A public auto auction is a great way to purchase a car at a deep discount. Anything from older, junk fixer uppers to great newer cars even to expensive luxury models can be found. Many people purchase vehicles this way either for themselves or to sell at a profit.
A little information can make an auction an even better experience. One possible problem is that the purchase might not be a good one. Every car at an auction isn't a hidden gem.
Cars sold at such auctions are generally sold according to used car laws which tend to make it an "as is" sale. Remember the old Sesame Street skit in which a man looks over a car with "as is" in the window. He makes a cursory look at the car, but every question is met with "the car is as is" from the salesman. Finally the man agrees to buy the car, pays for it, but when he opens the door to get into the car it falls to pieces. He exclaims "I want the car as was!" Don't be like that man.
Reputable auto auctions give buyers ample opportunities to check out the cars before bidding or purchase. Avoid the auctions that don't. Spend time at the facility before the auction begins. Look around and test drive the cars of interest. Always have on site car knowledge, meaning bring a mechanic who knows about cars if you don't. If that isn't possible, at least drive the car for an inspection during the test drive.
Decent inspections take only a few minutes to check the important elements of the car including the motor, belts, brakes, and the like. Anyone with a decent eye can check the body, interior and other physical elements for wear and tear.
Auctions also come with a built in problem. Auctions can be a great deal, but the price could also be more than common retail. Like other types of auctions, auto auctions can be the same way. Bidding might rise beyond the real value of the car. There are also fees to pay, so pay close attention.
Know the prices of similar models in similar conditions from Kelly Blue Book or other sales data. Phones with Internet access can bring this info to your fingertips while attending. Even for the car of your dreams, don't bid more than its value.
It's not hard to find bargains at auctions. But keep your eyes and ears open. There's a sucker born every minute. Don't be the minute man at an auto auction. - 16928
A little information can make an auction an even better experience. One possible problem is that the purchase might not be a good one. Every car at an auction isn't a hidden gem.
Cars sold at such auctions are generally sold according to used car laws which tend to make it an "as is" sale. Remember the old Sesame Street skit in which a man looks over a car with "as is" in the window. He makes a cursory look at the car, but every question is met with "the car is as is" from the salesman. Finally the man agrees to buy the car, pays for it, but when he opens the door to get into the car it falls to pieces. He exclaims "I want the car as was!" Don't be like that man.
Reputable auto auctions give buyers ample opportunities to check out the cars before bidding or purchase. Avoid the auctions that don't. Spend time at the facility before the auction begins. Look around and test drive the cars of interest. Always have on site car knowledge, meaning bring a mechanic who knows about cars if you don't. If that isn't possible, at least drive the car for an inspection during the test drive.
Decent inspections take only a few minutes to check the important elements of the car including the motor, belts, brakes, and the like. Anyone with a decent eye can check the body, interior and other physical elements for wear and tear.
Auctions also come with a built in problem. Auctions can be a great deal, but the price could also be more than common retail. Like other types of auctions, auto auctions can be the same way. Bidding might rise beyond the real value of the car. There are also fees to pay, so pay close attention.
Know the prices of similar models in similar conditions from Kelly Blue Book or other sales data. Phones with Internet access can bring this info to your fingertips while attending. Even for the car of your dreams, don't bid more than its value.
It's not hard to find bargains at auctions. But keep your eyes and ears open. There's a sucker born every minute. Don't be the minute man at an auto auction. - 16928
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