If you're a trader then you complete the trade section online so the original v5 is still valid. So in essence, you can buy and sell a car on the same day if you so wish
@SamH-bn8vo Hi mate, I started dabbling in this when I was 25 so I'm not sure what you can do in your situation, sorry. Might be best to make a few enquiries and if you're looking at buying and selling cars long term then I'd recommend looking at taking out a trade insurance policy 👍
Thank for the videos, very informative about the process and what you did to get it up to scratch, making it all sound less daunting. You mentioned near the end things like tax, public liability insurance, trade plates etc., I assume that’s if you are a full blown business owner rather than a private seller? Or would you have to take all of that into consideration if you were selling off your own driveway?
Thanks mate, much appreciated! If you're only selling the odd one or 2 from your driveway then you don't need to worry. It's just incase you decide to take it more seriously
@@carsnstuffuk ah great thanks. Like the idea of it to make the quick quid here and there. Don’t want to go to deep into repairing/replacing parts, just do things that I can do fairly quickly like tidy/clean up and replace the odd minor thing here and there. Watched a few videos now, very informative!
@Blackfire Five that's the easiest way really and as long as you're happy making a quick buck and don't take it too seriously then it can be quite fun too!
@Blackfire Five sometimes definitely yea! Especially when you've scrubbed the seats and polished the paintwork - it shows you've put the effort in and shows the cars been looked after
@@carsnstuffuk I do actually, as a beginner would you say it's okay just to go for it with trade insurance and start buying from likes of bca or would you say to try source from other places or auctions open to public and get a feel for it first? Also is it better to begin as sole trader or a Ltd company? Thanks bud
@jonnydangerous I think just to start out, buy and sell a few cars but put the v5 in your name and tax them and insure them on your own policy. Otherwise if you find its not for you, then you can't transfer and re transfer your personal no claims to a trade policy. I'd also buy privately first off fb etc and learn to negotiate, look around vehicles and test drive them before taking out trade insurance. Then once you're happy, delve in to the world of car trading 👍
@@carsnstuffuk ah yeah that makes sense and is good advice. Been checking fb here and there but struggling to find a good buy. The ones that do seem to have potential don't seem legit as the message doesn't get delivered/no reply. You're right though, I'll keep trying my luck and also try find public auctions etc need to flip a couple cars before going the full hog. Thanks for your help bud, keep the vids rolling and wish you every success with your hustle 👍
@jonnydangerous you'll come across one- maybe try ebay too. Find a car going for auction and ask how much they'd like before the auction ends to try and grab a bargain. Happy for you to contact for advice further down the line 👍
Not a warranty by law, but the customer can return the car if not fit for purpose. Always best to provide a warranty though as the warranty company will sort at their end
Great video mate thank you. Was just wondering how do you deal with the logbook? Let's say I buy from a private seller and want to resell the car, do I have to register myself as the owner? Just not sure how that works.
Thanks mate. When you buy from a private seller, you need to fill out the yellow part of the V5 (trade slip) so it doesn't add another owner to the logbook. You can also do this online too. You then keep the original v5
@@carsnstuffuk Hey, thanks for the info above. Do you fill the yellow section if you are not a trader? If I want to flip cars casually without adding an owner? Thanks
@Ameer Malik you can only fill out the trade section if you have trade insurance. If you're casually selling the odd car here and there, then the only way around it would be to fill out the V5 as a new owner and transfer the car in to your name
I search every day and put in a maximum bid on every car I save. I could save up to 30 cars in a day and might not win any. It just all depends on what other traders are bidding too. So to answer your question, it doesn't take very long and not rare of a deal either really
@@carsnstuffuk Hi man, mind if I ask you, what if you win the 30 cars, I know very unlike but lets say you win 10 cars but you dont have the money what would do in this situation? Tx for your time.
