What’s all the talk about Automotive Auctions?
Government and Police agencies and even banks and investment houses repossess and confiscate thousands of vehicles each year. The majority of these vehicles end up at public auction where anyone can bid on them. Buying from an automotive auction can be a great way to save money and at the same time be a fun experience.
People who might otherwise be unable to afford a car can purchase a good used vehicle from one of these automotive auctions. It is not uncommon to buy a car in great condition with low mileage for 80% or more off the retail value of the vehicle.
But one must always remember that at seized automotive auctions, it is basically every man for himself. It is therefore important to arm yourself with the knowledge and skills necessary to identify a good deal when you see one and to avoid those cars that have not been well maintained.
In addition, be sure of the final price you will be paying when bidding on a vehicle. There are often buyer’ premiums and other sometimes hidden fees that you may be paying as the winning bidder. You don’t want to be sticker-shocked so do your due diligence ahead of time by understanding the rules of the game. Different auctions sometimes have different rules.
It is common to pay up to 10% of the winning bid for the buyers premium, but it depends on the car and the auction. Make sure you know exactly what all of the associated costs are prior to bidding.
Do your homework ahead of time and know how such things as mileage, vehicle options and condition affect price. Use one of the many online or printed resources such as Kelley Blue Book or Edmunds to help you determine these numbers.
These resources are invaluable at automotive auctions when you need a quick answer regarding a particular vehicle. These books normally contain vehicle makes, models, options, and the price of the vehicle if it is in poor, fair or good or excellent condition. This will give you the confidence you need to make an intelligent bid.
Bring a bank statement along with your check book because it is often common practice today to show both. Get to the auction early so that you have time to kick the tires and plan your strategy before the bidding begins. Nail your top bid and don’t bust it when the frenzy begins. Be patient for that deal of a lifetime.
Looking to find the best deals at Automotive Auctions, then visit thsi auction review site to find the best advice on Automotive Auctions before the bidding begins.
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