With the car market in such disarray, many people are opting for the auction scene for their next car. Used cars and new cars are almost the same price if you get them off the lot, but a car auction still has amazing deals every day. The reason these deals are so tasty is that, unlike car dealerships, auto auctions don’t have to worry about inspections and safety regulations. This means you need to be a little familiar with cars before you dip your toe into the auction waters. However, with a little know-how and some proper preparations, you can drive away in your dream car for a fraction of what you would normally pay.
Be able to comfortably Bid at any Car Auction.
Set Your Budget
You picked the auction to save some money, so it is very important that you don’t spend more than you can afford. The most important thing to note is that the final bidding price is not the number you will pay. You’re going to have to shell out a few more bucks for some crucial things, so make sure you keep that in your budget.
Like we said, auction cars don’t have to worry about a five-hundred point inspection. That means there may be some repair costs that you will need to include in your budget. This is why so many mechanics frequent car auctions; they can fix a broken-down car and resell it for twice the price they paid for it. Another thing to budget for is shipping costs. With online auctions, the chances are that the car you just won will not be in your backyard. You may be close enough to drive down and drive it yourself, but more than likely, you will need to set up some shipping options. You can call to get a quote from some shipping companies before you buy, so you know how much it will cost to get it home. Car Transport Chicago will give you instant quotes that include insurance because, more than likely, you won’t have insurance on your new car just yet. The last thing to budget for is the auction fees. Those depend on the auction house you choose to bid from, so check the terms and conditions before you bid.
Know What You’re looking For
Now that you’ve got your budget, you can start looking at inventory. It’s a good idea to know what make and model you want. However, the biggest option you will have is between used and salvaged. Salvaged vehicles may not run, but with a little TLC, you can find some amazing deals. We’re talking Ferraris for only a couple grand. If you have the space, time, and know-how, buying salvaged could get you an amazing deal. If you’re not so comfortable with repairs, look for used cars. Don’t overlook the mileage on these cars and make sure you know everything that may be wrong with them. A simple Carfax report before you bid can save you time and money.
You found the perfect car. It’s low mileage, the Carfax report shows only minor issues, and your best friend offered to help with any repairs. It’s time to start bidding. Don’t get caught up in the fun of a bidding auction. This is serious, and bidding can quickly get out of hand. Know your max bid and be prepared to walk away if the bidding gets too high. Develop a strategy with your bids. How much do you want to increase the bid? Do you want to try to swoop in at the end with a hero bid? Find your best strategy that works for you. A clever idea is to never bid numbers that end in 0 or 5. These round numbers are what most people bid. If someone else is competing against you with a max budget of $2000 and you bid $2007, they may think your bid is way too high for them. They’ll hesitate, and you’ll win the bid.
Congratulations, you just got a great deal. Don’t forget to sign and file any necessary paperwork. The auction house will also make sure you have the means to ship or pick up your new car. That auto shipping quote you found earlier will help with this process, and you’ll look like a pro.