Sell Vehicle at Auction: What You Should Know
So there’s an old car sitting in your garage, and you want to sell it so you can buy a better one or perhaps just dispose it, stop paying for auto insurance, and save more money from maintenance. But the question is where should you take it?
One of the options you have is a car auction. It is very similar to auctions at Sotheby’s or Christie’s. The distinctive difference is the ones auctioned are all vehicles. All cars that are sold into an auction are provided with lot number, and buyers bid on how much they’re willing to pay for the goods. The highest bidder wins.
It’s a good idea to sell vehicles at an auction because:
• You have plenty of potential buyers in one day – Auctions can attract hundreds of buyers not only in your area but across the state and even in the entire country. That significantly increases your chances of having your vehicles sold.
• They’ll be the ones to guide you – Auctioneers provide you with the space and other details of the auction. All you have to do is to follow the seller instructions. They are also responsible for marketing the auction and the vehicles.
• You can get a good price – Bidders start at a minimum price, which is usually the lowest sale price you can possibly provide for the vehicle.
But as a seller, you should also know certain information:
1. You need to have certain documents – You can’t sell a car without sufficient accurate documents. These include VIN, car title, and ID numbers, to name a few. It is integral that these data are correct and that the VIN matches that which is found in your DMV record.
2. There are fees to be paid – And sometimes there will be a lot of them. Normally, you have to pay for entry fees. There’s also a corresponding payment if you change vehicles, cancel your participation, or the vehicle still has a lien. Don’t forget to consider them when determining the possible sale price of the vehicle.
3. Everything about your vehicle including mileage matters – Just because your car looks good on the outside doesn’t have to mean it’s a possible hot item. These days, more car buyers are cautious. They bring along a car technician who will perform standard tests on the vehicles. They test-drive cars. They use the Internet to compare prices.
4. You should have great photos – Many auctioneers already start publishing lots online. This way, potential buyers can already browse and start choosing the cars they want to inspect come auction day. Because of this, you need to have excellent photos that showcase the best features of your vehicle. But be warned: don’t attempt to mislead buyers through your images.
5. Sometimes it’s just not a good time – Auctions don’t offer any guarantees that it can sell your vehicle as many factors can affect the decision of the buyers. This means whatever you invested on the vehicle to get it to auction may not be recouped, and it’s a risk you have to think about. The good news is you always have the choice to enter it into another one if you believe the advantages outweigh the disadvantages.