Almost every year, millions of cars have been sold in a live auto auction. The live auto auction is just another venue of making a profitable business. Half of the buyers cannot afford brand-new cars. In order to find cheaper ones, these buyers go to auction sites to get their dreamed hot wheels.
The things that a buyer usually considers to pay for the price of a car are mileage and condition. Lesser mileage means lesser wear and tear which is the main factor of consideration. Higher mileage always prompt a high cost of maintenance ahead. Aside from that, the face value is also worth to be considered. A little scratch can cost some dollars to the price. One of the things that a buyer is looking into a car is its seat furnishings. While some traders are clever enough to get the furnishing before trading in cars, this must always be avoided and intactness of the car must always be checked. However, having a good inventory of items before letting the trader turn over the car can be a good measure.
The sellers have to profile their potential buyers before letting them join any auto auction. Buyers must be known of what kind of driving they do whether city driving or rough driving. For dwellers in the wooden lands or those who are wild enough for an adventure, rough roads will always be their main route. Hammer type vehicles are what this kind of buyers are looking for. Giving them a sedan would be like throwing away their cash in the trash can. For city driving, a buyer might consider a smaller and a fuel efficient car. Considering the traffic jam in the city, going for an SUV is not a practical thing. For suburban dwellers, SUV is the choice. Speeding up in the high way lanes would give them more time to spend in their individual homes. Different kinds of buyer have different taste for their cars.
Sellers have also to look after the paying capacity of their buyers. If the buyer is considering financing, it must always be ensured that the financial burden will not be more than 30% of the buyer’s take home pay. Otherwise, the financing would reconsider the price and even negotiate for a lower one. It is also important to look at the buyers character. Fraud makers can be a potential threat in to the business. While there is no way of getting a 100% fraud free buyers, extra precaution will always drive them away.
It is important to look into the consideration of the seller and the buyer. If both of them wins, the industry will always live up to its promise of bringing good cars from the rich to the lesser fortunate individuals.