Buying an auction car can be a very overwhelming process. Buyers can be confused by all the action going around when attending a public auto auction. And if you’re a first-timer or amateur, the experience can be very daunting. If you choose an online car auction, you can also be overwhelmed by the steps you’ll need to cover. That’s why it’s so important for you to be prepared.
With the correct preparation, buying at a car auction is an excellent choice. Auctions are gaining more and more popularity because you can find great deals. There is a big chance that you find what you’re looking for without surpassing your budget. However, you still need to be very cautious. We’ll go through the basic things you need to look at when buying an auction car.
Know What You’re Looking For
The most important thing you need to have very clear is your research. Make a thorough research of every single detail about the car you want. Make sure that the car you want fits your needs. It’s important that you make a smart purchase that won’t give you problems in the future. And, the more you know, the less confused you’ll be when it’s time to buy your car.
Being honest with yourself is key. Make a realistic choice considering your needs and your budget. And then stick to it. Don’t let yourself get carried away by the emotion of the auction.
Check the Value of the Car
Once you know the make and model of the ideal car you’ll search for, check the value of it before you make your bid. There are online resources like Kelley Blue Book and Edmunds where you can find how much different used cars are worth.
Download the Vehicle History Report
It’s important that you make a VIN check, especially if you’re buying an auction car online. Some online car auction sites will let registered users download a limited number of VIN reports for free. Taking advantage of this benefit is key for you to know the number of owners of the car, or if it was in any accident.
If you’re attending a live auction, make sure that the VIN number matches in all of the car’s stickers. Chances are the car is salvage or rebuilt and was involved in a major accident if the numbers are not the same.
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What You See is What You Get
There’s no such thing as love at first sight at car auctions. You may be looking at a shiny beautiful car, but you don’t know what the car has gone through. It may have been in a major accident and got rebuilt. This can be a problem for you in the future if you don’t have knowledge of it.
All auctions, including Copart and IAA, have a “As Is” condition, which means there are no guarantees. Under this condition, you agree to buy the car in the exact condition it’s in, without any repairs or changes. After you make the purchase, you are responsible of any repairs that the car needs.
Buying an Auction Car
Buying an auction car is a great choice once you have a solid research and follow these basic steps.From an SUV, a van, or even motorcycles, whichever type of auction you choose, you’ll be able to save thousands on a great car that fits your wants and needs.