It is no secret that these are weird and different times for everyone around the world. The global Coronavirus (COVID-19) outbreak is forcing everyone to change their dynamics and, eventually, stay home more often. So, if you were planning on buying a used car, but don’t know how to do it without leaving your house, an online car auction is a great idea.
Car buyers who like to save money are quickly catching up with online auctions. Mostly because online car auctions also offer a wide range of vehicles, including motorcycles, SUVs, classic cars, and luxury brands, at wholesale prices. But, how do they work? Let’s take a look at the different types of auctions and what you have to do in order to participate.
Public Auctions or Dealer Auctions?
There are two main types of auctions: public auctions and dealer auctions. Public auctions are open to the general public, this means anyone interested in buying a used car is able to attend. However, vehicles in public auctions are most likely to be in a poor condition, and with notable damage. Usually, the type of buyers who attend public auctions are private sellers, auction companies, or dealers. This is why it’s recommended to attend these auctions with someone who can inspect the vehicle and knows what to look for.
Dealer auctions are much different, as buyers who attend these auctions are required to have a dealer license. Vehicles that are sold at dealer auctions are also much different from those at public auctions. Buyers can find both new cars or used cars that are in excellent “like new” conditions. Private buyers that don’t have a dealer license can actually attend these auctions online. This is usually done through online car auction platforms like Auto Auction Mall.
- Are Car Auctions Worth It?
- Your Guide to Buy Used Cars on an Online Auto Auction Site
- Everything You Need to Know about Buying Used Cars
- How You Can Get Your Next Car from a Dealers Auto Auction
Buying a Used Car at Online Car Auctions
Now that we know that online car auctions can give you access to dealer-only auctions, let’s see how they work. These platforms, like Auto Auction Mall, give buyers access to major used, salvage, and insurance auctions houses throughout the United States. This access permits car buyers to purchase used cars in excellent condition at wholesale prices.
Searching For Your Car
One of the advantages of online car auctions is the opportunity to use search parameters. This is a great option for buyers, as they can narrow down their search results based on their specific wants and needs. It is also possible to search for a car before creating an account. This way, buyers can identify the cars that they would like to bid on, prepare their budget and do the appropriate research.
After all of this is done, you’ll need to register for an account and make a deposit, before you can start bidding for a car. The deposit works as assurance that you will complete the purchase of the vehicle. Most of the online car auctions out there will assign you an Auction Specialist to guide you through the process. So, you don’t have to worry if there are many questions popping up.
You’ll Have Plenty of Time
There’s no need to rush. Take all the time you need to search for the right vehicle for you. Look at all the auctions available based on the requirements you’re looking for in a car. The Vehicle History Report is a very important part of your research. It will help you see if the vehicle you want to purchase was involved in an accident, and the overall history. Take a look at it as well. You can ask your auction specialist to help you with this.
Take the time to search for the vehicle’s market value before making your bid. This is a good way for you to see if you are bidding wisely, based on the price available for that particular vehicle. You can use sites like Kelly Blue Book for this information.
Organize a Complete Budget
Having an organized and complete budget will allow you to avoid surprises after you purchase your car. There are many things to consider when planning your budget. Take into account the price of the vehicle, and the fees that you’ll need to pay. Online car auction platforms like Auto Auction Mall have their fees explained in the site. Shipping costs must be added to the budget as well. Contact the shipping company and ask for a quote. This way you can have a clear estimate of what you will spend on your purchase.
Finally, online car auctions are a good way to save money on a used car in good condition. Take advantage of the opportunity of making a good purchase from the comfort of your home.