If I've won the first one or two, then I can reduce all my other bids to £100 if I can't afford any more. You can't remove bids but you can reduce them. Good question though 👍
You need to take out a trade insurance policy in order to be eligible. And it's not open to the public unfortunately. However, there are plenty of car auctions across the UK that are
Hi, please try to give me any possible advice to my situation. I am 18 years old, I have had my license for 3 months. I have a 2014 1.0 Ford Focus, I pay 4000 for insurance! I have good knowledge in cars, I have been following this industry for a long time, I want to start doing this business, buying cars from an auction and selling it for profit. I managed to get a BCA account, and now I can access it and bid on cars. My problem is, if I bid on a car and manage to win it, I am not sure what will happen next? I will need to travel to that location and collect the car but after that how can I drive the car back home? I heard about trader insurance and trader plates, but for my situation is there any other possible way that I can collect the car and drive it home without getting trader insurance? I don't think I can get trader insurance because of my age and I don't have a lot of money, I want to start buying cheap cars (
Well done for getting in the trade at such an early age! Most trade insurance companies won't provide insurance unless you're 25 or older so your best bet would be to get temporary or day cover insurance 👍
Do you think that would work? I mean like they will give me temp insurance for my age? if that works then I am done with 1 out of 2 problems. 2nd problem is tax, I would need trader plates but I wouldn't be bale to get it without trader insurance, so how can I go about that? Also would you say BCA is good for me as a starter? would you say its the best to buy cheap cars and flip them? is BCA your main place where you buy cars?@@carsnstuffuk
For a trader, you won't pay tax if you keep it off road and insurance is different for everyone so quite difficult to include that in costs. However, if you sell a few cars and make decent profit, it should more than cover the cost of your annual insurance.
If you're buying your first flip or 2, or if you're buying for yourself then yea. Otherwise if you're buying and selling more regularly then you need to take out a trade insurance policy
Love the video its very transparent and informative. However I was just wondering, how do you know that you're buying at a good price and will be able to sell at a good price?
Thanks for the comment makr, much appreciated 👍 Just research really - compare to other cars with similar age and mileage. I mainly use autotrader as a guideline
Hi Chris, in the UK in order to buy and sell cars on a more permanent basis then you have to take out a trade insurance policy. It starts off around £1500 - £2k for your first year but decreases over time. I usually pay round £900 a year now. Hope that helps 👍
Try and focus on cars that have been well maintained and serviced regardless of the manufacturer as you could potentially be missing out on some bargains!
It depends. If you've got a private driveway or private space you can park cars then you just need to get trade plates. If you're parking on the road then they need to be taxed
Thanks for the feedback mate! I'm pretty sure most places only take 25 year olds and upwards but the Sony way you'd find out is by contacting different insurance companies. Hope that helps!
New sub here. Brilliantly compiled informative video. All the best for the future. 👍👍 Do you think BCA is better than copart? i am thinking of trying it copart. One more thing roughly whats the range of trade insurance which we will need for BCA and cost of trade plates. Many Thanks
Thanks mate much appreciated 👍. I've never used Copart so can't really comment. I don't tend to deal in insurance write off vehicles and that's mainly what copart specialise in. You'll need to speak with an insurance company as they'll tailor a quote to suit your needs. Trade plates are around £120 a year. I hope that helps 👍
Don't buy from copart absolute crap that's why there's so many channels about to document the repairs as they are very hard to shift after as so many bodgers 👍👍👍
I've spoken with HMRC regarding this as I wasn't sure how it worked at first as I thought it was around 16%. However, HMRC informed me that you pay VAT when you meet the £85,000 threshold each year.
@stevewhelan2069 First year was around £1500 but I pay around £1k now. I use a different broker every year (using a comparison website for trade insurance). Daybisurance is usually around £100 a day. But that all depends on your location, number of vehicles and value of vehicles etc. So the quote will be tailored for you
Hi Mark, please 🙏 help. How do I get started with less overhead as possible? How do I go about getting trade plates and what costs I'm I looking at trade insurance? Your help will be greatly appreciated
Hi Jaber, to get started you'll need a budget and do research on paryicuakt cars you want to buy and sell. Just look at the market (auto trader etc) and set your budget accordingly.
And trade insurance depends on type of vehicles, max value of vehicles and location etc. Price will go down over time too - similar to standard insurance
@Jaber Chowdhury no need to make a company as you can be self employed. Just tell HMRC at the end of every tax year how much you've earned. Trade plates can be applied for on the DVLA website
Thanks for the comment Jack. Every car is worth what someone is willing to pay for it. In my opinion, a well looked after low mileage diesel Corsa is fairly priced at £2k
Trust me. There'll not all as easy as this. Very risky as you never know what you're going to get. And in relation to trust, we offer a warranty and have an exceptional reputation. Appreciate the comment though 👍
@CL4SSiCS exactly this. The risk is all with me as sometimes there's more issues with the car that's not listed which need to be rectified before putting it up for sale
how does it work when receiving the v5 do you have to wait 2 weeks to sell it.
