All About Car Auctions

A popular way to buy and sell cars is at car auctions. Other methods like local trading houses and the garage are still favourable options but car auctions are replacing those because it is a known fact that cars which sell at car auctions sell cars far cheaper. The general public is always out for a bargain and thus the popularity of used car auctions.

Experts agree on one thing and that is that a good car auction dealer will lay things out on the table. This means that they will be truthful about the car up for sale and give you both the good and bad points of the car. You do not want to end up with a lousy car which ends up in the car dump.

There are several stages in auctions for cars. So, what goes on in auctions for cars? Let’s have a closer look:

First Gear

The preview period is the most important component before actual car auction. This is normally held a week, or a few days before the auction. This is a great opportunity to view the car and ask the car dealer as many questions as you have in mind. If you have a mechanic friend or someone who has sound knowledge about cars, it is a good idea to bring them along. They may give a unique perspective and check the car for faults etc. First time bidders are encouraged to visit and see and hear first hand what questions people ask and what checks are made.

A key things to do during the preview is to visually inspect the car. The test drive comes later if the dealer allows for that. One should be wary about the number of miles driven and the year of the car and just the overall condition of the car. Request for a test drive if possible. There is nothing wrong in asking a dozen questions as at the end of the day, you want to ensure you are bidding for the right car with minimum to no damage to the car.

At this time, it will be wise to ask about the payment options so that you can make arrangements and be ready for the big day.

Car Auction

First time bidders are requested to go earlier.Try to be early to avoid panicking and with the extra time you have, have a look at the car again to make sure you did not miss anything out the last time. As no commitment has been made yet, it is perfectly okay to ask a few more questions.

All bidders are required to register. A bidding number is given and that number is held up during the bidding process should one wish to bid. It is a good idea for the first time bidder to make sure they understand exactly how to bid to avoid confusion during the bidding process.

The actual car auction days is full of fun and excitement. Some dealers pirn out little booklets or brochures and there is important car information listed such model, make, registrations etc. On this day, the right bidder , bidding the right price has a chance to drive away at bargain price.

There are cases where people get over excited and overbid. Remember to spend within your means and most importantly not to pay over the valuation of the car!! Many car dealers are at these auctions and they buy a car at auction and may resell at another auction to make profit so it is important to remember when bidding that you may be bidding with professionals too.

Some people forget the main reason for going to a used car auction is so that they can get a good deal and not get so caught up in the bidding war that they end up paying more than what the car is worth!! It would be a pity because then they would have been better off with a brand new car.

Pay and Drive

Upon completion of the payment formalities, most car auctions allow for the buyer to drive the car back on that day itself. Others may release the car once the payment clears in a day or two. Cheques are rarely accepted these days and so people tend to pay on credit card or bring cash.

With traditional car auctions around, the popularity of online auto auctions is also creeping up slowly. Similary principals of bidding apply except that this is all done from the comforts of ones home. The other thing is that you only view the car from a few pictures on the Internet and see the actual car on the day of the auction. Online auto auction is going to be the next big thing.

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