What do i need for buying and selling cars?
Discussion
Thinking of buying and selling cars as a hobby/some extra cash. Buying from auctions/ebay no reserves and supermarket notice boards.
What do i need to do this? Will need to drive the cars home as dont have a trailer, im insured 3rd party on any car on my normal insurance. Do i need to get trade insurance etc?
Looking for abit of info on it.
What do i need to do this? Will need to drive the cars home as dont have a trailer, im insured 3rd party on any car on my normal insurance. Do i need to get trade insurance etc?
Looking for abit of info on it.
You'll only be insured 3rd party only on cars you do not own.
Trade insurance and trade plates required to stay legal unless you only buy cars with tax and use day insurance but that's a faff and not really in the spirit of the service (although there are day insurance products that do not exclude motor trade use)
I was trying to get trade insurance before I crashed my Kia the other week - £1600 then, £3200 now
Trade insurance and trade plates required to stay legal unless you only buy cars with tax and use day insurance but that's a faff and not really in the spirit of the service (although there are day insurance products that do not exclude motor trade use)
I was trying to get trade insurance before I crashed my Kia the other week - £1600 then, £3200 now
Toaster Pilot said:
You'll only be insured 3rd party only on cars you do not own.
Trade insurance and trade plates required to stay legal unless you only buy cars with tax and use day insurance but that's a faff and not really in the spirit of the service (although there are day insurance products that do not exclude motor trade use)
I was trying to get trade insurance before I crashed my Kia the other week - £1600 then, £3200 now
I will be buying cars with MOT and Tax, giving them a good clean and then selling them on. Not gonna be expensive, probably worth at most £2000 so will take the risk on only being insured 3rd Party.Trade insurance and trade plates required to stay legal unless you only buy cars with tax and use day insurance but that's a faff and not really in the spirit of the service (although there are day insurance products that do not exclude motor trade use)
I was trying to get trade insurance before I crashed my Kia the other week - £1600 then, £3200 now
Wondering mostly about the registration side as i wont be wanting to add another owner to its history.
You WILL NOT be insured on your current insurance policy to drive other cars that you own - it is intended to let you drive other peoples' cars in emergencies etc.
I have never seen a policy that doesn't say "any car not owned by the policyholder". Oh, and most private car policies I've seen also say "any use in connection with the Motor Trade" as an exclusion.
Fill out the yellow slip to register the car as "with trade"
I have never seen a policy that doesn't say "any car not owned by the policyholder". Oh, and most private car policies I've seen also say "any use in connection with the Motor Trade" as an exclusion.
Fill out the yellow slip to register the car as "with trade"
Toaster Pilot said:
You WILL NOT be insured on your current insurance policy to drive other cars that you own - it is intended to let you drive other peoples' cars in emergencies etc.
I have never seen a policy that doesn't say "any car not owned by the policyholder"
Fill out the yellow slip to register the car as "with trade"
I was being abit vague with the any car comment. I have never seen a policy that doesn't say "any car not owned by the policyholder"
Fill out the yellow slip to register the car as "with trade"
So if i fill out the yellow slip i will not add onto the cars owners?
Whats the best way round insurance then? I'm relatively young still (25) so insurance could get quite pricey...
s p a c e m a n said:
What you need is a trailer/bobtail tranny. Saves a lot of hassle, getting lifts to cars, breakdowns, insurance blah blah blah. A trailer is always worth what you paid for it as well, so you don't lose money by buying one.
Hmm does make sense. Will i need to store the car off the road if it has no insurance but with Tax and MOT?Toaster Pilot said:
You'll only be insured 3rd party only on cars you do not own.
Trade insurance and trade plates required to stay legal unless you only buy cars with tax and use day insurance but that's a faff and not really in the spirit of the service (although there are day insurance products that do not exclude motor trade use)
I was trying to get trade insurance before I crashed my Kia the other week - £1600 then, £3200 now
Just been quoted these prices inc demo/testdrive insurance..Trade insurance and trade plates required to stay legal unless you only buy cars with tax and use day insurance but that's a faff and not really in the spirit of the service (although there are day insurance products that do not exclude motor trade use)
I was trying to get trade insurance before I crashed my Kia the other week - £1600 then, £3200 now
Full comp £2800
3rd Party fire & theft £2500
3rd party £2300
Seems alot for selling a couple cars a month...
elephantstone said:
Just been quoted these prices inc demo/testdrive insurance..
Full comp £2800
3rd Party fire & theft £2500
3rd party £2300
Seems alot for selling a couple cars a month...
A trailer would cost you a lot less than that, providing you have a car that can tow the weight of the trailer plus car.Full comp £2800
3rd Party fire & theft £2500
3rd party £2300
Seems alot for selling a couple cars a month...
Toaster Pilot said:
You WILL NOT be insured on your current insurance policy to drive other cars that you own - it is intended to let you drive other peoples' cars in emergencies etc.
I have never seen a policy that doesn't say "any car not owned by the policyholder". Oh, and most private car policies I've seen also say "any use in connection with the Motor Trade" as an exclusion.
Fill out the yellow slip to register the car as "with trade"
Owned by someone else and insured by someone else I have never seen a policy that doesn't say "any car not owned by the policyholder". Oh, and most private car policies I've seen also say "any use in connection with the Motor Trade" as an exclusion.
Fill out the yellow slip to register the car as "with trade"
What's the criteria for selling as a trader rather than 'as a hobby'? Is there a max number of cars sold a year before you're classed as one?
Might want to check it out as things like SOGA and the like will come into play and at the market you're aiming at, one duff motor could clean you out.
Might want to check it out as things like SOGA and the like will come into play and at the market you're aiming at, one duff motor could clean you out.
If you are trading cheap cars you'll also have to have a repairs fund or enjoy going to the small claims court a lot.
If you really are just doing a couple a month then it'd be easier to buy in your name get V5 etc then sell as a private sale. Having said that you may well still fall foul of the law / tax man.
There are reasons you don't quite have a car dealer in every housing estate.
If you really are just doing a couple a month then it'd be easier to buy in your name get V5 etc then sell as a private sale. Having said that you may well still fall foul of the law / tax man.
There are reasons you don't quite have a car dealer in every housing estate.
Re. repairs and unhappy customers, when looking for a car for the Mrs recently discovered that several small garages and traders offer a 3 or 6 months warranty via a 3rd party firm. Quite good peace of mind for the buyer and a fair bit of protection for the seller.
V8forweekends said:
But he'd still be unable to offer legal test drives to punters......
Valid point.Gassing Station | General Gassing | Top of Page | What's New | My Stuff