Buying a car at an auction can be a terrific way to save a lot of money, but there are a few things to keep in mind before going to an auction and starting the bidding.
If you decide to attend an auction, you’ll find some helpful hints below.
1. Do your homework first.
The websites of major vehicle auction companies are always up to date, so you can begin your search from the comfort of your own home. The more research you do, the more likely you are to locate a terrific car at a good price.
2. Bring someone who is knowledgeable about automobiles
When you buy a car from a dealership or a local trader, you’ll get a warranty, but at auctions, you’ll never get a warranty, unless it’s a manufacturer warranty, which may still be valid with a vehicle, but has nothing to do with the auctioneer.
Because you are purchasing the vehicle ‘as is,’ it is critical that you inspect it thoroughly if at all possible. At an auction, this isn’t always possible, and you won’t be able to have the automobile assessed by an assessor. You can check vin lookup to be sure that the description of the car is true.
At an auto auction, having some technical knowledge is useful, so bringing a buddy or someone with a good mechanical eye who can see flaws with the vehicle, if any, is a smart idea.
Because all automobiles are offered “as is,” sellers can go to considerable efforts to conceal flaws. Just though the car appears to be spotless and gleaming doesn’t mean it’s free of flaws. This does not mean that an auction car is mechanically sound; the engine could be about to fail.
3. Stick to your budget as closely as possible
Make a budget and stick to it. Prepare a ceiling figure in your mind and do not bid for more than you have planned for. Drop out as soon as you’ve reached your limit. It may be very tempting to bid a few hundred euros higher, but whatever you do, avoid getting into a bidding war with a bidder who has set a bigger budget than you. Remember that occasionally the bargain you don’t make is the finest deal you make all day.
4. Make sure the vehicle identifying numbers are correct
It’s critical to double-check the VIN (Vehicle Identification Number) and compare it to the partial VIN number and engine numbers on your vehicle history report. The Vehicle Identification Number (VIN) can be found on the engine bay plaque, the passenger side windshield, and any registration documents. Your report’s vehicle identification number should match this, and if it doesn’t, it could signify that important parts have been replaced.
5. Be warned that this item is being sold “as is.”
The majority of auction houses do not allow test drives before bidding. So keep in mind that the vehicle is being sold ‘as is,’ which means you’ll have to rely primarily on your eyes. You can start the car, listen to the engine, look under the hood, and go through the logbooks if they’re available, but that’s usually it. Buying a car without taking it for a test drive carries obvious hazards; it’s more difficult to identify if something is amiss.
6. Check to see if the vehicle has been timed
Because odometers sometimes deceive, it’s crucial to determine if the mileage on the vehicle is accurate. A background vehicle check might reveal if there are any irregularities with the mileage or if the automobile has been clocked. The odometer on a car can be wound back to make it appear as if the mileage is lower than it actually is. There’s also the issue of mileage having a significant impact on the car’s worth, not to mention the risk of older parts not being maintained.