6 Things to Consider Before Buying Cars at Auction
Buying cars at auction is very exciting for buyers. The word ‘auction’ attracts people with a sense of excitement. The trend of buying auction cars is increasing with every passing day. Nowadays, so many people attend car dealer auctions globally. The reason behind this is the cost-effectiveness and rareness of the cars at different auctions.
Although exciting, choosing a car at the car auction is a challenging task. There are so many professional people at the auction who purchase cars often. Also, there are auction dealers who know how to sell their vehicles smartly. If you visit a car auction for the first time, you might have a tough time.
A common mistake that people make is not viewing the cars properly before purchasing them. Hence, some things are essential to take into account before purchasing your favorite car at the auction.
The following article includes the six most important things to be considered when buying cars at auction.
1. Take Time to Decide the Car
Make it on time at the auction and choose the vehicle that fits your needs and requirements. There are online, offline, and paper catalogs available at auctions with all the cars listed on them. Do not hurry to pick the right car for yourself. So aim to choose a specific brand or model before bidding at car auctions. Once you decide on the vehicle, check for the order of your car on the auction catalog. Next is to wait for your vehicle to come on the block as the cars at auction come in a specific order.
2. Reach the Car Auction Site before Time
People often reach auction sites when the cars are moving on the lanes. This will never work if you want to get a reliable vehicle at minimum costs. So make it at least one hour before the car auction.
You already have selected a few vehicles; now, it’s time to have a closer look at them. Sit in the car, assess it, and ask any question to the dealers. Inspect the vehicle virtually as much as you can. Watch the history, matching VIN’s, clean lubricants in the dipsticks, and other signs of damage in the car.
The time you have before the auction is the time you can make the best decision ever or spend your money on nothing hence spend it wisely.
3. Lookout before Bidding
People often make mistakes while bidding at car auctions. Firstly, buying cars at auctions is a time consuming process. Thereby, have a close look at the auction before buying a car. See the movement of different cars at the auctions. Not how the other people are bidding and responding to the auctioneers.
Before bidding pick a price, limit yourself to a specific bid and never go beyond it. Keeping in mind the car, its features, and value, select the vehicle’s bidding price. People at auctions buy amazing sports cars at a very low price, and some even purchase trash after paying a large amount. Being patient and sticking to a specific bid is hard, but it’s better than ending up with something unsatisfactory.
4. Take Someone Who Knows Car Auctions
Visiting car auctions alone is not as good as visiting them with a partner. Getting two pairs of eyes to inspect vehicles at car auctions before purchasing is the best option.
Therefore, choose a friend who is well aware of the working of car auctions and has been there before. A person who is knowledgeable enough about different cars will help you in choosing the best car at the best rate. You can even take your mechanic along as he will know much about the car details than you do.
5. Listen to the Details Given By the Auctioneer
At car auctions, the auctioneer gives details about the car before taking bids on it. This is time that you will have to be all ears to the auctioneer. The auctioneer is going to mention numerous essential details, including the model, color, details, mechanical faults, and other significant damages of the car.
Note when the auctioneer says “sold as seen.” It is a repeatedly used phrase when buying cars at auction. By sold as seen, the auctioneer means to say that the car comes as it is seen and with no returns once purchased. So any defaults that come up even right after making the payment will not count.
Hence, to avoid being enlightened by defects later, watch out the vehicle closely beforehand.
6. Register Yourself First With the Auction House
Last but not least, you can’t walk into car auctions without registering yourself. For placing bids, you will have to approve yourself by the auction sites. They will take your essential details for checking credit-worthiness before letting your bid.
After registering, the auction house will give you a card with your unique bidding number. In case of a successful bid, the auctioneer will write the sale on this bidding number.
Also, check the variety of payment options available for you with the auctioneer. Some allow credit card payments, whereas some only allow payments in cash.
Car auctions are less about luck and more about knowledge and research. Either you are old or new to car auctions, take notes of the points mentioned above. The points will not only save your time and effort but your investment as well. Therefore, take no risks and bid on the car logically!