Getting a Deal at an Auto Auction
Looking for a great deal on a car? Try a public auto auction. Anything from older, junk fixer uppers to great newer cars even to expensive luxury models can be found. A lot of people buy these vehicles either to drive themselves or to mark up for future sale. This pleasant experience, however, can quickly turn sour if you don’t know a few things.
Maybe the car isn’t as wonderful as it seemed. Every car at an auction isn’t a hidden gem. Cars sold at such auctions are generally sold according to used car laws which tend to make it an “as is” sale. Remember the old Sesame Street skit in which a man looks over a car with “as is” in the window. As he inspects the car he asks a lot of questions to which the salesman always responds “as is”. Once the sale is made and the man tries to enter the car, it shakes itself apart. ”I want the car as was!” screams the angry driver. Don’t let that happen to you.
Auto auctions generally give potential buyers time to look over the cars. Avoid the auctions that don’t. Spend time at the facility before the auction begins. Inspect and take a spin in the interesting autos. Always have on site car knowledge, meaning bring a mechanic who knows about cars if you don’t. If not, then during the test drive bring the car to a mechanic for inspection. It doesn’t take long to check key components like the engine and breaks. Anyone with a decent eye can check the body, interior and other physical elements for wear and tear .
The very nature of auctions leads to another common issue. People assume that the auction price will be a great deal, but often it ends up being more expensive than purchasing the item through a normal sales process. Like other types of auctions, auto auctions can be the same way. The car’s value can be quickly eclipsed by excited bidding. Add the fees often associated with the auction and it means great care must be taken to know the real value of a car. Know the prices of similar models in similar conditions from Kelly Blue Book or other sales data. With Internet enabled phones and the like it’s now easy to look up this information while on site. It’s pretty foolish to pay more for a car than it’s worth even if it’s an eye catcher.
Remember, auctions can be great deals. But come armed with information and expertise. There’s a sucker born every minute. Don’t be the minute man at an auto auction.
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