How used car auctions work and where You can find them.

Car auctions sound like scary places, but nowadays, the truth is that they are “public friendly” and more and more people are buying quality cars at very low prices.

How can a used car auction save me so much money?

A car auction is generally full of  repo cars that people have bought from brand new and after a short period of time, they have failed to make the repayments. Once this happens, the finance companies/ banks reposes the cars and to get their money back quickly, they will auction them to the highest bidder at a car auction.

These cars will often sell at much lower prices than retail because all the banks want to do, is get rid of the car quickly before it depreciates and also free up some precious space in the police department so for this reason they are willing to take a much smaller amount than the car is worth.

You can also find excellent bargains at  Police Car Auctions or  Government Car Auctions. These two auctions are often full of cars that have been seized by the police and are sold quickly to produce revenue before the cars depreciate.

The 6 essential things you need to know about a used car auction.

1. Before you even get to your car auction or truck auctions, you will need to bring with you your driving license, any other form of I.D you have and make sure that you have enough cash in your account to buy your car as all purchases at a car auction have to be paid in full.
2. Get to the car auction early. This way, you can check out all the cars and once you have picked out the ones you are interested in, have a look at their retail price in the Kelly Blue book. This will give you a guide price for the cars and make sure that you do not bid too much for the cars. The car auction will usually open 2-3 hours before the auction starts.
3. Each car will have a reserve bid which is a minimum price that the car can be sold for.
4. Register with the auction and you will be given a card with a number on it which you will use to bid with.
5. Do not get into a bidding war! This is the fastest way to lose money. Set yourself a limit and stick to it!
6. Lastly, get the vehicle identification number (VIN) and you can get a free Carfax vehicle history report.

The Number 1 mistake that must be avoided.

If you do not have a good knowledge of car mechanics, there is always a chance of buying a dud car. Once you have made the winning bid and that hammer falls, you legally own that car and there is no turning back because the cars at car auctions come with no warranty.

To overcome this problem, we would always advise taking somebody with you to the car auction that has a good idea about which cars are bargains and which cars you should steer clear of. Some local mechanics will even come with you for a couple of hours in the morning to pick out the best cars for you. You will most likely have to pay for this service, but it could save you $1000s in repair bills.

This advice applies to all car auctions, whether they are police, public, government, truck or Seized Car Auctions and will make sure that you walk away with a bargain.
Good Luck!

 

Sitemap   |   Contact Us   <script type="text/javascript" id="owbutton" src="http://www.onlywire.com/button"></script>