A car auction is one of the best places for people who dream of driving posh cars but don’t carry the required bank balance, youngsters who have just earned their driving license and for everyone else who wants to buy a used car for less. If you are visiting a car auction for the first time then get ready to experience an exciting affair. It will do you good to remember that car auctions are highly competitive, and doing your homework well is necessary for getting a good bargain.
Decide on a budget: Before going to a car auction, estimate of the amount you intend to spend and ensure that the required money is available in your bank account because an auction purchase must be paid for in full. Be very particular about sticking to this amount and do not exceed it under any circumstances.
Prepare yourself: Collect information about the car auction beforehand as this would help you in planning accordingly. Ask around for any previews and mock auctions and make it a point to attend them. If you can, then have a word with an auction representative and enquire about the procedure of payment and documentation you need to take along so that you are not caught unawares at the eleventh hour.
Be an early bird: · Not everybody would realize the importance of reaching the auction site early, but you can cash in on this because by doing so, you would be able to examine the cars on offer and take your pick.
· Once you have set your eyes on a car that suits your requirements then have a quick look at the overall health of the car for any visible damages or worn out parts. Check the exterior of the car for any rust, paint bubbles which are an indication of future rusting, welding marks, unmatched paint and alignment of body panels.
· The ticket on the windshield of the car is a valuable source of information, for it carries the seller’s name, model of the vehicle, mileage and VIN number. Check it carefully and note down the details. This information will help you in getting vehicle history and evaluating the true condition of the vehicle. First time bidders should take along a mechanic who can inspect the cars you are interested in and give you their true picture.
Making calculations: If you observe any repairs that will have to be undertaken in the future, then add their cost to the purchase price of the car. Take the buyer’s premium in account and calculate your bidding limit accordingly. The buyer’s premium varies from auction to auction, so you need to check this out before finalizing your bid.
Know when to bid:
· When you see the car of your choice going for auction, get ready with your calculations and choose a spot for yourself from where can be clearly seen by the auctioneer but at the same time are not openly in front of everybody.
· There is no point of being a part of the bidding war and making a purchase that leaves a big hole in your pocket. The prior you have done should get you in the driver’s seat of the car of dreams and that too, for an enviable price.