Automotive Auctions - What's the buzz about?
There are literally thousands of cars that the government and police confiscate each year. Most of these cars end up for sale in public auctions and get listed by online automotive auctions. Buying your next car at an automotive auction is a great way to save potentially thousands of dollars.
There is opportunity for everyone at these auctions because of the low prices. Many repossessed or confiscated vehicles sell for pennies on the dollar.
Keep in mind that not every car being sold at these automotive auctions is a good deal. You need to arm yourself with the knowledge to identify the really great deals and avoid the lemons. Assume that your competition has done their homework so you need to do yours.
As a winning bidder in a automotive auction, or in any kind of auction for that matter, you should remember that you may be required to pay a buyer's premium on the winning bid price. So beware of all fees ahead of time. You might end spending more than you intend to.
It is common to pay up to 10% of the winning bid for the buyers premium, but it depends on the car and the auction. Make sure you know exactly what all of the associated costs are prior to bidding.
Also...When you go to an automotive auction, it would be wise to bring along your little black book. Know how condition, options and mileage, etc. effect the value of a vehicle. Kelley Blue Book or Edmunds Used Car Prices are great resources for this purpose.
When you need a quick answer about a particular vehicle coming up for bid, use these resources to gain the confidence needed to make sound decisions quickly. They will provide pricing information on makes, models, options and condition.
Bring a bank statement along with your check book because it is often common practice today to show both. Get to the auction early so that you have time to kick the tires and plan your strategy before the bidding begins. Nail your top bid and don't bust it when the frenzy begins. Be patient for that deal of a lifetime. - 21392
There is opportunity for everyone at these auctions because of the low prices. Many repossessed or confiscated vehicles sell for pennies on the dollar.
Keep in mind that not every car being sold at these automotive auctions is a good deal. You need to arm yourself with the knowledge to identify the really great deals and avoid the lemons. Assume that your competition has done their homework so you need to do yours.
As a winning bidder in a automotive auction, or in any kind of auction for that matter, you should remember that you may be required to pay a buyer's premium on the winning bid price. So beware of all fees ahead of time. You might end spending more than you intend to.
It is common to pay up to 10% of the winning bid for the buyers premium, but it depends on the car and the auction. Make sure you know exactly what all of the associated costs are prior to bidding.
Also...When you go to an automotive auction, it would be wise to bring along your little black book. Know how condition, options and mileage, etc. effect the value of a vehicle. Kelley Blue Book or Edmunds Used Car Prices are great resources for this purpose.
When you need a quick answer about a particular vehicle coming up for bid, use these resources to gain the confidence needed to make sound decisions quickly. They will provide pricing information on makes, models, options and condition.
Bring a bank statement along with your check book because it is often common practice today to show both. Get to the auction early so that you have time to kick the tires and plan your strategy before the bidding begins. Nail your top bid and don't bust it when the frenzy begins. Be patient for that deal of a lifetime. - 21392
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Looking to find the best deals at Automotive Auctions, then visit thsi auction review site to find the best advice on Automotive Auctions before the bidding begins.
posted by X - Men @ 5:44 AM
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