Working From Home Buying And Selling Cars

 

Can you work from home part time buying and selling cars?
And what insurance do you need?

Have you ever considered starting a car sales business from home? Perhaps you've thought about it before and are ready to make it a reality. Did you know that in the United Kingdom alone, 7.5 million used automobiles would be sold in 2021? Selling automobiles from home can be a good method to make money if you plan well and keep your overheads minimal. It is also a chance to assess whether this is a suitable business for you before expanding or moving to larger premises.

We have created this broad overview of selling automobiles from home as specialists in motor trade insurance. It will illustrate some of the advantages and disadvantages of owning your own motor trade firm.

Getting Started

You will need to have: 

  • A business plan
  • Business finance support including access to finance
  • Experience in the motor trade industry however, this may not be necessary

Pros And Cons Of Part Time Motor Trading Working From Home

Many newbies and veteran auto dealers prefer to sell cars from their homes rather than larger dealerships. It can even be used to supplement an existing revenue source like a second job.
Starting by working from home can also help to keep the risk low and the firm growing at a more manageable rate. Other advantages of selling autos from home include:

  • The ability to be your own boss and work flexible hours
  • Depending on the intended business size, start-up costs can be low.
  • There is no risk and no additional costs (property rentals, employee salaries, etc)

However, there are several constraints to consider before selling cars from home.
Some disadvantages include:

  • You may have limited storage capacity.
  • Advertising and client reach may be limited by factors such as cost and the amount of marketing time you have available.
  • Striking a proper work/life balance as your personal and professional lives become more integrated

What Do You Need To Consider?

  • You have ample room to keep your automobiles, do you have any convicted drivers on the books?
  • The number of automobiles that can be legally stored at your address.
  • Neighbours have been informed of the presence of extra vehicles.
  • Your local government will let you sell autos from the street outside your home.
  • Where will you get these vehicles?
  • Do you have the necessary expertise to perform repairs or restoration?
  • If not, will the impact on your earnings justify outsourcing this work?
  • Where can you get cars to resell at home?

Research Sales Opportunities

To begin, you should look at which vehicles and areas are popular. You may want to offer a diverse selection to meet the needs of your customers. Small automobiles for first-time drivers, for example, and people carriers for families.
There are several ways to buy stock to sell from home. Keep to your budget and keep any repair costs in mind. You could find vehicles to sell here: 

  • Auction houses
  • Private sellers
  • Auction websites (Gumtree, eBay)
  • Car selling websites (Autotrader)

What Is The MID?

When selling an automobile, it is critical to keep the Motor Insurance Database up to date. You must enter all insured vehicles and any trade plates you own to the MID. This informs the authorities that you have a motor trade insurance coverage covering all vehicles:

  • Owned by you
  • Leased to you
  • Registered to you
  • Temporarily in your possession

You can add a vehicle to the MID for up to 14 days. This means that if you drive the car during this time, you are more likely to be stopped by the police. If you sell a vehicle and fail to delete it from the MID, you may be held liable for it.

When upgrading the MID, you must supply accurate vehicle information. All vehicle records must also be kept for at least 7 years. If any vehicle details need to be updated, they should be done right away. Failure to comply with these requirements is a crime punishable by a maximum fine of £5,000 Visit www.askMID.com for more information.

Looking For Motor Trade Insurance?

Traders Insurance takes the effort to understand our customers' individual insurance requirements. We specialise in assisting each individual customer. We review each situation and make every effort to assist you, regardless of your driving past or background.
Today, click "Get a Quote" to receive a fair quote for motor trade insurance!