Live car auctions are often the best place for buyers, if everything goes right in their favor. However, they can be dangerous, if not understood well. There a few basic tips that should be followed to get the best out of these car auctions.
Checking your balances
The first thing that should be done prior to visiting a live car auctions is checking your bank account and depositing if necessary, as many auctions would ask for proof of your account balance before allowing you to participate.
Making a prior visit to the auction site
It is always better to visit local auctions before investing on a car, as you learn a lot and minimize errors. The most important from your visit is that you learn about the vehicle auctions process.
Choosing perfect time for making the purchase
An important trick, which can save a lot, is by visiting the live auctions on weekdays. On weekends, used car auctions are frequented by private buyers, who tend to bid higher. Buying during end months like November and December also help you save hefty amount, as dealers generally tend to stay away from market reducing the bid in your favor. With a lot of time in your hand during this period, you should use it to get full information of the car and its condition.
Avoid giving amateur appearance
Always avoid looking like an amateur bidder, as people might take advantage of it and fool you. Instead, you should give an appearance of an experienced campaigner. In these live car auctions, you find many people in seats for bidding, but always avoid it. Stand outside that and have your partner in those seats, allow your partner to bid for you while you give simple signals to partner, while he moves up.
Role of a partner
The best thing about live and online auctions is that you can easily get the car you want to. In the process, you bid till you get it and at times, it becomes silly. Having partners bidding for the same car helps as you can signal them to stop at a certain stage, when it goes beyond your calculated price. The most precious thing in these live car auctions can be your partner.
Do not avoid Buyers Premium
Another important thing that should be noted is buyers’ premium. It is a charge that needs to be paid to many auctioneers. It provides a warranty, which assures that the car is legitimate. It signifies that the car is not stolen or under finance or repaired after major accident. You should never try to avoid, it as it saves cost of a HPI test. After having settled the car, you can simply drive away with it.
Use debit cards
While paying for your car, try to use a debit card or cash, but never use your credit card. It is better to inform your bank about large amount withdrawal to avoid getting calls from your bank.
Think well before buying at live car auctions, as you do not have any guarantee or scope for making complains. So, understand everything well before investing in comparatively cheap cars, which with one mistake might prove to be expensive.