Things You Must Know About Car Auctions
It is a smart move to know about a car auction beforehand you attend it for the first time with an intention of buying a car there. You sure can get great bargains bidding in a public auto auction, but you are also taking in some risk by doing so. You should know about benefits and troubles you might run into, on buying a car at an auto auction in advance. You just should not and cannot go into a public auto auction ill-equipped and expect to buy back a great deal. The fact is, if you are looking for a buy in public auto auction, you should be very prepared, in many ways.
Before you choose on which auction house to go, you should clear your thought about what actually do you want? Are you looking for a used car in a good deal? Or you plan to bid on some classic collectible? There are different auction houses that specialize in different types of cars. You can get very cheap used cars in auctions where as auction is the very place where most priced cars are bided too. Depending upon the type of auction house, you might have to counter with different type of bidders too. For example, you are looking for some rare classic then you are most likely to come across many other experienced bidders for whom money might not be a big deal.
Let’s say, for instance, you intend to buy a used car at a very affordable price possible. For this, first of all you need to know is that cars of your specification are normally repossessed or government seized cars. These kinds of cars might have some not so happy history. Auction lots do check on the records of the cars they are selling and make sure they have clean titles. However, it is advisable to be sure yourself. You can get the vehicle’s registration number and run through for a thorough check. You can check for the car info in websites like carfax.com too. For certain fee they can get you all the history and records of the car you are eyeing to bye.
Another thing you need to know is that, in public auto auction, the cars are sold “as-is” without warranties or buy back guarantee. Even if you get to look at the vehicle during the inspection period, you will not be allowed for test-drive. All you get is to sit behind the wheels and run the engine.
You should also know in advance about all the costs involved. Normally, you have to get yourself registered paying certain fee for public auto auction.
This might cost you a couple of hundred dollars. If you win your bids, you will also have to pay certain charge as buyer’s premium to the auction lot. This is for winning the bid that you made. There are a lot of things you should know before you step in for a car auction and it is recommended never to step in without all the knowledge.