Wednesday, December 16, 2009
Your First Car Auction
You are about to go to your first car auction. You can feel the excitement in the air. There are so many cars to choose from. But do you really know what to expect at a car auction? Do you know the legalities that occur at a car auction? Most people get in way over there heads at a car auction. If this is your first car auction, you better come prepared.
There are a lot of things you need to do and a lot of things you need to pay attention to at a car auction. First off, before you go to a car auction make sure you have enough money in your bank account. All cars purchased at a car auction must be paid in full. You also need to bring your drivers license and any other form of ID to the car auction. This is needed to purchase the vehicle and to do the title work and registration.
When you first get to the car auction you should make notes of the cars you are interested in. Then, if you can, go to kellybluebook.com and check the retail value of the vehicles you would like to purchase. This way you know what to go with when you make your bid. At a car auction, many vehicles have a reserve price. This means that the vehicle has a minimum price t be sold at. If it is too high, do not bid on it. Be sure when you do bid that you do not get into a bidding war. Never bid more than you can afford. If the bidding war begins, just walk away. At a car auction, it is every man for himself.
Before you begin to bid on cars, you need to see if the vehicle is a good purchase or not. Many vehicles at a car auction could have been previously damaged. An example of this is in Texas and Louisiana many cars were severely damaged by flooding during a hurricane. These vehicles were sent to a car auction and the purchaseers more than likely had no idea the vehicles had flood damage. You may also wish to take a mechanic to the car auction. A mechanic is a good idea at a car auction because they can see where someone may have tried to hide repairs and damage that the vehicle might have incurred. Lastly, you can get a free Carfax vehicle history report on the vehicle if you get the vehicles identification number (VIN).
Remember, at a car auction vehicles are sold "as is" and they do not come with a warranty. Keep all of these tips in mind to protect yourself from a bad purchase. You are supposed to go to a car auction to get a great deal on a car and to save money. With the proper frame of mind, this is easily accomplished.