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How to Save Up Money for a Car Dealer Auction

By Mike Richards Updated: 07/26/2022 Posted: 08/02/2017

More and more, when people want to save money on buying a vehicle, they head to a local car dealer auction. This makes sense, of course. Being that it’s an auction, you’re automatically going to save money on your purchase.

Nonetheless, that doesn’t mean everyone has a lot of money to spend. If you’re in this boat, read the following before you place a single bid at a car dealer auction.

Start Early

Ideally, you want to start saving for a vehicle as early as possible. In fact, it’s not a bad idea to put a little bit aside every month, knowing that, someday, you’re going to need to buy a new car.

Whatever the case, unless you literally need a vehicle tomorrow, begin setting aside money today.

Furthermore, the sooner you attend your first car dealer auction, the better. You want to become familiar with your local scene. Get to know the auctioneers and organizers. They want to sell cars, so if they know you’re in the market, they might give you a heads up when a good deal is going to be around.

Consider Insurance

Also, understand that you’ll need your insurance company to be on board with your purchase from a car dealer auction. While no insurance company can give you a 100% accurate quote without knowing what kind of vehicle you intend to buy, you’ll want to speak to your agency beforehand to get a general idea.

Start Cutting Expenses

All right, time to get to the actual steps you can take.

The first one is to get serious about your purchase by cutting other expenses as much as possible. We all enjoy things we can live without so start identifying the onesin your life and then cut those costs out ASAP.

Consider Another Form of Income

We’re not talking about a second full-time job, but any extra source of income is going to help you pay for a vehicle. Check local job boards and you’ll find there are all kinds of opportunities that could easily give you a few hundred extra dollars every month.

Along the same lines, you may want to sell some things you don’t need. Again, there are all kinds of sites for this, or you could throw a garage sale. Whatever you can make to offset the purchase price of your vehicle is going to help.

Speak to Your Bank

If you’re purchasing a vehicle from a car dealer auction, you’re going to need some amount of cash for a down payment.

That doesn’t mean an auto loan is out of the question, though. Speak to your bank and see if they can front you some money for your purchase. Every little bit helps in this situation.

Finally, you should do everything you can to keep your purchase price to a minimum. That’s our specialty at Auto Auction Mall. Our agents will keep to your budget and then bid on your behalf. We have access to more than 200,000 vehicles across the entire country, so if you need one but don’t have a lot of money, we’re here to help.