Car auctions often offer some great deals and bargains on cars. If you are looking for second hand vehicles in great working condition, Chicago car auctions offer you what you want. Chicago car auctions are the best place to buy a good second hand car which will continue to work like a brand new car. The cars that are auctioned in Chicago car auctions are all in good working condition and with the necessary documents. So you can rest assured that your deal is bound by the legal laws governing the state.
Types of auctions
Car or auto auctions are commonly grouped as private and governmental auctions. Private auctions are those that are held by mortgaging agencies and banks. These agencies use auto auctions as a medium to sell the seized or the repossessed cars. Cars that have been seized fro clients who have failed to repay the loans or debts are sold in such auctions. Local car auctions feature many private car auctions too. In a private car auction, the main motive of the private institution is to make money. So sometimes, the rates may not be that attractive.
Points to be wary of when purchasing cars from private auctions
There is always a chance of tampering in private auctions. Sometimes, the owner may have tampered with the odometer. All the necessary legal documents may not be provided. Certain spare parts may be missing. In order to assess the condition of the vehicle which you are bidding on and eventually plan to purchase, have a trusted mechanic inspect the vehicle before you sign on the dotted line. He will know best regarding the condition of the vehicle. Also check for the market price of the vehicle and decide your bidding amount.
Advantages of police auctions
Te motive behind police auctions is to rid the stock of seized cars. Since money is not the motive behind police auctions, one often ends up making a great breakthrough with car prices at these auctions. There is no fear of tampered or missing vehicle parts. The car is sold in the same condition as it was when it was seized. Police auctions too feature in Chicago car auctions.
Frequency and awareness of auto auctions
Local car auctions are held often and thanks to a medium like the internet, word spreads fast. Unlike the older times when such auctions were totally unheard of by the common people, dealers made a good buy and re sold tem to earn large profits. Now you would register at any of the online auctions and buy your dream car. Whether it is a government auction or a private auction, the rates are lower than what you would get if you went to a dealer.
Remember to start bidding from a rate which is approximately sixty to seventy percent of the final price that you intend to pay. This increases your success rates in car auctions. Have a mechanic accompany you and check for all the legal documents. Most importantly, enjoy these auctions and drive your dream vehicle home.