What To Expect At Your First Used Car Auction
You decided to save some money when buying a used car and you are about to go to your first car auction. You are feeling the excitement and anticipating finding your perfect car. There are so thousands of cars to choose from and you start feeling overwhelmed. Do you really know what to expect from used car auctions? Are you aware of the legalities that you must abide by at used car auctions? Most people get in way over there heads at car auctions. If this is your first used car auction, you better do your homework.
Here are a couple of things you should know ahead of time. First, before you go to a public, police or government car auction make sure you have enough funds in your checking account. Please check with individual auctions as some do not accept private checks. All cars purchased at used car auctions must be paid in full. You will also need to have your drivers’ license and some other form of ID to bid on and purchase a used vehicle at the auction. This is also needed to do the title work and Department of Motor Vehicles registration.
Try to get to the auction early to check out the cars that you are interested in. Then, if you can, go to KBB.com and check the wholesale value of the motor vehicle that you are interested in. This way you would have a good idea of how much you should pay when you start bidding on the vehicle. At a car auction, many vehicles have a reserve price. This means that the vehicle has a minimum price it can be bought at. If it is too much, don’t bid on it. Make sure when you do bid that you do not get into a bidding war. Never bid more than you can afford. If a bidding battle begins, just walk away. In a car auction, it is every man or woman for themselves.
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Very important, before you even bid on a car or truck that you like to check the Carfax or Auto Check online to see if the vehicle was in an accident. Many cars or trucks at used car auctions may have been previously damaged. A good example of this is in New Orleans, Louisiana and Florida where many cars are damaged by flooding during a hurricane. These vehicles are usually sent to car auctions and the buyers have no idea about the flood damage. Also you may wish to take a mechanic with you to the car auction. A mechanic is a good idea at a public, private or police auction simply because they can see where someone may have tried to conceal any previous damage that the particular vehicle may have incurred.
Remember, at all auto auctions vehicles are sold “as is” and in addition they do not have a warranty. Keep all of these suggestions in mind to protect yourself from a bad investment. You should be able to go to a car auction and get a great deal on a car and cut your costs. With the right frame of mind and the tips listed above, this is can be easily accomplished.
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