4 Types of Car Auction Open to the Public
Buying cars at auction can save you hundreds from your pocket, yet many buyers still head straight to a dealership whenever they need a new car. Many don’t realize that the car they would look to buy from a dealership has often come from an auction anyway and that they have missed a chance to cut out the middleman and save some money. It can be daunting, but with so many car auctions open to the public out there it might be time to think about giving one a go.
There are some auctions out there that are only open to dealers, usually requiring buyers to have a dealers license before they can bid. If you are only interested in purchasing a car for yourself jumping through hoops to get a license is something you would be unlikely to want to do. There are still some gems to be found even at public events, with these often being the best auction to buy cars.
There are a few different types of public auction and understanding what each type is about can help when it comes to finding the best deal for you. Below is our list of some of the most popular public car auctions.
Ex-Government Car Auctions
Ex Government vehicles are generally very well looked after, their service history is often impeccably maintained and they usually have very low mileage. Yet, they are often sold at auction at a price a lot cheaper than what you would pay for them at a dealership, why wouldn’t you buy one? As with any car, give the service a thorough check, but generally, these cars are wise buys.
Police Car Auctions
Buying an ex-police car doesn't mean your new car will have sirens or a fluorescent stripe down the middle, in fact before these cars go to auction all signs of their previous life are removed. These cars can make excellent purchases, after all, with the speeds police need to travel they will have been fitted with extremely high-quality components and so can run for several more years problem-free.
Repossessed Car Auctions
You can head to repo car auctions for a bargain, and there are often huge savings to be made, but you do need to be careful. There should not be any finance left owing on the car once it sells because the finance company should have made this back through the sale, but you should ensure this is the case before you bid. You should also ensure that the car has a full health-check as if the old owner was unable to meet the finance payments they might have also foregone essential maintenance on the car.
Other Types of Public Car Auctions
As well as the above you could also save yourself money by heading to government seized car auctions. You could even treat yourself to a wholesale lot of cars or perhaps pick up a trade-in model that is well past its best before date but is super-friendly to your wallet. There are also car auctions that are restricted to a certain type of cars. For example, classic car auctions or sport car auctions.
Knowing a bit about different types of car auctions open to the public can help you immensely in finding where to go to pick up a bargain. Will you know what to do once you get there and find the right car though? Bidding can be daunting, especially if you are unsure of the bidding format. Read on to find out some more about popular formats.
Onsite Auction Bidding
This type of auction requires bidders to be present during the sale. Of course, this works very well for the seller because it is easier for a buyer to lose their cool and go over budget when they are trying to beat someone else in the room, thus pushing up the sale price. Try and remain calm, have a maximum price in mind and stick to it.
This type of auction allows you to place a maximum bid before the auction, meaning you do not have to be present at the actual sale. Those who can attend will be at an advantage, however, because they will know the maximum price others are willing to pay before they go into the bidding process.
Live Auction Bidding
This is a really exciting auction process that works for those who can be present on the day of the sale and those who can’t. Bidders can bid in the room whilst those not present can bid online via live streaming with their bids show on screen in the auction room in real-time. This can be a frenzied process, which can hike the price of a car up quickly. It is important that you go into this type of auction with a maximum price in mind and that you do not give in to temptation and bid more.
There more than a billion passenger cars worldwide and the number is increasing by the day. This means that you’re not the only first-time car buyer out there. However, unless you have a friend who happens to be an auto mechanic, there are high chances you’ll miss some important aspects of shopping for a car.
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