Public car auctions in NY provide an excellent opportunity to find cheap luxury cars. Over the past several years, public car auctions have been emphasized and highlighted for people who are simply looking for an affordable used vehicle. While they are still an excellent resource for this purpose, public car auctions in NY should also be considered an ideal opportunity for people looking to find cheap luxury cars as well.
Why Are There Cheap Luxury Cars at NY Public Car Auctions?
There are several factors which will determine whether or not a public car auction will be a good source of cheap luxury cars. One of the biggest factors is where the cars up for auction actually come from. Repossession auctions and government seizures tend to provide a larger percentage of luxury cars on the listing they and other types of public auctions. Another factor is how much of a demand for luxury cars there is. At most public auctions, the majority of the bidders are looking for cheap, reliable vehicles. As a result, they ignore the luxury listings which mean less competition for people solely targeting cheap luxury cars. Any time there is a small amount of competing bidders, the average price of a vehicle significantly decreases.
Examples of Cheap Luxury Cars Recently Sold at NY Public Car Auctions
2009 Mercedes Benz SL63
This 2009 Mercedes Benz was recently sold at a NY public auction for just under $35,000. It had only 12,594 miles and a 6.2L V-8 engine. What made this car a special prize was that it was an IWC edition. In 2009, only 200 were produced and the average market value of this car in the New York area is $128,625. This means the winning bidder paid less than 70% off of the market value.
2007 Lexus IS250
At a recent NY auction, this blue 2007 Lexus was sold for less than $10,000 even though the average market value is over $16,000. It had only 44,424 miles, was all wheel drive, and featured a 2.5L V-6 engine.
2012 Chrysler 300 Limited
This 2012 Chrysler 300 Limited has an average market value of $33,965 and was sold to the winning bidder for only $11,125. It did have minor dents and scratches from the repossession, but had only 10,178 miles and a 3.6L V-6 engine. The winning bidder paid more than 60% less than they would have at a local used luxury car dealership.
2006 BMW 550I
Another great example of cheap luxury cars found at NY public auctions is this 2006 BMW 550I. This 4.8L V-8 BMW had just over 120,000 miles, but was still valued at nearly $28,000. The winning bidder paid only $8,775.
3 Tips for Finding the Best Cheap Luxury Cars at Public Auctions in NY
The key to finding the best cheap luxury cars at public auctions in New York is by following a simple list of best practices. It is easy to become overwhelmed with the amount of information available, which is why it is always ideal to start with a solid foundation which can be used to build an effective bidding strategy.
1. Check Out the Competition
One thing most people forget to do, especially if they are newer to public auctions, is forgetting to evaluate their competition. If there are multiple luxury cars available, pay special attention to the first few which are on the auction block. This is the easiest way to spot who your likely competition is. In general, the cheapest luxury cars are either at the beginning or late-middle part of the auction.
At the very beginning of the auction, many people are a little more timid when they bid because they don’t want to overpay in the beginning since there could be a better deal later on. If you find yourself in the situation, don’t hesitate to lock in a great deal on a cheap luxury car early. Towards the late-middle portion of the auction, the initial bidding frenzy will die down and the final surge of bids is yet to come. In most cases, the very end of an auction will see higher prices because your competition doesn’t want to leave the auction without making a purchase. As a result, they will pay more than they should simply to bring home a vehicle. Make sure that you have already bought your car before this happens.
2. Overlook Scratches and Dents
Another common mistake is immediately dismissing cheap luxury cars which have scratches or dents. Most people assume that anybody damage is a reflection of larger, hidden issues. Keep in mind that many of the luxury cars which find their way into public auctions have been repossessed. During the repossession auction, it is not uncommon for small scratches and dents to be caused while the vehicle is being towed. Once you purchase the vehicle, you can either pay to have the scratches repaired or simply drive the car as is. Either way, you will walk away from the auction with a new, cheap luxury car.
3. Find an Easy to Way to Stay Organized
The most important tip is finding a way to stay organized. There are a lot of complicated methods which are currently used to keep multiple auction listings organized. While using Excel spreadsheets or handwritten notes may seem like a great idea, it is extremely easy for all of this information to become disjointed. By using an online auto auction website, you will not only have a central location to store all of your information but it will also be automatically updated for you. This ensures you will constantly have access to all of the information you need, without worrying about having to updating the information yourself.
While using public car auctions in NY to bring home cheap luxury cars isn’t a guaranteed one and done process, it shouldn’t take more than a few auctions to find a great deal on a car you will be happy with for years to come. If you are prepared before the auction begins, you will significantly increase your chances of finding the perfect luxury car at a steep discount during your first auction. The less prepared you are, the more difficult landing a great deal becomes.