Introduction to Car Auctions
You can save a fortune by buying your next car at auction.
But first a few do's and dont's to avoid buying a lemon.
Before taking part in a car auction get all the information you can about the car you are planning to bid on.
If you are not a car expert, take a friend who is.
Before the auction - do a background check on the car.
This can be done through Carfax.com, an internet site that should be able to give you the history of the vehicle.
Check that the Vehicle Identification Number matches the car being auctioned.
You will now know where the car came from,
be aware of any accidents or damages,
and other important things about the car.
You can now decide if you you want the car.
You need to have some idea of the prices at auction for the desired vehicles.
Get the Kelley Bluebook and NADA (National Automobile Dealers Association) Guide.
With these guides, you will know the sort of price to pay and can set your maximum bid.
Read the auctions 'conditions of sale' - your rights when buying at auction are much less than if you buy from your local dealer
With most auctions, the cars are sold 'as is', ie without a guarantee and without warranty.
So if your bid wins the car becomes your property and also your responsibility.
It is yours 'as is' ie you get whatever it has, no more, no less.
Also, any extras offered by the seller MUST be well documented
in writing as this is the only binding contract you will have.
Car auctions also are held online.
Due to the higher item prices there are also bigger chances of fraud and scams online.
Do some research about the auction site you are considering before joining the bidding.
Check their terms and conditions even more carefully. Where is the auction company located?
Where is the seller located? Where is the car located?
You may also want to sell your car at auction.
If you are only selling one car, it is probably best to have it sold by retail sources or personally
than have it auctioned.
Before you can have a car auctioned, there are several overhead costs to consider.
First is the cost of transporting the car to the auction house,
then back should you end up not selling the car.
Brokerage fees will be charged by the organizers of the event.
You should be able to save a reasonable amount of money
If you do the reasearch before buying your car at auction.
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