If you're a trader then you complete the trade section online so the original v5 is still valid. So in essence, you can buy and sell a car on the same day if you so wish
@@carsnstuffukthanks
@@hamzar6677 no worries 👍
Great video, I like u factor the hours u input❤
Thanks, appreciate it. Just shows if it's worth doing or not!
Hi when picking up the car You need temporary insurance but as an 18 year old what should I do as I cant get it
@SamH-bn8vo Hi mate, I started dabbling in this when I was 25 so I'm not sure what you can do in your situation, sorry. Might be best to make a few enquiries and if you're looking at buying and selling cars long term then I'd recommend looking at taking out a trade insurance policy 👍
@@carsnstuffuk thank you so much I will look into it :)
@@SamH-bn8vo no worries and good luck 👍
Beautiful video, thank you
You're welcome 👍
Thank for the videos, very informative about the process and what you did to get it up to scratch, making it all sound less daunting. You mentioned near the end things like tax, public liability insurance, trade plates etc., I assume that’s if you are a full blown business owner rather than a private seller? Or would you have to take all of that into consideration if you were selling off your own driveway?
Thanks mate, much appreciated! If you're only selling the odd one or 2 from your driveway then you don't need to worry. It's just incase you decide to take it more seriously
@@carsnstuffuk ah great thanks. Like the idea of it to make the quick quid here and there. Don’t want to go to deep into repairing/replacing parts, just do things that I can do fairly quickly like tidy/clean up and replace the odd minor thing here and there. Watched a few videos now, very informative!
@Blackfire Five that's the easiest way really and as long as you're happy making a quick buck and don't take it too seriously then it can be quite fun too!
@@carsnstuffuk do you find that sometimes a simple scrub up inside and out is enough to up the price?
@Blackfire Five sometimes definitely yea! Especially when you've scrubbed the seats and polished the paintwork - it shows you've put the effort in and shows the cars been looked after
Great video bud, looking to get into the trade as cars are a passion. Subbed to your channel! 👍
Cheers mate. If you need any pointers then just let me know 👍
@@carsnstuffuk I do actually, as a beginner would you say it's okay just to go for it with trade insurance and start buying from likes of bca or would you say to try source from other places or auctions open to public and get a feel for it first? Also is it better to begin as sole trader or a Ltd company? Thanks bud
@jonnydangerous I think just to start out, buy and sell a few cars but put the v5 in your name and tax them and insure them on your own policy. Otherwise if you find its not for you, then you can't transfer and re transfer your personal no claims to a trade policy. I'd also buy privately first off fb etc and learn to negotiate, look around vehicles and test drive them before taking out trade insurance. Then once you're happy, delve in to the world of car trading 👍
@@carsnstuffuk ah yeah that makes sense and is good advice. Been checking fb here and there but struggling to find a good buy. The ones that do seem to have potential don't seem legit as the message doesn't get delivered/no reply. You're right though, I'll keep trying my luck and also try find public auctions etc need to flip a couple cars before going the full hog. Thanks for your help bud, keep the vids rolling and wish you every success with your hustle 👍
@jonnydangerous you'll come across one- maybe try ebay too. Find a car going for auction and ask how much they'd like before the auction ends to try and grab a bargain. Happy for you to contact for advice further down the line 👍
If you fill in the trade section when selling a car do you have to offer warranty by law?
Not a warranty by law, but the customer can return the car if not fit for purpose. Always best to provide a warranty though as the warranty company will sort at their end
very good video, thanks!
Appreciate your support 🙏
Great video mate thank you. Was just wondering how do you deal with the logbook? Let's say I buy from a private seller and want to resell the car, do I have to register myself as the owner? Just not sure how that works.
Thanks mate. When you buy from a private seller, you need to fill out the yellow part of the V5 (trade slip) so it doesn't add another owner to the logbook. You can also do this online too. You then keep the original v5
@@carsnstuffuk Hey, thanks for the info above. Do you fill the yellow section if you are not a trader? If I want to flip cars casually without adding an owner?
