If you are looking to buy a new car and want to grab a real deal, you should go to a car auction. However, this can be risky if you do not know much about cars. But when you are well prepared for it a car auction is the right place to pick up a new car at low cost.
Do Your Research
Before you attend a car auction, there is various information to be resolved, mainly if it is the first time it is held at such an event. If you have never attended an auto auction before my advice for you is to go to just one to see what it is like and to get a feel of how such an event operates. You will begin to have an idea of how the auctions are executed, as well as the terminology that is used within them, for example, direct cars mean that the car comes directly from an owner or it is an ex-company car.
If you decide to buy a car from the auction, you must also establish how much you can afford to spend. This is your flexible budget and it is most important that you stick with it; it can be very tempting when an auction is launched to continue bidding, but ensure you know your limits. You also need to take on board information and options available from the professionals, for example, it is recommended that you seek to buy a car that has between two and five years old.
Types of Cars at Auction
All of the vehicles sold at these auctions do so on behalf of their owners, all of whom do an officially binding form, usually known as the registration form. Within this document, they must indicate the vehicles age, the mileage and the condition in which it is. With all this information collected a reserve value is set against the car, this represents the lowest figure that the seller will accept, that is, an auctioneer cannot sell below this value.
The Day of the Auction
The display in an auction usually lasts one hour and starts at 9 am, after which, sales will begin. On the day of the actual car auction, all vehicles involved would be lined up by lot and by sales order of the correct sales section. They would be presented in well-lit viewing areas thus you could inspect all features of the car.
The information and facts about the car would continue if the auctioneer describes it to consumers, in certain cases the car would also be taken to the auction hall. However, it is essential that you listen carefully to what the auctioneer says because this description is legally binding. The auctioneer may be reporting you of any main faults, the reality of a service history and MOT and if there is a reserve price. When the information has been declared by the auctioneer and just when this happens will the essentially bidding start on the car.
When it comes down to that, the most significant aspect of car auctions is doing your research. The more arranged you are the easier it will be for you to get your head around the way in which auctions work and the more opportunities you have of achieving a decent car at a decent price.
With the recent popularity of online car auctions, many people are wondering how legal and safe they are and what, if any, they should look out for if they choose to find their new vehicle this way. Although they definitely can take out a lot of the middle man when searching for your new car, they definitely also present a unique potential to be scammed. So how can you avoid online car auction scams?
Watch for broken English in the description
One of the top tip offs that the online car auction that you’re looking at might be a scam is that the seller will use broken English. This isn’t obviously a guarantee, of course, as some people selling cars online may actually have English as a second language, but it is a good indicator that you should use extra precaution. Just like a lot of the email money scams, the center of the scamming “industry” is often centered in Nigeria. With any online car auction, make sure that you verify where the seller is located and see if you can actually speak to them on the phone. This will at least help establish trust that the seller is who they say that they are.
Escrow accounts are another tip off
One other hint that you might be dealing with an online car auction scam is that the seller asks you to place the money in an escrow account as opposed to actually paying him or her directly. The need for a third party when dealing with money could meant that the seller isn’t located in this country or that there is something potentially illegal going on (like selling a car that is stolen). Call and speak with someone at the company if you have any doubts. They’ll be able to reassure you if they are a legitimate company as well as tell you about how they work with used car auctions.
What else can I do to avoid being scammed?
There are a few precautions you can take when using online car auctions to purchase a used car. First of all, if something feels “off” it probably is. Trust your judgment and follow your gut. Never provide personal information if you’re uncomfortable with any part of what is going on. Also, make sure you verify the seller’s information prior to sending any money (and, if they insist on using an escrow company, verify that the company is legit). Check review and look into the reputation of both the website and the seller you’re working with. Don’t be afraid to ask a lot of questions. Valid sellers will do anything they can to make sure you feel comfortable and to answer any questions you might have without giving you any trouble. Anyone who doesn’t should be looked at with scrutiny.
Using an online car auction can be very useful in your search for a vehicle. However, make sure you take a few simple precautions when looking for your new or used car to make sure you stay as safe as possible and don’t get scammed. see more: https://www.copart.com/