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Tips for Success When Buying Your Vehicle at Auction
Admin • Sep 05, 2017
Buying a vehicle at auction is an excellent way to save some money on a reliable ride. Following are a few tips and tricks you can use to help make sure that your auction bidding experience is successful.
Know the Value Beforehand
When you get the list of vehicles that will be sold at the auction you're planning to attend, take the time to learn about the blue book and market values for the vehicles you're thinking about buying. By understanding the value of the vehicles you may bid on, you'll be able to confidently gauge how much your opening bid should be and the maximum amount you're willing to bid for each one.
Knowing the value of prospective vehicles you like beforehand will also help ensure that you get a good deal on your new ride. You'll know exactly how much a vehicle is actually worth when you start the bidding process.
Understand the Guarantees
It's also important to make sure that you understand any guarantees that come with the vehicles that you purchase. Depending on the type of auction you attend and the kinds of vehicles you're interested in buying, you may be able to purchase a warranty for some parts and labor if something goes wrong in the future.
Some vehicles may come with a guarantee on transmissions and engines for the first month after purchase. Alternatively, you may find that none of the vehicles come with any guarantees at all.
Whatever the case, you should have a clear understanding of what kind of guarantee or warranty comes with the vehicles you want to bid on so there aren't any unwanted surprises or confusing situations to deal with after winning a car at auction.
Bring an Expert Along With You
Bringing along a trusted mechanic friend or an automotive expert to auction will help ensure that you don't end up purchasing a poorly performing vehicle. Most auctions allow people to show up early and inspect the vehicles that are being sold. If you arrive early, your expert should have time to start the engine, look under the hood, inspect the tires and provide you with a report for all the vehicles you're considering buying.
You'll know what's wrong with each prospective car, if anything, and be able to determine which vehicles are worth making a bid on. A car you really like may have a few things wrong with it, but your automotive expert may give you a low enough repair estimate to warrant making a bid on it. On the other hand, your favorite vehicle might need so many repairs that making even a low bid wouldn't be worth the effort.
Pay for an Inspection
If the auction you are attending sells inspections on the day of bidding, it's a good idea to pay for an inspection. The inspection will be done on any vehicle you win at auction and can be used to negotiate different purchasing terms if necessary. For instance, if the inspection reveals that the vehicle you bought has a broken engine block, you may be able to get the price lowered or cancel the sale altogether.
Prepare for Repairs
Because you'll be buying a used vehicle at auction, consider putting a little money aside for repairs just in case the need arises. If something goes wrong during the first couple months of ownership, you'll already have the money handy to get the problem taken care of.
You can factor that repair money into your overall purchase price to ensure that you stay within budget. If your budget is $1,000, put $200 away for repairs and make a maximum bid of $800 on the vehicle you want to purchase.
Contact us to learn more about the vehicles and motorcycles we'll be selling at auction in the future.
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