Tips for buying used cars at auction
Auction items can make really good purchases. You might find a deal that you never expected and ultimately walk away with your dream car. But auctions break one of the rules when purchasing such a large-ticket item. "Do not be coerced into making a rash decision. Take your time to think about your decision." Auctions do not work this way. You bid, you win, then you are expected to pay. There are other types of used car auctions, however, that are not the fast-paced type where bidding goes on. Dealers sometimes hold auctions in huge fields on the weekends to get more buyers. These are really more sales than auctions, but are still called auctions.
Tip 1 - Use the pre-inspection period wisely.
Because you are buying a car "as is", and because you will have to move quickly when the time comes to make your bid, you should really find out when the inspection time is for looking over the vehicles. Remember that you should never buy a car sight unseen, and this another example of seeing the car before purchasing it. Most auctions do not allow test drives, so basically you are dependent on your eyes. It is advisable to take someone with you, maybe a "body man" to check for dents and other tell-tale signals of damage, or a mechanic who might check for surface signs of problems underneath. Be sure that you bid on the car you inspected. Writing down the VIN is probably an excellent idea. VINs should also match on all parts of the car such as trunk, motor, hood, doors and windshield.
Tip 2 - Review all costs associated with both the auction and buying the car.
One problem people encounter at auctions is having the right amount of money available for the purchase. In addition to the expenses you calculated to determine your budget, you will also need to add on any fees associated with the auction. The high bid is not the total price of the car. Be sure to get a copy of the auction's rules and fees before bidding, so you know what to expect. Bidding at auction is generally a legal agreement to purchase.
Tip 3 - Do not get carried away with the excitement, bidding more than your budget.
Auctions can be a lot of fun and fast-moving. If you are not careful, you can get caught up in the excitement and bid more than your budgeted amount. Remember your budget and stand firm.
Tip 4 - Check the history if you can.
Depending on the type of auction and who is managing the auction, you may be able to check the history right there. If not, try to find a way in advance to investigate the background of the car in which you are interested. Particularly, if the auction it not a known organization. For example, it is unlikely a customs or police auction is going to sell off stolen cars. But others might. You can at least determine the ownership title of the car with a report.
Tip 5 - Bring along one of the manuals that states values.
There are several manuals or books on the market that can help you to determine the right price to bid on the used car. Four of these books are called the Black Book, the National Automobile Dealers Association(NADA) Guide (bright yellow and blue), the Kelley Blue Book, and the Edmunds Blue Book.