Buying a car at an auction can be a daunting prospect for many who haven’t yet been to an auction. All the prospects of bidding and placing money on the auto vehicle you’re buying can leave you exhausted and at a loss of options.
Realizing the confusion you must be going through, here we mention some tips that you should follow while bidding at an auto auction. These tips have been recommended by expert bidders, so you can put your trust in them.
Hire a Consultant
Auctions are just like shark-infested waters. There are a lot of investors fighting for the best deal on one asset. Knowing this, you can always benefit from hiring a consultant for yourself. The money you spend on a consultant will pay itself back in one form or another, so you can obviously benefit from it.
Working with an expert before the auction would ensure that you are ready for the auction and know the details pertaining to it.
What People Are Saying?
Do Your Research
Now, if you’re going to an auction, make sure that you do your research beforehand. Do not just walk into an auction without your share of research on the auction house running the auction and the kind of cars they have up for auction. Research in this regard would help you save a lot of costs and prepare you for the bidding process.
Set a Maximum
Always have a maximum cap in your mind. You cannot just go around throwing money at an auction. You need to set a maximum amount for yourself, and should work on that accordingly. Follow the maximum cap that you had set for yourself and don’t be lured into breaking that cap.
Knowing how auctions work, we’re sure that there will come a time where you will be lured into breaking that cap, but don’t fall for it. We do realize that things can go all over the place when you break your cap.
Bid When Your Item Is Up
Strike when the iron is hot. Auctions happen at a quick pace, so you cannot risk sitting there and contemplating whether you should bite or not. Knowing the pace at which auctions work, you should know where to bid.
So, if you have decided your mind about the kind of car you would want, then jump in the process immediately and make a bid before wasting more time. You wouldn’t want to waste time thinking about putting a bid or not, while someone else puts a bid on the car you want and runs away with it.
The hammer can come down on you at any given time, so get your hand up and put a justified bid on that car. Your consultant will guide you better on the kind of bid you should put up, and just when you should stop.
Excitement or hysteria is your enemy number one at a public car auction. The last emotion you would want to show at a public car auction is hysteria. So, keep yourself calm and collected and work towards finding a calm solution to whatever problem comes your way.
Also, if you are feeling excited about a potential buy, keep your excitement hidden. You don’t want the bidders around you to know how excited and hysteric you are. Don’t give them any reason to consider topping your bid, because your excitement can lead them into doing that.
Avoid Bidding Wars
Bidding wars at auctions tend to become a matter of pride and ego than anything else. Everyone is hell bent at topping each other’s bids. And, since your main goal is to keep your calm and not be excited, you should avoid bidding wars.
We’ve seen numerous occasions where bidding wars turn into fights of pride and people end up buying the car at 2 times its price in the market. You would obviously want to hurt some of your pride than buying a car at double its price because of the bidding war you had.
Don’t Bid if You’re Unsure
The worst thing you can do is bid if you’re unsure of the purchase. You don’t want a situation where yours is the winning bid and then you have to commit to that price. There is no room for changing your mind when the hammer has fallen for you.
Bidding at public car auctions can be quite intimidating. Fortunately, RideSafely.com has got you covered. Participate in our online car auctions and find the car that is the best fit for you.