Thanks
@Ameer Malik you can only fill out the trade section if you have trade insurance. If you're casually selling the odd car here and there, then the only way around it would be to fill out the V5 as a new owner and transfer the car in to your name
Good video..keep the videos coming 👍
Thanks - really appreciate it 👍
How long it take u to find a car like this on bca and how good/rare of a deal is this on bca
I search every day and put in a maximum bid on every car I save. I could save up to 30 cars in a day and might not win any. It just all depends on what other traders are bidding too. So to answer your question, it doesn't take very long and not rare of a deal either really
@@carsnstuffuk Hi man, mind if I ask you, what if you win the 30 cars, I know very unlike but lets say you win 10 cars but you dont have the money what would do in this situation? Tx for your time.
If I've won the first one or two, then I can reduce all my other bids to £100 if I can't afford any more. You can't remove bids but you can reduce them. Good question though 👍
How did you make a BCA account if it is not open to general public?
You need to take out a trade insurance policy in order to be eligible. And it's not open to the public unfortunately. However, there are plenty of car auctions across the UK that are
Hi, please try to give me any possible advice to my situation.
I am 18 years old, I have had my license for 3 months. I have a 2014 1.0 Ford Focus, I pay 4000 for insurance! I have good knowledge in cars, I have been following this industry for a long time, I want to start doing this business, buying cars from an auction and selling it for profit. I managed to get a BCA account, and now I can access it and bid on cars. My problem is, if I bid on a car and manage to win it, I am not sure what will happen next? I will need to travel to that location and collect the car but after that how can I drive the car back home? I heard about trader insurance and trader plates, but for my situation is there any other possible way that I can collect the car and drive it home without getting trader insurance? I don't think I can get trader insurance because of my age and I don't have a lot of money, I want to start buying cheap cars (
Well done for getting in the trade at such an early age! Most trade insurance companies won't provide insurance unless you're 25 or older so your best bet would be to get temporary or day cover insurance 👍
Do you think that would work? I mean like they will give me temp insurance for my age?
if that works then I am done with 1 out of 2 problems.
2nd problem is tax, I would need trader plates but I wouldn't be bale to get it without trader insurance, so how can I go about that?
Also would you say BCA is good for me as a starter? would you say its the best to buy cheap cars and flip them? is BCA your main place where you buy cars?@@carsnstuffuk
and road tax + insurance?
For a trader, you won't pay tax if you keep it off road and insurance is different for everyone so quite difficult to include that in costs. However, if you sell a few cars and make decent profit, it should more than cover the cost of your annual insurance.
when you buy a new car do you need to get insurance in order to drive it back?
If you're buying your first flip or 2, or if you're buying for yourself then yea. Otherwise if you're buying and selling more regularly then you need to take out a trade insurance policy
@@carsnstuffuk brill. Thanks so much 🙏
@@jiggybeats9935 you're welcome 👍
What’s it the cutaways? Had to turn off
That's my rubbish editing skills, sorry!
Love the video its very transparent and informative. However I was just wondering, how do you know that you're buying at a good price and will be able to sell at a good price?
Thanks for the comment makr, much appreciated 👍
Just research really - compare to other cars with similar age and mileage. I mainly use autotrader as a guideline
@@carsnstuffuk Legend, thanks for the reply!
@@tzsenpai5950 you're more than welcome 👍
Great video - but quick question - what do you do for insurance? Motor trader policy? If so, how much is that in the UK?
Hi Chris, in the UK in order to buy and sell cars on a more permanent basis then you have to take out a trade insurance policy. It starts off around £1500 - £2k for your first year but decreases over time. I usually pay round £900 a year now. Hope that helps 👍
@@carsnstuffukdo you recommend any brokers
@fahmed95 I used a company called Quote zone but there's a few more out there 👍
@@carsnstuffukhi mate how old are you?
@babycakes1161 too old!
You got any tips on what cars to flip that are cheap and reliable thanks
Try and focus on cars that have been well maintained and serviced regardless of the manufacturer as you could potentially be missing out on some bargains!
Quick question - As a trader Can you tax cars individually rather than getting trade plates?
