When you really think about it, buying cheap cars is no longer an illusion. It’s now possible to get it at least 50% less its book value—a huge savings for practically anyone.
Further, there are many great places to grab cheap vehicles. Aside from car dealers and private individuals such as your friends, you can also have them by joining an auction.
An auto auction is no different from all the other types of auctions out there. Cars, which are sold according to their lot number, will be up for bidding. As a buyer, you start with your minimum bid and increase it until you become the highest bidder. You pay, process the necessary paperwork, and drive your car home. That’s about it!
Many believe that these auto auctions are the last redemption for very old, clunky cars that are already considered lemon, junk, or salvage, more of these auctions are offering excellent-condition units with less than 5 years in age, good mileage, and sleek interiors and exteriors. These are also sought-after brands such as BMW, Mercedes-Benz, Rolls-Royce, and Hummer.
But before you jump into an auction, know there are two general types. Auctions can be public or private.
Private auctions mean the bidders are limited and selected. These could be dealers who have the licenses to buy cars at an auction. They may also be personally invited by auctioneers. Unless you meet such qualifications, you can never bid in these.
Public auctions are those that are open to everyone as long as you’re qualified to buy and enter into a contract, which means you must be of legal age.
Most of the auctions are public for a variety of reasons:
- They attract the biggest crowds.
- They can draw the most number of sellers.
- They can sell their vehicles fast.
How do you look for these public auctions? The easiest would be to go online.
Many of these auctioneers already have websites up. Some are already online auctions, which means the bidding can already begin at the comforts of your own home. You only go to the office when you’ve won. While this offers convenience, it also has risks, such as not being able to inspect and test drive the vehicle before buying.
But here’s the thing: not all of these websites can be trusted. Some of them may be malicious that can steal your personal info including your credit card details.
To avoid them, just remember: financial transactions are performed outside the confines of the Internet.
However, you may provide financial details such as credit card numbers if you want to access an auction listing.
Auction listings such as those of Gov-auctions.org are some of the best ways to save you time, effort, and even money in looking for public auctions. The list already contains auctions found all around the country. Many of them have direct links to their respective websites or auction information. If you’re planning to join auctions frequently, you can subscribe for a lifetime membership.