What’s all the talk about Automotive Auctions?

There are literally thousands of cars that the government and police confiscate each year. Most of these cars end up for sale in public auctions and get listed by online automotive auctions. Buying your next car at an automotive auction is a great way to save potentially thousands of dollars.

Because of these auctions, individuals who may not be able to afford a car have a fighting chance of owning one. The auctions have provided these people the small window of opportunity since many of the cars sold at automotive auctions are sold for as little as 10-20% of their true market value.

But one must always remember that at seized automotive auctions, it is basically every man for himself. It is therefore important to arm yourself with the knowledge and skills necessary to identify a good deal when you see one and to avoid those cars that have not been well maintained.

As a winning bidder in a automotive auction, or in any kind of auction for that matter, you should remember that you may be required to pay a buyer’s premium on the winning bid price. So beware of all fees ahead of time. You might end spending more than you intend to.

It is common to pay up to 10% of the winning bid for the buyers premium, but it depends on the car and the auction. Make sure you know exactly what all of the associated costs are prior to bidding.

And don’t forget your little black book when you head off to your local automotive auction to bid on your dream car. You need to understand how mileage, condition and model options affect price.

These resources are invaluable at automotive auctions when you need a quick answer regarding a particular vehicle. These books normally contain vehicle makes, models, options, and the price of the vehicle if it is in poor, fair or good or excellent condition. This will give you the confidence you need to make an intelligent bid.

Bring a bank statement along with your check book because it is often common practice today to show both. Get to the auction early so that you have time to kick the tires and plan your strategy before the bidding begins. Nail your top bid and don’t bust it when the frenzy begins. Be patient for that deal of a lifetime.

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