Car auctions have become quite popular as a method of acquiring good used cars at very cheap rates. Most people who buy at car auctions generally manage to get a good deal at car auctions. However, there are always a certain percentage of people who end up with cars that turn out to be bad deals. The main difference between people who get good deals and bad deals at auctions lies in the amount of information that they have. Our proven recommendations for buying cars at car auctions will help to ensure that the car you buy at an auction turns out to be worth your precious time, energy and money.
· The first thing to do if you want to get a decent deal at an auction is to locate a decent auction. While there are many different types of auctions, the best ones as far as prices are concerned are government or police auctions. The main motive behind these auctions is not to make as much profit as possible and therefore, you end up finding the best vehicles at the best prices possible in these auctions.
· Once you have located some good auctions in your area, the next thing to do is to start doing your research. Almost all auction conductors let potential buyers inspect vehicles for sale a day or two before the actual auction is held at auction previews. Attending a preview is extremely important since this is the time when you actually get to examine the cars on sale up close and personal. Most auctions will let you start but not test drive the vehicle during the preview. Check out the cars you are interested in extremely carefully. It is a good idea to take along a mechanic who will give you the correct picture about the actual state of the vehicle and its real value to the preview, since this might end up saving you a lot of money in the long run.
· While physical inspection at a preview is extremely important, it is not the be-all and end-all. You should never bid on a vehicle until and unless you have run a VIN history report. There are a number of online services that will provide you with the complete history of a vehicle based on its vehicle identification number—this will include accident history and any title or legal issues. Note down the VINs of all the vehicles you are interested in during the preview so that you can check their histories once you come back home.
· Based on all the information that you have gathered about a car from the physical inspection and the history, try to get an idea about its actual market price. Some publications like the Kelley Blue Book or the NADA guide, which are available in some states, provide you with approximate prices of used cars. If you cannot lay your hands on any such books, then you can check out your local dealerships and the internet to get a general idea of the price of a particular car.
· After all your research is complete, set a maximum bid amount for each car that you plan to bid on. Take care not to exceed this amount while bidding and never be the first person to bid. Keep these two things in mind and you should be able to get a deal that provides value for money.