It depends. If you've got a private driveway or private space you can park cars then you just need to get trade plates. If you're parking on the road then they need to be taxed
@@carsnstuffuk Cheers 👍🏼
@keithwright6355?
Hi there. Love your videos. Im looking to flip cars myself but it's difficult getting trade insurance as a 19 year olds? any advice?
Thanks for the feedback mate! I'm pretty sure most places only take 25 year olds and upwards but the Sony way you'd find out is by contacting different insurance companies. Hope that helps!
Did you find anything mate I’m 19 too
New sub here. Brilliantly compiled informative video. All the best for the future. 👍👍 Do you think BCA is better than copart? i am thinking of trying it copart. One more thing roughly whats the range of trade insurance which we will need for BCA and cost of trade plates.
Many Thanks
Thanks mate much appreciated 👍. I've never used Copart so can't really comment. I don't tend to deal in insurance write off vehicles and that's mainly what copart specialise in. You'll need to speak with an insurance company as they'll tailor a quote to suit your needs. Trade plates are around £120 a year. I hope that helps 👍
@@carsnstuffuk Thanks alot once again
@@DeadlyAquarious You're welcome 👍
Don't buy from copart absolute crap that's why there's so many channels about to document the repairs as they are very hard to shift after as so many bodgers 👍👍👍
@Cars 'N' Stuff What about the cost of the VAT?
I've spoken with HMRC regarding this as I wasn't sure how it worked at first as I thought it was around 16%. However, HMRC informed me that you pay VAT when you meet the £85,000 threshold each year.
no mechanical issues checks? theirs going to be plenty shtboxes on the road soon
That's something I forgot to add to the video to be honest. I take all cars to my local garage for a health check
I’m thinking of starting. I want to compete with you
How long have you been doing this
For around 2 years now
🤣🤣🤣 I'm joining the club been doing it years 😉
I'd you insure it yo get it home?
I have trade insurance so covers me for any car but you can take out day insurance if you're just starting off 👍
@@carsnstuffuk what sort of price for trade, and one dsy insurance? And best place. Regsrds.
@stevewhelan2069 First year was around £1500 but I pay around £1k now. I use a different broker every year (using a comparison website for trade insurance). Daybisurance is usually around £100 a day. But that all depends on your location, number of vehicles and value of vehicles etc. So the quote will be tailored for you
@@carsnstuffuk thank you for sll your help, very great full.
@@stevewhelan2069 you're more than welcome 👍
Where’s Birminham ?
In between Brstol and Mnchester
Hi, great content. Can I do this from home without becoming a trader?
Hi Mark, please 🙏 help. How do I get started with less overhead as possible? How do I go about getting trade plates and what costs I'm I looking at trade insurance?
Your help will be greatly appreciated
Hi Jaber, to get started you'll need a budget and do research on paryicuakt cars you want to buy and sell. Just look at the market (auto trader etc) and set your budget accordingly.
And trade insurance depends on type of vehicles, max value of vehicles and location etc. Price will go down over time too - similar to standard insurance
@@carsnstuffuk I have a budget, what what do I do? Do I make a company name? How do I get trade plates? What is the correct process?
@Jaber Chowdhury no need to make a company as you can be self employed. Just tell HMRC at the end of every tax year how much you've earned. Trade plates can be applied for on the DVLA website
00:45
What caught your eye at 45 secs? 👀
Sad that you’ve put the price to 2 grand it’s a 2007 car it’s worth 500 just greedy
Thanks for the comment Jack. Every car is worth what someone is willing to pay for it. In my opinion, a well looked after low mileage diesel Corsa is fairly priced at £2k
Business is business
That’s why you’re poor.
@@a.t.g000 That's why you're poo.
no wonder why people don't trust car sellers, basically you've bought from auction gave it a polish and added a grand on it. be better guys.
Trust me. There'll not all as easy as this. Very risky as you never know what you're going to get. And in relation to trust, we offer a warranty and have an exceptional reputation. Appreciate the comment though 👍
@carsnstuffuk yes, also not everyone would want to fix up a car.
@CL4SSiCS exactly this. The risk is all with me as sometimes there's more issues with the car that's not listed which need to be rectified before putting it up for sale
No different to a shop keeper goin to a wholesalers then putting his mark up on. It’s how the world works it’s called business
@alexgreenhowe376 exactly this 👏