There are now more options in front of consumers than ever before when it comes to saving money on a vehicle. Chief among these are online car auctions, which are being used by consumers with increasing regularity. Through these services, it’s possible for one to save thousands on the purchase of both used cars and salvage cars.
It’s important to note, though, that online car auctions are much different than other methods in which you might have purchased a vehicle before. In fact, there are additional costs – including fees – that may apply depending upon what site you use and how you go about bidding. Let’s explore.
Using Online Dealer Auctions
When you search for online car auctions, you’re likely to come across some big players in the arena. These are services like Copart, Manheim and Adesa, which have big presences online and in brick-and-mortar establishments.
If you’re going to use one of these websites as a consumer, it’s important to note that by and large the auctions available through these websites are dealer only. Because of this, you will need to hire an auction broker to bid in these auctions on your behalf. While fees for auction brokers vary from broker to broker, you’ll generally expect to pay a significant amount to do this, sometimes in the thousands.
Online Car Auctions for the Public
Now, these major players are no longer the only ones in the game. That’s because there are now a number of online car auction websites that are open to the public. These websites have been able to open car auctions up to consumers by listing vehicles on their site from certain dealer-only auction houses (other than Manheim and Adesa) so that you get access to this inventory at great prices.
Auction Fees Vary from Site to Site
This obviously presents a huge benefit, given that it is no longer a requirement to hire an auction broker to bid on used and salvage cars online. However, when you do use one of these websites, there will be auction fees that apply. These fees vary from site to site, so be sure to research them before beginning to bid. In addition, do note that these fees must be paid promptly along with the final bid price of any vehicle you win. Failure to make prompt payment may result in the loss of the vehicle you’ve won, as well as any deposit that you’ve made with the auction website.
The Savings Are Amazing with Online Car Auctions
When deciding whether or not to use online car auction websites to buy used and salvage cars, auction fees aren’t really much of a deal breaker. Especially as compared to the cost of hiring an auction broker, they’re incredibly miniscule. Because of this, you’re able to enjoy the full extent of savings that online car auctions provide. In many cases, this can equate to saving thousands of dollars on the purchase of a used or salvage car. So, give online car auctions a try today! See for yourself how so many other consumers have been able to use them in order to buy used and salvage cars at incredible discounts.