Car auctions are a great place for people to buy and sell their vehicles. They can be quite daunting and confusing for a first-timer because there’s a lot that goes on in one. If you haven’t been in one, you may struggle and fail to overcome common pitfalls that most beginners fall into.
You May Not Find What You’re Looking For
It’s important to know what you want before attending a car auction. A car auction could be inclusive of any type of vehicle, such as used cars, new cars, SUVs, trucks, and many others. So, you must watch out for auctions where your dream car may appear.
Aside from that, you should familiarize yourself with all the make and models you wish to bid for. After all, you may end up underbidding or overbidding if you’re unfamiliar with all the information you need to know about the car you’re eyeing, especially its market value.
Also, remember that an auction isn’t just about winning bids. It’s about winning a bid and getting the item within or below your budget or the actual value of the car. Make sure to carry out some thorough research on the cars that you’re looking to purchase. Explore online repo auctions and assess the models, their typical price ranges, and their market demands.
You could also review some of the cars that will be present at the auction through the auction’s website if it has one. Also, be sure to check if the auctioneer is reputable and represents the cars you targeting accurately. Once you verify those pieces of information, you can make register and bid without worrying about anything else.
You May Constantly Feel The Impulse To Bid
Unless the auction is selling the car of your dreams and everyone seems to be underbidding, avoid purchasing anything at your first car auction. It’s easy for first-timers to get roped in at the heat of the moment and try to compete with experienced buyers. It’s indeed fun, especially if you know you won’t try to throw a winning bid and you’re doing it for the thrill.
However, if you suddenly won the bid and you don’t want to pay for it, you’ll get in messy trouble. Remember that if you don’t pay for the item you bid on, the auction house can sue you and demand that you pay.
Also, some bidders will often try to agitate others to join bid wars. Most of them do that to take potential bidding rivals out from their target items. And if you suddenly won a bid, you may not have enough to join the auction for the car you’re actually targeting.
You Can Easily Feel Lost And Confused
There are various ways to buy a car at an auction but each of them requires sound decision making. It will be a wise choice to bring a friend or family member with you to your first car auction. Of course, don’t just bring anybody. Bring someone who has already attended car auctions before.
That experienced person can guide you around and even provide you with great advice on how to act in auctions. They can even reel you back to reality if you suddenly feel an impulse to buy or if you’re already bidding out of your budget.
Always remember that auctions are very high-pressure environments. And even there are times that an auction can seem boring when you’re watching one, being in an auction feels different.
You May Find Public Auctions The Best Place To Get Yourself Familiar With Auctions
If the auction you’re going to is a public one, be sure to bring your driver’s license, refundable deposit, and read the rules and procedures. Everyone is free to go on a public auction, but if you want to register and bid, those three things are the minimum requirements.
And of course, if the car you’re looking for is in the auction, don’t forget about the preview dates. The date is often the day before the sale day, and it’s the perfect time for you to inspect the car that you want to buy. Some auctions may allow participants to test drive cars during the preview day, but remember that most don’t.
Conclusion
Whether you’re exploring a car auction in Beverly Hills or any other place around the world, being prepared and disciplined are two things you should muster. It’s easy to overbid out of excitement at your first auction but this could be avoided as long as you have done your research.
Photo by Samuele Errico Piccarini
