Many people who have never purchased a car at an auction find the idea intimidating. Certainly, you can feel fatigued and without alternatives after considering all your possibilities for making bids and payments on the car you’re buying. Well, to make sure that doesn’t happen to you, here are some guidelines for successful auto auction bidding.
Know What You Want
Determine what qualities you want in a car: 4WD or off-road capability, low mileage, sleek and sporty, petrol or diesel, manual or automatic? Visit our guide on choosing the best automobile for your lifestyle if you’re unsure about the kind of vehicle you require. To ensure it fits your budget, you should also look up the vehicle’s average resale value.
Don’t Fall Victim to Fraud
An organization of the U.S. federal government called the National Highway Traffic Safety Administration, which is a division of the Department of Transportation, calculates that there are more than 450,000 automobiles with manipulated odometers. Digital odometers may also be used to fabricate odometer readings. Checking for irregular mileage reporting and the real condition of the automobile is the greatest defense against this. For instance, low mileage vehicles could not be compatible with vehicles with worn-out brakes, tires, or pedals. Another sign that the odometer has been tampered with is loose screws near the steering wheel.
Have a Budget
Always have an upper limit in mind when it comes to your budget. An auction cannot be entered by just throwing money at it. You must decide on a limit for yourself and work toward it in accordance with that. Keep to the upper limit you had established for yourself and resist wanting to go over it.
Knowing how auctions operate, it will be easy for you to eventually be persuaded to exceed that cap, but don’t be duped. It is important to be aware that things might get out of hand when you break your cap. Don’t go above the amount you initially established as the upper limit for the price of the automobile you want to purchase. While it’s incredibly easy to become engrossed in a game’s competitive atmosphere, never get so carried away that you spend way too much than you can afford.
Take a big breath and try again with a different vehicle if the price is too high. Keep in mind that there are several other expenses, such as buyers’ fees, registration fees, and taxes, which are not included in the selling price. Additionally, since most automobiles are offered “as-is,” you need to allocate money in your budget for maintenance and repairs. Additionally, you might have to pay to transfer the car, so factor in the cost of shipping.
Never place a blind bid since you could overspend. Yes, you might bid more than you can afford to spend if you get carried away. However, as bids are irrevocable, you cannot subsequently change your mind and withdraw your offer. These automobiles are also not covered by warranties or guarantees. Put simply, establish a budget and stick to it. During a bidding battle, you could have to let a car go, but you might still be able to get your second or third choice.
Take Your Time
Take your time and keep a close eye on all the automobiles that are being auctioned. Be on the lookout for unusual behavior, such as bidders who appear to be active on every lot; they could be attempting to drive up the price. Before bidding at an auction yourself, attend a couple of them. Learn about the players.
Don’t be the irrationally enthusiastic bidder. Have a poker face, please. It’s crucial to maintain your composure to avoid giving away any clues about your intention to acquire. In the same way, you don’t want to bid more than the automobile is worth in the thrill of the auction.
We’ve all heard the term “strike while the iron’s hot.” At an auto auction, this means keeping up with the pace. You can’t take the chance of waiting around and debating whether or not to bite at an auction since things move quickly. You should be able to place your bids if you are familiar with the pace of auctions.
Therefore, if you have already made up your mind about the type of automobile you want, get started right away and place a bid to avoid wasting any more time. You wouldn’t want to spend time debating whether to place a bid while another person places a bid on the automobile you want and walks away with it. You never know when the hammer may fall, so raise your hand and make a reasonable offer on that automobile.
Before you can place a bid on a vehicle at the auction, you will need to get registered with the auto auction. Make sure to register in advance if you plan to participate in the auction via phone or online. You should pre-register if you want to attend the auction in order to avoid waiting in line to complete paperwork on the auction day. Don’t forget to have a passport or driver’s license available as proof of identity. You might be able to pay for the vehicle using a debit or credit card but check the event details beforehand to be cautious. Also, don’t forget to bring cash or a certified check with you.
If you plan to bid in person, we advise getting there early to secure a good seat so the auctioneer can see you. Before bidding, use the toilet since auctioneers may sell hundreds of automobiles each hour. Don’t miss your chance to place a bid on your preferred vehicle. Before placing a bid on a vehicle, you should ideally turn it on and give it a test drive. Additionally, you might want to hang around the location until the auction is over. Near the end of the event, the crowd usually thins out, enhancing your chances of leaving with a good purchase.
Match the VIN
Any vehicle you are thinking about should have its VIN noted from the base of the windshield. After that, look for the VIN in additional places, such as trunk and door labels. If the numbers don’t add up, a serious accident and rebuild may have occurred with the vehicle. Search for additional viable options.
You may use these codes to tell if a model you’re buying is authentic or a replica. The VINs on the automobile and the paperwork you’re looking at should match. Other important information, such as market valuations, production figures, and bidding policies, should also be considered.
If it’s your first auction, don’t be hesitant to invite an experienced friend to go with you if you need a little assistance. They’ll effectively serve as your wingman, guiding you through the procedure while maintaining their composure and objectivity. When it comes time to check the automobiles, they will serve as your second pair of eyes. For more tips on keeping cool at an online auto auction, you can always visit RideSafely.