Purchasing a Vehicle At Auction is easier when you are informed and confident
If you've completed steps one and two, you now have a select short-list of excellent vehicles at auction that meet your personal needs. It's time to go shopping.
Actually purchasing your vehicle at auction is probably the most exciting part of the buying process, but there is a little work remaining if you want to maximize your purchase potential.
You know what you need and what vehicles at auction meet those needs. You also need to know what kind of final checks to make, and what questions you should ask before you sign on the dotted line or hand over that hard-earned cash.
Tip: Regardless of your mechanical knowledge, it is always a good idea to attend an auction with someone who knows more than you do. Not only can they confirm what you find when you are inspecting the cars, a disinterested party can calm you down if the bidding goes into 'silly money'.
How will you purchase the item?
Buyers now have a number of choices when it comes to buying vehicles at auction. These can be broken down into two major options - in person or by remote purchase. Some people aren't comfortable with remote purchase options such as the internet, and prefer to bid directly from an actual auction house.
Remote Purchase:
In Person:
Each option has different advantages and disadvantages, and these may be influenced by your individual taste and previous buying experience.
Buying online can give you excellent opportunities to shop around and compare “discounted” prices - the major disadvantage is that you can't see the vehicle at auction before you buy it. Carefully weigh up the pros and cons to determine which option is most suitable for you.
Tip: Remember, regardless of how a vehicle is offered for sale, if a deal sounds too good to be true then it probably is.
Choosing an auction house
Many factors have an influence when deciding where to buy a vehicle at auction, and these need to be weighed up. The major factors that need to be considered are presented below:
Choosing an Auction House Checklist
- Reputation - time established, fair dealing, complaints record, good name, reviews
- Customer service - product knowledge, at point-of-sale, after service
- Support - troubleshooting and advice
Other considerations:
- Where possible look for members of professional associations or bodies
- A prior relationship with a company can be a big advantage
Tip: Make sure that you register with the auctioneer before the auction starts and be ready in plenty of time for the vehicles that you wish to bid on. Auctioneers try to sell a set number of vehicles every hour, however the position of your chosen car on the auction list can change if vehicles are withdrawn or, if the selling rate increases, you may find that your car was sold to someone else while you had a coffee break.
It is important to buy from a reputable, reliable auction house, as this offers you the most protection if something goes wrong with the vehicle at auction.
Tip: Online forums, blogs and review sites are excellent sources for finding out an auction house's reputation for good service and fair dealing.
Ordering and delivery
There are a number of issues that will only become significant if there is some kind of problem, but it's a good idea to investigate before you make your final purchase. Ask the auction house about how warranties might apply to the vehicles on offer, as these can vary between vehicles. Other factors to consider include whether the auction house is an authorized repair centre, or can recommend one locally.
Purchase and Aftersales Checklist
- Warranty - duration, inclusions, exceptions
- Insurance - for shipping, delivery; cost and exclusions
- Repairs - by seller, authorized dealer location, costs (shipping, minimum fees)
- Maintenance - service available, advice, products available, costs
- Delivery - available, fees, timeframe, flexibility of delivery times
Tip: Do ask the auction house about their policies; it's always better to have all the information.
Buying a vehicle at auction can be an enjoyable and rewarding experience. Once you've worked your way through all three steps of the
Buyz123 three step guide you can buy exactly the right vehicle at auction for your needs.
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