Car auctions are similar to competitions where the best man wins since the highest bidder ends up taking his or her preferred car home at an auction. However, unlike a competition, the highest bidder need not be the winner in a car auction because the most informed bidder is the winner when it comes to an auction. Car auctions are tricky but you can actually get great deals on used cars by following our advice on how to buy cars at car auctions.
Get the Feel: Before you actually attend an auction to buy a car, it is a good idea to go to a couple of auctions just to understand the process of bidding and to get a feel of how car auctions work. While this might sound like a waste of time, it can prove to be extremely helpful when you actually bid for your car. Remember that the majority of bidders at car auctions are used car dealers who are extremely experienced at bidding in such auctions. It is a good idea to see how these people operate before taking on them in an auction.
Choose Carefully: Select the auction that you want to bid on carefully. Remember that government auctions are better than private auctions since they are generally more honest and you end up with better deals price wise at these auctions. Another thing that you have to keep in mind while selecting an auction is whether a preview is allowed or not. Most auctions let buyers inspect the vehicles a day or two before the date of the actual auction. Bidding on a vehicle without actually checking it out thoroughly is not a good idea at all, especially if you are not a car expert.
Buyer Beware: No matter who the auctioning agency is, cars sold at auctions are always sold on an as is basis, with no warranty whatsoever. On the other hand, you are also not allowed to test drive a vehicle. So it is extremely important that you get the car checked out physically during the preview by an expert or a mechanic and run a vehicle history check by getting the car’s vehicle identification number. Make sure that you also check that all the parts carry the same VIN and stay away from cars that do not confirm to this rule. Do not even think of bidding on a car without running a VIN check on it or without getting it inspected.
Never Get Carried Away: It is easy to get carried away and go on bidding higher and higher when caught up in bidding frenzy. But this is what generally leads to people paying up more than a vehicle’s actual value at an auction. Always set a maximum bid amount based on the condition of the car that you are bidding on and your own personal budget and never exceed this while bidding. Car auctions are held very frequently nowadays and you might be able to land a better deal at another one instead of paying more than a car’s actual market value just because you fancy it a lot.