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How to remember when auction and what to know When Buying a Used Car Through Auction

By Mike Richards Updated: 05/22/2019 Posted: 12/20/2017

Many people who are looking for used cars to buy today have taken to the on auction sites (for example BBB with high rating) to see what’s available. Better to remember when auction because this has proven to be a great option for many people, as they can find a wide range of vehicles that would not have been available in their area. Since they are buying used vehicles, they can often find them at great prices, as well. However, this does not mean you can head to an auction site and just buy right away. You still need to know what types of vehicles the site has, what their policies are, and what their fees will be. In fact, there are many things to remember when you are buying a used car through an auction.

Know Your Budget and Stick to It

Regardless of where or how you decide to buy a vehicle, you need to make sure that you have a budget in mind, and that you keep to it. When it comes to buying vehicles, through an auction or otherwise, there is always the risk that you spend more than you should, often without realizing. Have a firm number in mind that you can’t go past, and know the types of vehicles that interest you before you go into the auction, and you will find that it becomes easier to stick to that predetermined number.

Learn About the Vehicle, Including the Title

When you start to find used vehicles for sale through the auction that you like, you should start to learn more about the car or truck. Read every review and all of the information provided, and look at all of the photos or videos that are there, explore the profile of auctioneer (is that business company or private owner/ co-owner of vehicle). However, do not let the images alone sway you. It is important to make sure that the vehicle is in good condition. Looking at the title can give you a better idea of this.

If the title is clean, it will generally mean the car is in decent shape. However, you will still want to look at things such as the mileage and minor body damage. If the title is salvage, it does not necessarily mean that it is a bad buy. It just means you need to make sure you are truly ready to go through with a salvage title and everything that it will entail.

Run the vehicle’s history and VIN, as this can provide you with information about the car or truck that a seller might not have disclosed, such as whether it has been in an accident.

Consider the Buy Now Button

One of the handy features that you will find with many auctions today, and one that you might want to use, is the buy now button that you can submit or not. This allows you to forego the auction and simply buy the vehicle at the price they have advertised. This is higher than what the opening bid would be, but if you feel there will be a large number of bids that could push the prices higher than the buy now price, it might be in your best interest to buy it right away. Of course, that’s assuming that you have already researched the vehicle and have made sure it is worth this asking price.

The Bid Price Is Not the Price You Pay

One of the things that many people unfortunately forget, when they are buying through an auction, is that the bid price is not the price you will pay. There are still fees to consider, which the auction site should spell out for you. In addition, you have to consider the cost of transporting the vehicle to you. If you are nearby, this might not be a problem. If you are shipping from across the country, you will want to make sure that you set up shipping through a reputable company that was accredit. The auction site might be able to offer some suggestions.

Do Not Get Emotionally Invested in the Vehicle

Another problem people have when they are buying through auctions is becoming too emotionally invested with a vehicle that they want. They fall in love with it and then end up bidding far more than they should. Do not let this happen to you because you can’t make complaint later or claim of cancellation.

As long as you keep these tips in mind when you buy used cars for sale via an auction, you should not have any problems.