive.

Disagree. Firstly you can only sell 5 a year before you are considered a dealer. 5 or less and you are ok. Here is an easy way to flip a grand. Go to autotrader uk and find a car. 2. Check the vrt on ros.ie. 3. Allow 4 - 500 for travel & nct + new plates. 4. Check the price on carzone.ie. (look at the cheapest one). I think you'll find that the least amount you will make on something like a BMW 320d 2003 for example would be 1k. Easy money:D

The Mulk

Are you handy at fixing up cars?
PM me i've one that needs a bit of work if you want to take it off my hands.

Dave147

I've a better suggestion for you, this can be a hobby as it was and sometimes is for me.

First step: learn about the cars you will mostly be dealing with. For me it was VAG cars, so Seat, Skoda, Audi, VW and I also learned a bit about BMWs.

Second step: learn how to do basic mechanical checks and if necessary works on these cars, know a good car from a lemon, know where to look and what questions to ask, know how to haggle.

Third step: if you're going to be importing, which is recommended for most of the listed cars then learn all about VRT etc. It's an awful tax but you'll have to pay it.

Fourth step: use the internet to source out cars and start learning the value of cars, also note how depreciation affects resale value. Contact sellers and learn how to talk to them, ask them questions about everything.

Fifth step: think about the work involved, how are you going to pick up the car, if importing from the UK you have flight expenses, fuel, ferry etc. Your margins are getting smaller and smaller.. This is NOT an easy way to make money.

To sum it up, if you're thinking about a business in cars, going it alone with no experience is not the way to go, however if you love cars and enjoy the thrill of importing it and driving it on unfamiliar roads for miles and miles without caring too much about selling then go for it.

I realise I've basically just spoken about importing but if you're going to buy here you'll find it impossible to profit.

I'm currently exploring the possibility of going into vehicle assessment so if anyone has any extensive info on this please share.

Dave147

Apologies if I forgot to mention anything else but I'm on holidays in Greece so I don't care! Suckers!

I Was VB

Dave147 wrote: »

Apologies if I forgot to mention anything else but I'm on holidays in Greece so I don't care! Suckers!

Dosent say alot about your holidays if your on the internet.

You've just paid a few hunderd euro to go on the internet in a diffrent country.



Sucker!!

Dave147

I Was VB wrote: »

Dosent say alot about your holidays if your on the internet.

You've just paid a few hunderd euro to go on the internet in a diffrent country.



Sucker!!

It's all included in my vodafone data add on, they're the real suckers. Excuse me while I go have nasty sex with the gf :P

MidlandsM

whats wrong with good sex?

I Was VB

Dave147 wrote: »

It's all included in my vodafone data add on, they're the real suckers. Excuse me while I go have nasty sex with the gf :P

Carefull, your left hand might get jealous.

Dave147

MidlandsM wrote: »

whats wrong with good sex?

That's only for Sunday nights.

I often use my left hand, I numb it first, its called a stranger. Did you ever give yourself a stranger?

MidlandsM

Dave147 wrote: »

Did you ever give yourself a stranger?

no, thats for ming tinglers.:D;)

knipex

Its not bad hobby (if you know what you are doing.)

I used to buy the odd "strange car" or "Classic" that needed some work. Spend time doing it up, drive it until i got bored and then sell it. Use the money to buy another.. I used to make a few quid as long as I didn't take my time into account. Normally about 2 cars a year sometimes 1 sometimes none.

Some cars sold quickly some took months. The trick is to know what you are looking at, know enough to tell a good one from a lemon, know how much parts etc cost and be able to do the majority of the work yourself. Plus have contacts in the trade for when you need something bog done. Finally know how to contact the people who are interested in the type of car you are selling.

If your careful and buy at the right price and do the work yourself then you can make a few bob.

Plus you get to drive fun cars.....

The biggest issue is insurance.. Part time traders insurance is not cheap. Especially at your age...

BlackWizard

I'd give it a go OP. Just buy a car for 1k and throw a few hundred into repairs and see what you get for it. You must have a bit of money to your name if you are considering this, so loosing a few hundred euro wont kill you.

Michael 09

OP if you wana do this then do plenty of research. I think there's a lot more to it than you think. Don't let people discourage your entrepreneurial spirit though...

biko

A mate used to do this for a while, without much mechanical knowledge.
He has stopped now.

Maybe buying old crappy cars and doing them up, but even that would be a PITA compared to what you'll get for them.

WillyWonkaBar

If it's true that you can sell 5 cars a year, then i think id be more encouraged to fo for it at some point, but as i can see the key theme is get experience, and research, which is understandable, but you do have to start somewhere.

Treehouse72

Winter Plump Sunglasses wrote: »

Disagree. Firstly you can only sell 5 a year before you are considered a dealer. 5 or less and you are ok. Here is an easy way to flip a grand. Go to autotrader uk and find a car. 2. Check the vrt on ros.ie. 3. Allow 4 - 500 for travel & nct + new plates. 4. Check the price on carzone.ie. (look at the cheapest one). I think you'll find that the least amount you will make on something like a BMW 320d 2003 for example would be 1k. Easy money:D

I am happy to stand corrected if that is true. I was under the impression VRT was very accurately calibrated to make this kind of flipping nigh-on impossible.


Ed: Also, my previous negativity to OP's idea was not meant as a slap in the face of his entrepreneurship. If you do it, I'd wish you all the luck in the world.

Big Nasty

If you've a few bob to spare and it is something you would like to get in to on a more serious basis having a go at buying and selling a few cars a year is a good way to learn. I used to tip about a bit myself and made a few extra quid when times were good but lost a bit of money on a few of them as well.

What I would be looking for in your case OP is cars for sale under €1k that are relatively fresh, low enough mileage and long NCT. 1L > 1.6 petrol or diesel and what is considered by the masses as reliable. I.e. Corollas, Escorts, Fiestas, Polos, etc. Good valet (done by yourself), the best pics you can take in an attractive environment and a good price. Don't be greedy, try to make €200/€300 on each car and take it from there. Don't go spending big money on advertising, put them on www.cbg.ie, www.carsireland.ie, adverts.ie for free. Spend €3 on an ad on www.donedeal.ie

When looking at potential cars don't buy with your heart - I made this mistake a few times buying cars I liked as opposed to cars that will sell easy. Use your head! Oh, and you will need to be able to tell a heap of dirt from something half decent.

Best of luck!

opinion guy

Yeah I knew a guy used to do this. He would buy cars in the stix and sell em in Dublin. Claimed he made cash as cars where cheaper in the stix. Don't know if he did.