Becoming a Part Time Motor Trader – A Beginner’s Guide
If you’re looking to earn an extra income or are looking for a new career and are interested in vehicles, whether that’s the car, the van or any other type of vehicle, you may be interested in pursuing a career in reselling used cars. It could be a great way to indulge in your car hobby as well as boosting your income. However, reselling used cars isn’t as simple as buying one from eBay and selling it on AutoTrader; there’s a lot to think about such as insurance rates and how to get affordable cover. In this Beginner’s Guide we’ll cover that and more!
Make Sure You’re Actually a Part Time Trader
This might sound like an odd way to start a guide on becoming a trader, for someone who aspires to be in the business of reselling used cars, but it’s actually an important one. At some point you will be looking for affordable insurance rates for your part time motor trade business, but to become a part time motor trader you will need to be selling a certain number of vehicles per month, though this limit is different for every Part Time Motor Trade insurance company. If you sell one car every few months you’ll find that probably won’t do when looking for insurance cover.
How to Get an Advantage as a Used Car Seller
Many part time and full-time traders reselling used cars will often be scouring used car sites and attending auctions to find a bargain car with the view to increasing their profits. These will be the type of used-car-selling motor traders you will be up against, so you’ll need to find someway to get the upper hand and that could be looking for a car or vehicle that needs repair work done and then doing it yourself, allowing yourself to get a car on the cheap. However, it’s important to remember that this method of reselling used cars can take time up a lot of your time, and some of the parts may not be affordable in terms of trying to turn a profit.
Think About Insurance When Thinking About Your Business
Just like when taking out regular Car insurance, you should think about what you are insuring before beginning your venture. For example, in Car insurance, insuring a high-powered vehicle may be expensive and drive up your premium. The equivalent in the motor trade industry may be parking your stock of vehicles on the streets surrounding your home, that’s if you don’t have sufficient land to park them on. If you are able to secure a site to park your stock on then that would help you find affordable part-time motor trade insurance as well as ensuring your cars are kept in a more secure environment.
How to Find Great Part Time Motor Trade Insurance Rates
If your used car business is all set up and ready to go, one of the most important things you’ll need to do now is find Vehicle Sales insurance for part time motor traders. Obviously like any ruthless businessman you’ll be on the hunt for affordable insurance and want to find great rates. The trick to finding an affordable part time motor trade insurance premium is to find a good part time motor trade insurance broker that has access to great rates. Also, don’t be afraid to shop around and find a part time motor trade insurer that you’re happy with, and one that offers you great coverage too.
Concluding the Beginner’s Guide
There are many aspects to becoming a part time motor trader, whether you are looking to become a used vehicle seller or go into any other aspect of the motor trade such as becoming a valeter, recovery agent or mechanic. Finding the right cover at an affordable price is one of the most important aspects of that, in order to make sure your insurance policy has things like Public Liability insurance and demo cover so that you can operate knowing you have the right cover to protect your vehicle selling business. You will also need to be considerate of your location too, and ensure you have a solid understanding of the used car trading industry.