Second-hand selling has become big business in recent years. While millions of people still use eBay, Facebook Marketplace and Depop to casually pick up bargains or clear out unwanted clothes from time to time, others have switched on to the potential of full-on side hustle.
When you choose the right stuff to sell, you can make a serious profit. But how do you know where to put your cash in the first place? Expert ecommerce accountant and founder of Your Ecommerce Accountant, Ben Sztejka, has given Express.co.uk some top buying tips on where to find profit, singling out four items to bag the big bucks online. They are:
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Dr Martens shoes: DMs have never gone out of fashion. They’re comfortable, long-lasting and loved by a whole range of wearers, from nurses and builders to fashionistas. And if you can find a second-hand pair in good repair, they’re going to find a buyer.
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Designer trainers: You’re probably not going to get your hands on an $8million Dynasty collection, but designer trainers have a massive market. And if you can find limited editions, all the better. Other limited edition designer items are also worth your time.
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Vintage jeans: There’s a massive market for 20-year-old jeans right now. Got some vintage 501s? Then you’ve got yourself a profit.
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Worn once clothing: This is probably the easiest to find. Whether it’s wedding gear, prom wear or anything else that’s nearly-new, you’ll find a ready buyer.
Some current major discounts we found quickly on designer clothing include a Balmain monogram padded jacket for £800, down from the RRP of £2,250, and a Moncler padded jacket for £500, down from the RRP of £815.
Dr Martens is a very popular brand on Vinted and there are several used pairs going for £85.
Things not to forget while selling on Vinted
You still have to pay tax on your side hustle. So, if you’re buying goods specifically to sell on, and you’re making a profit in excess of £1,000 per year, you need to pay tax. This will mean registering for a self-assessment tax account, and completing the relevant paperwork every year. And there’s no point buying and selling if you don’t make a pocketable profit. So, think of your margin before you buy.
Selling online can be a great way to boost your coffers. But you have to do it sensibly – and avoid unnecessary risk and loss.