9 essential tips for buying and selling a car at auction

27.12.2019

 

Have an ally

If this is your first time bidding at an auction, you may consider hiring a professional consultant to guide you through your decisions and money choices. A professional can navigate rookies toward beneficial deals while helping them avoid the financial pitfalls. After all, not everything is covered in dust is trash and not all polished cars are worth the deal. Working with an auction expert can ensure that you find the right company, venue, and time for the bid.

Do your homework

Seriously, do a comprehensive research. Before you start bidding on a car, make sure that the serial number and all other vehicle facts are true and authentic. Hire a professional to thoroughly inspect the potential car. Furthermore, you can reach the seller and talk with them. Ask them why they are selling the auto – find out what is really special about it. Doing your due diligence is always worth it. Sometimes, buyers fall for auction scams and end up losing a lot of money. Be reasonable and always confirm the information with another credible source.

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Breathe, be patient

Observe the auction quietly and meet with the key players. You should get a feeling of what the particular auction style is. What are the people and vehicles listed? How does an auction usually go? Get the whole idea of the event before rushing into it. You should not be very eager to bid on the first car that seems alluring to you. Asking questions never hurts. Hasty decisions are often regretted later. It is always wise to ask friends if they had any experience or opinions on the auction you want to enter.

Know your boundaries

It is not rare for participants to get caught up in the excitement of bidding. Set a price that is within your comfort zone. Stick to it! Being sensible will prevent you from making an emotional decision and end up paying a lot. Be honest and plan for the deal before you even enter the auction. You should only spend money that will not make you strain your future budget. Figure out the money and line up the funds, but do not go beyond your comfort zone.

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Drive that car

Inspect your potential purchase and do not solely trust the seller. There is so much about a car that is subjective. What the seller regards as a perk, may not be such an advantage for you. Furthermore, there might be a glitch that the seller is silent about. Most owners will let you take a test drive to get an idea of what the driving experience looks like. Kindly reach the owner and ask if you can have a test drive. Sometimes a car may have a superior exterior and at the same time may not provide a superior driving experience. If you are not an experienced driver, once again, you may work with a consultant or ask a friend who has experience.

Read twice

Generally, auction car description focus more on perks and benefits. Catalogs will usually use a lot of marketing language to present the vehicle the best possible way. Is the car really one of a kind? And what defines one of a kind for you? Are those significant features that significant?  Also, keep in mind that you will have to pay commission and taxes. Plan for the extra money required to close the transaction. Auction houses usually charge from 10 to 12 percent in commission. Make sure the additional fees do not come as a surprise.

Be wise                                                             

It is said that the guy who throws the first bid is the guy who wants the car the most. Do not be that guy. Let the bid starts and get to know your competitors. How do they bid? Are they too aggressive? What is their style? When you bid toward the end of an auction, you are more likely to make a rather reasonable choice, rather than an emotional one. Moreover, that way, you will keep other participants from finding out how much you want the car, and how much are you willing to pay in the first place.

Plan

Before you enter an auction, be realistic about what car you want and you can buy. Make a list with potential cars that you want to buy and rate them. Keep in mind that you will have to compromise in most cases. Go to test drives, read owner interviews, and run a comprehensive research to eliminate cars that do not meet your criteria. When you get closer to placing bid, remember that you should be narrowing down your list, and not adding new cars to it.

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No way back

Bid wisely, as once you have bought the car, it is yours. The chances that you will be allowed to annul a bid and walk away are slim to none. Unless the consignor has committed a fraud, there is no way back. Do not get caught up in excitement and be confident about the cars you are bidding on.






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