USED CAR AUCTIONS

 

 

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UNDERSTANDING USED CAR AUCTIONS

1.  Many people turn to used car auctions in the hopes of getting an excellent used car at a very reasonable price for various reasons: bad economy, to get cheap cars for family members as 2nd vehicle, or as a hobby. This is true in quite a few cases, but as with any other auction, buyers should make themselves familiar with the process of how these auctions are going, before committing any money to it.  

2.  Know the types of used car auctions
There are several types of used car auctions available for the consumer. Many of these auctions are held at automobile dealers and often feature cars that have been repossessed by banks or finance companies. These cars can be quite new, and can often provide a good bargain for those looking for a used car. The government also holds auctions of cars that it has seized as a result of drug or other criminal activity. Once again, these cars are often new and may be in very good shape, and can sell for a relative pittance. Auctions of cars from rental agencies are often a good choice, as these cars have generally been well maintained. There are also online auctions, such as eBay Motors which provide you with an opportunity to bid for a car online.

Many of the cars sold at used car auctions are sold "as is". This will mean that in the event of mechanical failure you will have no recourse with the seller. Sometimes you will be able to get a guarantee that the car will last at least 30 days, but you will have to pay a fee for this.

3.  Early bird gets good deal  
If you are attending an auction, try to get there early so you will be able to look the cars over. You will not be able to have a mechanic check over the cars beforehand, so try to have some familiarity with the model of car you are interested in. Regardless of how a car looks, if you have any negative feelings about it, any qualms, pass it up. If, however, you have located a car that looks and feels right, you should bid on it.

4.  Control your mind set
Most people who are new to used car auctions make a big mistake - they fail to set a price limit in their own mind. Once the bidding starts, they tend to be come caught up in the action and will often end up bidding too much. Before you even go to an auction, decide on the upper limit you can or are willing to spend, and stick to it. No matter how wonderful a car looks, if the bidding goes past your limit, leave it. I have been to auctions where people have become so blind to what is being bid that they actually pay more for a used item than they would for one they could buy new in a store. This just does not make sense.

You should also be aware that the end price you will pay for an auto from a used car auction will almost always be greater than your bid. That is because there are always additional fees that must be paid. There is often a buyer's premium that will be a percentage of the sale price, and which will generally be hundreds of dollars.

Used Car Auctions
Used car auctions are often a great place to find good cars at a bargain price. However, in order to do so, you must do everything possible to protect yourself from fraud or mechanically faulty cars. Do your homework, run a check on the VIN, and chances are that you will find just the car you need.

    

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