Trading up thread

[JOEPRO]

Some of you will know I like to buy broken things, repair them and sometimes sell them on. It's not really about making £ it's more so that I like fixing things and move them on for the next broken thing.

Like Stihl petrol items non runners or faulty welders that sort of thing.

I've often thought it would be interesting to track a purchase and the £ made and see where it goes. Trading up by buying, fixing and reselling broken tools in greater value.

Does that sound like something that could be interesting(?)

 

[6ply]

Yes, HMRC will be interested.

 

[JOEPRO]

Yes, HMRC will be interested.

Cash is king.

Is anyone here from HMRC? Asking for a friend.

I pay plenty of tax don't worry. If they ever question it then ill create a business and show what I spend on tools and car parts and ill definitely be due a refund each year.

 

[julianf]

i think its about intent - if you buy intending to profit, then its taxable.
if you buy for yourself, and happen to profit off the sale, its not taxable.

obviously its hard to justify "personal use" at volume turnovers

 

[MattF]

I'd just take the answer to your title question as being no, Joe, by the sounds of it.

Personally, it's a subject I'd have no interest in.

 

[julianf]

I used to do this a fair bit, but it was all over 20 years ago now -

Id buy the "thing", either in person, or by mail. If it was by mail, i would often get it sent direct to a professional restorer (whos name was respected). They would send me photos of the finished item, and i would auction it from those photos (and my invoice of repair etc from a "name" within the field), and it would be shipped direct to the buyer.

It wasn't a total income, but, on a good month, it would pay my rent. Again, 20+ years ago.


As with ALL of these things, its about buying the right thing (that is cheap because its broken, but you have enough knowledge to know if the fix will be cheap, or if its terminal)

 

[Memmeddu]

Some of you will know I like to buy broken things, repair them and sometimes sell them on. It's not really about making £ it's more so that I like fixing things and move them on for the next broken thing.

Like Stihl petrol items non runners or faulty welders that sort of thing.

I've often thought it would be interesting to track a purchase and the £ made and see where it goes. Trading up by buying, fixing and reselling broken tools in greater value.

Does that sound like something that could be interesting(?)

Problem is that you'll end up figuring out you're in fully negative

 

[bourbon]

Doing this exact thing at the moment. Partners daughter has bought a Disney princess hand mirror for 12 quid not working. Just needs the battery connections sorting out. Working one is up on e-bay for £250!

Disney Beauty and The Beast Mirror TALK N VIEW Magic mirror | eBay UK

Rare beauty and the beast magic mirror sadly the sound no longer works but all pictures do

www.ebay.co.uk

 

[Windy Miller]

I have been buying broken stuff, fixing it up and selling it in for a few years now - I’m always on the lookout for the next project.

I never make a huge profit, and if I were to add it all up, factoring in the few ‘beyond repairs’ I probably only break even. But I enjoy it and it saves stuff from going in the land fill, which is a pet hate of mine!

 

[bourbon]

I have been buying broken stuff, fixing it up and selling it in for a few years now - I’m always on the lookout for the next project.

I never make a huge profit, and if I were to add it all up, factoring in the few ‘beyond repairs’ I probably only break even. But I enjoy it and it saves stuff from going in the land fill, which is a pet hate of mine!

you are just what Repair cafes are after

 

[Robotstar5]

I'll have to start a "trading down" thread as I always seem to operate at a loss

Example, I recorded every penny I spent restoring a pump display, cost £199 and I sold it for £150 (market rate)

 

[selectedgrub]

That's beautiful

 

[Windy Miller]

you are just what Repair cafes are after

Maybe when I retire!

 

[JOEPRO]

So some interesting feedback and looks like its not just me then @Windy Miller summed it up nicely. Some people would chuck some great stuff and its nice to repair it yourself & learn.

The thread can be for anyone to add and track their repairs- why not

Some may lose here and there but thats part of the personal challenge is it not. Anything worth doing generally isnt simple or easy is it.

Im looking at a couple of things on the usual free add sites. I might have something to start the thread tomorrow

 

[Windy Miller]

I'll have to start a "trading down" thread as I always seem to operate at a loss

Example, I recorded every penny I spent restoring a pump display, cost £199 and I sold it for £150 (market rate)

View attachment 502217

That’s a thing of beauty!

Such a shame it’s not its not worth what it’s worth!

 

[Robotstar5]

That’s a thing of beauty!

Such a shame it’s not its not worth what it’s worth!

I enjoy restoring engines, pumps etc. but once finished I may take it to a couple of shows before it just takes up space so I sell it (at a loss)

 

[DanZac]

I enjoy restoring engines, pumps etc. but once finished I may take it to a couple of shows before it just takes up space so I sell it (at a loss)

If your anything like me then the £50 loss is more than made up for in the enjoyment you've got out of doing the job.

90% of the projects I've done / got on the go, could be done cheaper, but the value for me is in the doing, not the selling or making money. (Hence why I'm skint (but happy)).

 

[6ply]

Doing this exact thing at the moment. Partners daughter has bought a Disney princess hand mirror for 12 quid not working. Just needs the battery connections sorting out. Working one is up on e-bay for £250!

Disney Beauty and The Beast Mirror TALK N VIEW Magic mirror | eBay UK

Rare beauty and the beast magic mirror sadly the sound no longer works but all pictures do

www.ebay.co.uk

Check sold prices. £20 working!

 

[Windy Miller]

My current broken thing is an old Pickhill generator, about 2 1/2 kVA ish.

Bought as a non runner, the B&S engine had a few previous dodgy repairs, and, surprisingly, the carb had snapped in half! I managed to get a replacement carb (cheap Far Eastern copy) and a service kit for very little money (less than £30 if memory serves).

That was enough to get it running, and after I flashed it with a car battery it worked perfectly!

Problem is, while I was cleaning it up I accidentally pulled off a wire under the generator cover, and I don’t know where it goes!

It’s been sat there in the garage for far too long now, and I really ought to get it finished and sold.

 

[JOEPRO]

Doing this exact thing at the moment. Partners daughter has bought a Disney princess hand mirror for 12 quid not working. Just needs the battery connections sorting out. Working one is up on e-bay for £250!

Disney Beauty and The Beast Mirror TALK N VIEW Magic mirror | eBay UK

Rare beauty and the beast magic mirror sadly the sound no longer works but all pictures do

www.ebay.co.uk

Check sold prices. £20 working!

View attachment 502218

Oh yeah dont make that mistake.

Never go by one adds price. Just because someone is asking a high price doesn't mean the item is actually worth that. If there are several examples at that level and they are selling then that would be a good indication the price is more accurate.

But £250 for a toy mirror doesn't look realistic any way you look at it.

What I look for is something I have experience in repairing ideally. It must be well (low) enough priced that if a dud then its parts will still cover the purchase price. And it should not cost a huge deal in parts + bring a good profit otherwise it becomes an expensive hobby. Making money is of course the desired outcome then buy the next item.