Used car business advice
Discussion
Hey,
ok this is completely ramdom, but I thought here would probably be the best place to ask. I'm 25 and i've got a little internet business that earns me about 30k per year. I've been thinking about ways to expand it, but i really think the business is as big as it will ever get as its quite very niche market, also it bores me to death now. If got another big plan later on down the line, but need more dough before I try to take over the world...
Anyways so I've been thinking for ages about what do next etc and couldn't really think of anything. I was thinking about using the money i've made to retrain in something else like IT to see if i could get into IT contract work that pays quite well, but frankly, I can't be arsed going back to school, it was never really my thing. I've got about 40k saved up and i'm thinking about keeping on doing my internet business as I have a lot of free time by doing so, and start trading used cars on a tiny scale to see how it goes as a second business along side my internet business. I figured if I just start with one car and just build it up and see where it goes.
So this is where it gets tricky. I'm great at sales, and I know the prices of cars quite well, what sells quickly and what hangs about etc. Problem is i know sweet F-A about cars mechanically, and don't know any mechanics or anyone remotely in the business. If you're wondering why i think i know prices quite well, well basically because i've got an internet business and a lot of spare time in my hands, you name a used car site, i'm browsing through them all day just checking out cars really. After doing it for years you get a feel for the market I guess, plus I've always kept an eye on the forecorts in my area.
I'm hoping that there are some dealers on here or other people in the business who can answer my question or dispense some advice other than the obvious don't do it lol.
How far fetched do you think this plan is giving i know nothing mechanically?
Cheers.
ok this is completely ramdom, but I thought here would probably be the best place to ask. I'm 25 and i've got a little internet business that earns me about 30k per year. I've been thinking about ways to expand it, but i really think the business is as big as it will ever get as its quite very niche market, also it bores me to death now. If got another big plan later on down the line, but need more dough before I try to take over the world...
Anyways so I've been thinking for ages about what do next etc and couldn't really think of anything. I was thinking about using the money i've made to retrain in something else like IT to see if i could get into IT contract work that pays quite well, but frankly, I can't be arsed going back to school, it was never really my thing. I've got about 40k saved up and i'm thinking about keeping on doing my internet business as I have a lot of free time by doing so, and start trading used cars on a tiny scale to see how it goes as a second business along side my internet business. I figured if I just start with one car and just build it up and see where it goes.
So this is where it gets tricky. I'm great at sales, and I know the prices of cars quite well, what sells quickly and what hangs about etc. Problem is i know sweet F-A about cars mechanically, and don't know any mechanics or anyone remotely in the business. If you're wondering why i think i know prices quite well, well basically because i've got an internet business and a lot of spare time in my hands, you name a used car site, i'm browsing through them all day just checking out cars really. After doing it for years you get a feel for the market I guess, plus I've always kept an eye on the forecorts in my area.
I'm hoping that there are some dealers on here or other people in the business who can answer my question or dispense some advice other than the obvious don't do it lol.
How far fetched do you think this plan is giving i know nothing mechanically?
Cheers.
You say your experience is in internet business but don't give any detail so we don't know if your dealing in real-world goods or online services.
As real-world goods go motor vehicles are, you might say, awkward. You need somewhere to park them, someone has to prepare them for sale, someone has to run around with the DVLA paperwork, you'll need proper insurance etc etc. Someone has to deal with all the customers both by phone/email and in person - probably weekends too. So we come back to "premises" as a necessity.
It's a highly competitive business. Just because cars are expensive for individuals to buy doesn't necessarily mean the dealer is making a fat profit. Then there's all the potential rip-offs from both buyers and sellers.
IMO without at least some experience of the motor trade you would be taking a big risk.
As real-world goods go motor vehicles are, you might say, awkward. You need somewhere to park them, someone has to prepare them for sale, someone has to run around with the DVLA paperwork, you'll need proper insurance etc etc. Someone has to deal with all the customers both by phone/email and in person - probably weekends too. So we come back to "premises" as a necessity.
It's a highly competitive business. Just because cars are expensive for individuals to buy doesn't necessarily mean the dealer is making a fat profit. Then there's all the potential rip-offs from both buyers and sellers.
IMO without at least some experience of the motor trade you would be taking a big risk.
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