selling cars and stuff

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Pug_XUD_KeenAmateur
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Re: selling cars and stuff

Post by Pug_XUD_KeenAmateur »

I know nothing about setting up in business as you've suggested, but reading your post a couple of thoughts came to me....

If you're gonna sell secondhand, can you source stuff that people want to pay reasonable money for at a price that allows you to cover your overheads? ....to maximise your 'market' would you have to pay too high a price for something with low mileage / history / a particular make & model that's 'in vogue'? ...or potentially get lumbered with a lovely little car or two that there's no real 'market' for?

Repairs.... how much market is there for someone such as yourself who presumably wouldn't, at least initially, be able to perform repairs to 'Warranty' status. What age of vehicle are you aiming for and so what would be a realistic maximum spend to sort it out based on its value?

How much of an impact would the perhaps inevitable and occaisonal mistake (a car sold with a fault you've genuninely overlooked or a mis-diagnosed repair)have on your ability to build a reputation and get yourself 'known'?

Have you considered the option for a 'Mobile Restoration / Repair' outfit with lower set up costs and overheads as a 'start' with the potential to graduate to a rented unit if it goes well

Hope at least one of these points provides 'food for thought'. Good luck !

Gibbo2286
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Re: selling cars and stuff

Post by Gibbo2286 »

Michel wrote:
25 Jul 2017, 20:13
lexi wrote:
25 Jul 2017, 17:32
You would actually do better washing windows :-D


Yes, you would. Window cleaner down here charges £30 (!) to clean a house our size - well, for those that are daft enough to pay that he does. 1/2 hours work...


Window cleaners and the like are always targets, easy targets, as are selling from home car dealers, for HMRC, paid in cash and not keeping good records gets the HMRC 'guess how much you owe us' treatment.

One of my neighbouring traders, ex wartime RAF bomber crew bought 'bangers' from the auctions and sold them on the never never to the local lads, the VAT man came to visit "You owe us £4,000!" and he had to pay it because they'd got his buying records from BCA and assumed a percentage of profit from each car.

He paid up reluctantly saying that he didn't do enough business to be registered for VAT.

They came back three months later "You owe us £3,000!" Lesson learned, he then found a local lady to do his bookkeeping and keep him straight.

doctle
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Re: selling cars and stuff

Post by doctle »

In Ireland you need your driving licence to put your car through NCT (MOT) if you don't have it you can't get the certificate. If you do more that 3 cars, I think, in a year it's flagged and your details passed to revenue. If you're a mechanic sole trader registered for VAT etc you're fine. If you're retired, double jobbing or unemployed and trying to earn a few quids you're screwed. Irish revenue makes the Gestapo seem like reasonable people

Gibbo2286
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Re: selling cars and stuff

Post by Gibbo2286 »

I've been watching a few of the Irish Customs stuff on TV, as you say they're tough on tax, particularly UK or NI bought cars being used in the South.

At other times they seem quite easy going on some stuff such as tobacco imports by holiday returners, they confiscate the fags but rarely prosecute the offenders even if there are huge quantities involved.

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van ordinaire
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Re: selling cars and stuff

Post by van ordinaire »

The South African Revenue Service don't even have to demand the tax, they can access your bank a/c & just take it.
Back to cars - & Ireland: in what way are they tough on imports? Just curious, as I'm really puzzled by the cars that appear to be registered in the Republic - while retaining their Ulster, or even (rest of) UK numbers, which rather suggests a fairly liberal regime.

doctle
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Re: selling cars and stuff

Post by doctle »

