Getting a Deal at an Auto Auction
A public auto auction is a great way to purchase a car at a deep discount. Not only can great deals on used cars be found there, but also some incredible higher end cars too.. A lot of people buy these vehicles either to drive themselves or to mark up for future sale. But unless you keep some things in mind the auction can turn into a nightmare.
Some of what can go wrong includes buying a bad car. There are lemons at auctions too. The rule of the auction jungle is “as is”. Even children have been taught about “as is” through a television cartoon showing a guy buying a used car. He makes a cursory look at the car, but every question is met with “the car is as is” from the salesman. After the sale is final the buyer tries to drive the car, but the doors fall off and the engine explodes. The unfortunate buyer shouts “I want the car as was!” Nobody wants to become that guy.
Reputable auto auctions give buyers ample opportunities to check out the cars before bidding or purchase. Avoid the auctions that don’t. Arrive early. Test drive the cars you like. Always have on site car knowledge, meaning bring a mechanic who knows about cars if you don’t. If not, then during the test drive bring the car to a mechanic for inspection. It doesn’t take long to check key components like the engine and breaks. Look for other issues such as dings or dents or rust .
The very nature of auctions leads to another common issue. Auctions can be a great deal, but the price could also be more than common retail. That holds true for auto auctions too. The car’s value can be quickly eclipsed by excited bidding. Be very careful because fees will be added to the final bid price. Be armed with Kelly Blue Book values as well as real sales examples of similar models and years. With Internet enabled phones and the like it’s now easy to look up this information while on site. Even for the car of your dreams, don’t bid more than its value.
It’s not hard to find bargains at auctions. Don’t go in blind, however. An auto auction follows the rule of thumb of every sale, buyer beware.
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