New technologies and modes of doing things can always be a little bit intimidating. This is definitely true of online dealer auto auctions, which are quickly becoming the preferred way to buy a used, salvage or like-new car.
These online auctions are completely different than going to a dealership or conducting business with an owner through a website like Craigslist. For this reason, you’ll want to make sure that you’re adequately prepared if you’re going to use them.
As with any other kind of auction, making sure you’re prepared requires undertaking a few steps. Below, we’re going to take a look at four things you can do to prepare yourself before using online dealer auto auctions.
Conducting a Self-Evaluation
Getting the most out of these online auctions requires having clear expectations. So, before you begin your search, be sure to think about and to define a few things.
First, ask yourself what kind of car you’re looking for. Is it a sedan, a pickup truck, a classic car, or something else entirely? In addition to this, also think about what your willingness to make repairs is, and whether or not you can conduct some (or all) repairs yourself. Do you have the time and money to repair a vehicle? Are you just looking for something that’s ready to drive?
Figuring Out Your Budget for Dealer Auctions
Next up, you want to make sure that you have a firm budget that you’re going to stick to. As with any other kind of auction, it can be all too easy to get carried away when bidding. Setting a clear budget mitigates the risk of getting in over your head.
In terms of establishing your budget, be sure you’re not just considering the final bid price of a vehicle. You will also be responsible for pickup and delivery of your vehicle – which must be done by a third party. In addition, price in your willingness (or lack thereof) for repairs outlined by your self-evaluation. Finally, remember to investigate auction fees that may apply.
Getting a Handle on the Marketplace
In order to know whether or not you’re getting a good deal, you need to understand the marketplace. Once you know what kinds of vehicles you’re looking for, use a resource like Kelley Blue Book to research auto prices. Going in with some background marketplace research will really come in handy as you’re searching the thousands of vehicles available through online dealer auto auctions.
Why You’ll Have All the Help You Need
Doing the above should make sure you’re adequately prepared for online dealer auto auctions. However, remember that you’re not getting thrown to the wolves! In fact, when you use a reputable provider of dealer auctions online, you’ll be given access to an auction specialist.
This person can help with everything we’ve outlined above. In addition, he or she can help to devise bidding strategy, arrange shipping, and can even connect you with auctions not available online. Ultimately, because of your preparation and the help you can get, you’ll quickly discover just how easy it is to buy a car in an online dealer auction.