Cars imported into Ireland are subject to a vehicle registration tax or VRT which is a percentage of the open market value of the vehicle minimum 20%. The open market value bears little relation to the price cars are fetching it's based on a sample of the asking price of several cars of that type eg all 2015 Meganes in Autotrader etc. To import a car you have to pay the VRT, get allocated a registration number and NCT (MOT) the car within I believe 7 days. Irish plates are year county of first registration and a sequential number beginning with 1. 171-MH-1 is a 2017 car registered in co Meath in the first half of the year after June it would be 172-MH-1. Northern Ireland cars have three letters and then numbers between again beginning with 1. I forget how the counties are differentiated but for example a Belfast car could be something like MXZ 1. Northern Ireland registration numbers are administered by Swansea AFAIK. The Irish cops will pull UK or NI cars around the border areas to check licence etc. If you have an Irish licence and you haven't got a very recent receipt you could have the car confiscated. I did see a Nissan Micra in Navan a few years ago, RHD with Lithuanian plates driven by an African, sticker on the back window read Boyne Nissan Drogheda. I also saw a VW Passat B5 in Dublin a couple of years ago with 95-D plates, Passat came on the Irish market in 1996. The cops don't get them all in truth they dont even get some only a few usually soft targets and idiots

Gibbo2286
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Re: selling cars and stuff

Post by Gibbo2286 »

Van If you watch a few episodes of 'Stop search seize' you will see what I mean.

jgra1
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Re: selling cars and stuff

Post by jgra1 »

thanks all! didn't see any of these replies till now!

I was offered another workshop, bigger better nearer and even cheaper! I may follow that up.

some good points made..
I was thinking about old ish british.. P5B, stag, Spitfire, MG and possible newer MG's as I have a decent knowledge of those.
Ideally, the cars would take a year, for 4 or 5, and Welding and spraying would be outsourced.. (I have the welder chap, spraying is the expensive part)

I would buy cheap, and make a thorough inspection before spending any money... if at that time I deemed a loss, I would break and sell the parts.. panels and interiors are hens teeth.. The point is I would have the space to properly do all of this, and store parts and automate listing of them.. efficiency over how things are now..
if, at the end, I covered my labour, I would be happy.. I would have been paid to do something I enjoy.. If I make a loss, then fair enough.. but I would hope to at least break even by managing risks and selling parts .. in fact dismantling is so much easier than restoration.

I would need to work part time elsewhere, as I am doing now..

I would employ an accountant, or at least have a good chat, I would keep thorough books and all paperwork.. I would not be working from home..

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CitroJim
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Re: selling cars and stuff

Post by CitroJim »

That sounds like a good plan John, combining a bit of business with pleasure and could work well as long as the part-time job pays just enough for you to be able to live reasonably...

jgra1
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Re: selling cars and stuff

Post by jgra1 »

indeed Jim..

food, fuel, rent, barn rent.. all add up! I cant help thinking that I would just about be on the breadline many months.. then of course there are the parts, and outsourcing work on the projects..
I could sell most of what I have, and use that money as part of the investment..

grr it's a tough one


waiting to hear back now from Barn #2, its worth a look and to meet the landlord..it could be an ideal place or the opposite..

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CitroJim
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Re: selling cars and stuff

Post by CitroJim »

All the best with this John and keep us informed of progress... I'm following with a lot of interest...

jgra1
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Re: selling cars and stuff

Post by jgra1 »

will do Jim :)

Ultimately, I need to pay the rent in advance.. at least 6 months.. then grab some projects and get going..

but that first bit is a huge step.. anyway, will update re barn asap

doctle
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Re: selling cars and stuff

Post by doctle »

In that line of work you need to build up a reputation to make money. In my opinion it would pay off doing everything you can the OCD way even if it takes you a bit longer at the start.

jgra1
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Re: selling cars and stuff

Post by jgra1 »

yes agree Doc.. everything would be a careful complete documented dismantle

doing a few at same time, means when one comes to a natural break, others can be worked on.. just need to be organised..

Gibbo2286
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Re: selling cars and stuff

Post by Gibbo2286 »

If breaking becomes a major part of your business you will need to look into environmental licensing so be careful there.

http://www.mvda.org.uk/ProperlyLicensed.aspx