How to articles

How to Stay On Budget When Shopping Salvage Cars

By Mike Richards Updated: 09/11/2023 Posted: 06/21/2017

When you head to an auto auction and start seeing the many salvage cars for sale there, it’s easy to get a little ahead of yourself. There are so many great deals to be had if you know where to look, and that can make it hard to remember that you have a budget.

If you are shopping in person, you run an even higher risk of going over budget, because live auctions are fast-paced and high-pressure. While online auctions are different, they can still get exciting. Here are a few tips for staying on budget when looking at salvage cars for sale.

Remember All the Extras

The actual price of the car that you are buying is not the only price you’ll have to pay. Most live auctions have an auction premium that must be paid, which is sometimes a percentage of your bid, and other times a flat rate. Whether you are buying online or buying from an out of state dealer in person, there may also be shipping fees to get your new car to you. Don’t forget to factor those prices into your budget.

Consider Your Needs (or Your Customer’s)

It’s really easy to get caught up talking about cars and all their cool features at an auction. You are surrounded by other car-lovers who make their living selling people on these amazing features. But when you are checking out salvage cars for sale, do you, or the customers you plan to resell to, really need a turbo-charged engine or heated leather seats? If you are selling to suburban soccer moms who pinch pennies, the answer is probably no. Keep in mind the needs of whoever will be behind the wheel, and don’t let any flashy add-ons distract you.

Set Your Budget Before You Go In

It’s way too tempting to overspend if you decide to browse salvage cars for sale before you set your budget. Consider how much you can afford to spend before you ever go into the auction, and don’t let anything or anyone change your bottom line. This is where online auctions can be very useful. There is no high-pressure crowd trying to get you to buy, buy, buy, and you can set your maximum bid and just walk away while the auction counts down.

Know Your Stuff

The final way to stay on budget is to know what cars are worth. The longer you are in the business of buying salvage cars for sale, the easier it will be for you to recognize just how much one car is worth. By knowing this, you’ll know where to invest your budget, and where to hold back and allow your money to go a little further.

You have to be willing to wait for the best deal, which is much easier with the convenience of online auction shopping. You can explore the many auctions available from a hammock if you want to, and never worry about missing out.

Explore our Vehicle Auctions, as well as finding more information about How These Auctions Work.