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How Much Can I Save When I Use Online Car Auctions?

By Mike Richards Updated: 05/22/2019 Posted: 06/19/2017

There are a number of different reasons for which consumers are turning to online car auctions in order to buy used and salvage cars. For one, these online car auction sites offer their users an unparalleled level of convenience when it comes to car shopping. From the comfort of your own living room, it’s possible to browse an ever-rotating inventory of tens of thousands of used and salvage cars.

Beyond this, online car auction sites make it incredibly easy for newcomers to get started! This is why the best sites will offer an auction specialist to each user. This person has detailed knowledge of the car auction marketplace and can assist with every step along the way toward purchasing a vehicle. Because of this, even the least inexperienced bidder can find success in online car auctions.

But, there’s one reason above all else that’s led to a rise in interest for online car auctions. It’s the potential for savings. In fact, there are countless consumers who’ve found they’re able to save 70% or even more on the purchase of a vehicle. Are those savings possible for you? How much can you really save? Well, it all depends upon the manner in which you actually use online car auctions.

Choosing Between Used and Salvage

There are essentially two kinds of cars available through online car auctions: used and salvage. The used cars available are much like what you’d find on the lot of a used car dealership. In fact, there’s a significant portion of vehicles in online car auctions that are actually old stock for these dealerships.

With used cars, the savings are real, but they’re not nearly as good as you’ll get with salvage cars. Salvage cars can be bought for pennies on the dollar, and there are always more than a few diamonds in the rough among their ranks. But, how do you find these diamonds in the rough, both in the used and salvage category?

How to Ensure You’re Really Saving

Ensuring that you’re actually saving money comes down to one thing: research. You know the saying that you have to spend money to make money, right? Well this is true with online car auctions.

For most listings, you will have access to a VIN for the vehicle. You will want to use this to request a history report through a third party if you’re thinking of bidding. This report will let you know if you’ve found that diamond in the rough or a lemon in the watermelon patch.

Use Your Auction Specialist

Research is paramount when saving money in online car auctions, but so is taking advantage of your auction specialist. This person has detailed market knowledge and will often be able to steer you toward the vehicles that are going to fall within your price range.

If you do all of the above, and also understand the hidden value of salvage cars, tremendous savings with online car auctions are possible. You can, in fact, save the thousands of dollars that so many other consumers are saving!