Chicago car auctions are similar to auto auctions held in other large cities all across the United States. For an informed buyer, a car auction can end up saving lots of money. This is because the going rate for vehicles in Chicago car auctions is generally equal to just fifty to sixty per cent of the market value of a vehicle. In fact, the initial bid amount for some vehicles is as low as just ten per cent of a car’s market value. A large number of people are turning towards auto auctions when they want to purchase used cars, and this is actually a much better idea than going to a used car dealer or buying independently from a private party. If you also want to participate in a Chicago car auction but do not know much about them, then given below are auction basics that will help you get a better idea about car auctions in Chicago and other parts of the country.
Who holds these auctions? There are many different organizations that hold auctions. Chicago car auctions are held by some known local auction houses or companies, but the people behind the auction are different for different types of auctions. Private owners, dealers, government and financial institutions and law enforcement agencies all hold car auctions at regular intervals. The best car auctions are the ones that are held by government and law enforcement agencies since there are no chances of a customer being cheated at such auctions. You also manage to get the best prices at government and police auctions.
When and where are these auctions held? Chicago car auctions are generally advertised in local newspapers and television channels. However, these ads are not very noticeable and you might miss out on them among the clutter that dominates ad space nowadays. If you cannot find out the date, time and venue of local car auctions from the local press, then the internet is a great method of finding this out. A large number of auction sites will provide you with all the required information about car auctions about to be held in your city or town.
Who can participate? In order to take part and bid in a Chicago car auction, you really do not need to have much. All one needs is to be above eighteen years of age and possess a valid driver’s license. Having a little experience about how auctions are held will help you greatly when you actually go to buy at one, so try to attend some car auctions before actually bidding at one.
What you need to know? Auction vehicles all over the country and not just in Chicago are sold on an “as is” basis. This means that if your car turns out to be a lemon, you actually can’t do much about it except take it to another auction and put it up for sale. In order to avoid landing with a bad deal, physically check the vehicle thoroughly before bidding on it. Getting a mechanic to do it is also a good idea. Check the vehicle’s VIN history and title details before bidding and also get an exact idea about the actual market price of the vehicle that you are planning to bid for. Being armed with all this information, your chances of getting a bad deal are almost nil and you can easily come out tops at a Chicago car auction.