How To Buy Cars At Auction?
I have frequently visited car auctions or hundred times a year for the past 15 years. I have bought nearly every car I’ve ever owned or we sell at a public car auction or Salvage Online Auctions. There are three different types of auctions. There are public auctions, police auctions (which are usually open to the public as well) and dealer auctions.The police auctions, on the other hand, are open to the public but I had terrible luck the one time I went. You can’t crank the cars, you have no idea what condition they are in mechanically. Some of the cars don’t have keys and you have to walk around in the heat of the day following the auctioneers truck around the lot. I have seen people leave with some real treasures but it is risky. I would recommend public auctions. I’ll share with you how to buy cars at auction with three easy to remember key points.Dealer Auction requires you to have a dealer only license.
First and foremost go prepared. Some places may accept credit cards and checks but most prefer cash. Having an exact dollar amount with you will help you stay on budget as well, as it is easy to be tempted to go over if you find something you really like. You will also need a few other things like your license, proof of insurance and a friend to help you get your newly purchased car home. Depending on the auction house (as they don’t all have the same requirements and rules) you may need to pay a fee to receive a bidding number. If you don’t purchase anything this fee is refunded back to you at the end of the night. If you do purchase a car this fee will go towards the payment and fees associated with the car you have purchased.
The earlier you get there the more time you’ll have to see what options are available and maybe even take a test drive around the auction grounds. At this stage, it is important to know (at least a little) about what goes on under the hood of a car. If you are not experienced then it may be beneficial for you to bring a friend that is. It is important to use this time to look and listen to everything. You know what a car should sound like as well as what it shouldn’t sound like. If it looks good but sounds like it’s struggling then chances are it’s not worth your time. I always try to find the owners of the cars that I like. Sometimes you can work out a deal with them before the auction even starts. Talking an owner into selling before the auction starts are rare but could possibly save you some time and money. Make a mental note of the cars you like, they will come to the auction house and you want to be ready for them.
My Top 5 Tips To Being A Better Auto Auction Bidder – Avoid Losing Money![cleveryoutube video=”fHiei_VLr5c” style=”1″]
Everything at the car auction is loud and fast so pay close attention to the auctioneer. A little known fact of how to buy cars at auction is you can walk up to the car during auction. Most people don’t know that they can do this but there have been many times I have seen a car come through that I didn’t see in the lot beforehand and I will open the doors, take a look at the interior, see if the check engine light is on, check the miles, and pop the hood. Yes, always check under the hood. Once you decide to bid on something there is a good chance that there will be someone else bidding against you. I urge you not to get into a bidding war with anyone. I’ve noticed that some (not all) auctions have people that their only job is to drive up the price of the cars. Take a moment to think about it, if you really want the car then bid again. A bidding war may seem pretty cool but before you know it you could be way past your budget. I promise you the auctioneer will give you a moment to decide. If necessary be prepared to walk away. The price that the auctioneer is calling out doesn’t include the fees. You can find out the fees by simply calling ahead of time. Once you’ve won the auction you’ll be asked to step up to the auctioneers booth. There you will pick up all paperwork associated with the car and go to the office. The office is where the money for the car will be paid and all necessary paperwork will be signed.
Visiting a car auction is a unique experience that anyone living on a budget should try. I hope this brief article on how to buy cars at auction will help you in your journey!