There are many
people who decide to go to car auctions to find themselves a great used
vehicle for a decent price. For many people, this can happen but like
any auction, the buyer should be familiar with the process before
committing money to an auctioned vehicle.
Different Kinds Of Used Car Auctions
to understand that there is more than one used car auction available to
them. What are the options they have available?
1 - Most used
car auctions are held at a dealership and tend to feature bank or
finance company repossessed vehicles. These vehicles are generally new
and can give someone a great bargain on a used car.
2 - The
government will also have car auctions to get rid of vehicles that have
been seized during a criminal activity. These cars tend to also be new
and in fairly good shape. They often sell for much less as well.
3 - Car rental
agencies will also sell used vehicles to get rid of their older
inventory to make way for newer rental vehicles. These vehicles tend to
be well maintained.
4 - You also
have the option to go through Internet auctions like eBay Motors. This
gives you the chance to bid on a vehicle that’s being offered.
Keep in mind
that vehicles sold at auctions are sold “as is” This means if something
happens, you have no recourse with the seller. For a nominal fee, you
can get a 30-day guarantee.
How To Conduct
Business At A Used Car Auction
When you decide
to go to an auction to purchase your used vehicle, you need to know
some rules of conduct.
1 – Get there
early so that you can look the vehicles over. You won’t be allowed to
have a mechanic look it over so have some knowledge about the vehicle
you want. Buying a used vehicle means listening to your instincts. It
doesn’t matter how good a car looks, if you’ve got some negative
feelings, walk away. However, if you see a vehicle you like, inside and
out, then take a chance and bid on it.
2 – Be sure you
set a price limit before you look for your vehicle. Too often people
will make the mistake of not setting themselves a limit. In the heat of
bidding, they may bid too much money on a vehicle they cannot afford to
buy in the first place. Before you step foot in the auction, set your
high limits and stick by it. It doesn’t matter if you see a car in
great condition… if it goes past your high limit, walk away.
3 – You need to
also be mindful of the end price of that vehicle you’re buying.
Remember you still have to pay extra fees and a buyer’s premium that
comes from the percentage of the vehicle sold price. This can run you
hundreds of dollars.
You can find
some great cars at bargain prices at used car auctions. But, if you
plan on going the used car auction route, you need to protect yourself
from both fraud and a non-mechanical sound vehicle. This means you need
to do some research and run a VIN check on the vehicles you like. When
you do these things, you will find the car you like and live with.