Auto auctions are an opportunity to find dream cars |
Car auctions usually attract two types of bidders. Low-riders who want to bid for the high-end classic cars and penny-wise drivers who want to buy a reliable used vehicle for an affordable price. When it comes to auction rules, high-end auction events where you can buy a 1967 Ford Mustang and online auctions that sell Corollas and Altimas are basically the same. They are usually based on the open ascending price auction concept, where contestants are trying to outbid and outsmart each other, by offering a bigger sum.
During these dynamic and passionate
struggles many bidders become delirious and end up with an overpaid
car wreck. This comprehensive guide will help you to outbid your
opponents and buy a reliable used vehicle on a public or online
auction.
Choose the right auction
There are two types of auctions that
sell regular used cars. Government auctions sell old government cars,
police cruisers and taxi vehicles. These cars usually come with a
known background and high mileage, so government auctions are not the
place where you’ll find a well-maintained used vehicle.
Public auctions are organized by
dealerships and auction houses. There, you can find much better
deals, but you should stick to the well-known and respectable auction
companies. You can recognize them by their elaborate online vehicle
catalogues, allowing you to review the current auction offers, choose
your favorite vehicles and place bids.
Review the auction catalogue
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Auction inventory give astute buyers a head start |
Examine the desired vehicle
If you’ve ever bought a used vehicle,
you know that personal inspection is the most important part of the
purchasing process. Before meeting the auctioneer or the car owner,
check the cars’ value on the Kelley Blue Book.
You should keep in mind that the owners
who sell their cars in ‘As is’ condition don’t offer any
warranties. These cars have very low starting prices, but they
usually come with much higher mileage and one or a few engine
defects.
Bidders who don’t know much about
cars, should definitely hire a professional car mechanic, who will
inspect the car’s engine, transmission and brakes. You can check
vehicle’s exterior yourself, by looking for dents, scratches and
corrosion. When doing this type of check, don’t believe in
everything you see. Sellers often use wax, polish, spray and touch up
paint, to make their cars look shiny and spotless. Used cars are
never as good as they look.
Bidding
If you attend the live auction event,
find a place where you can be seen by the auctioneer. Observe other
bidders during the process and look for suspicious actions. Bidders
who are too active are often hired by car owners in order to surge up
the vehicle’s price.
Online car auctions require completely
different skills. One of the ways to secure a winning bid is to place
it the moment after the auction closes. If you don’t have the time
to follow the auction process, you can download a sniper program that can keep track with other bidders, and place bids up
to the amount of money you’re planning to spend. Keep in mind that
bidding can be very addictive. Don’t get carried away during the
process, because you will spend hundreds of dollars more than the
car’s actual worth.
If you manage to outbid your opponents,
most respectable auction houses will deliver your new car to your
address. If you’ve bought a pricey vehicle ask them to transport it
in an enclosed trailer, so you don’t need to worry about shipping
damages.
Author the Author: Lillian
Connors believes that the question of business goes far beyond the
maximization of profit through different money-grabbing ploys.
Instead, she likes to think that ethical principles should be at the
core of every commercial venture, paving the way for much more
balanced distribution of wealth on a global scale. You can check her
out on LinkedIn.
Images: Author owned and licensed
Images: Author owned and licensed