Buying Your Next Car At Auction? Read This First!

Those in the market for a new car should consider attending a car auction. As with any purchase, there are pros and cons to buying a vehicle through auction. You can often get a great deal on a good car by attending one of these events. Although prices may be lower than those you see at car lots, sometimes the cars will need mechanical work. The following will help you weigh the benefits and risks, as well as give you some helpful information about car auctions.

The basics of a car auction

Car auctions operate just like most live auctions. There will be a collection of vehicles, and each one is known as a “lot.” The auctioneer controls the proceedings and as each lot comes up, bidding will begin. There are online car auctions as well, but these are slightly different than live auctions. With these auctions, the owner typically puts the vehicle online and monitors bidding over a longer period of time.

The vehicles at a live auction come from a variety of places. Some car auctions are run by the government and include cars that used to be driven for public service. There are public car auctions as well. At these auctions, the available vehicles are usually second hand cars an individual decided to auction rather than sell on their own.

The benefits of car auctions

Buying a vehicle through auction can mean getting a great discount. Price is generally the reason why someone chooses to go to a car auction. However, be aware that some people will be attending just for vehicle parts. Many bidders own unusual vehicles and it is difficult for them to find parts. They opt for buying a cheap model at auction for a readily available source of parts.

The risks of car auctions

There are some risks associated with buying from a car auction. One of the biggest problems buyers run into is buying a car with mechanical issues. If you are mechanically inclined, it may be worth it to purchase a cheap vehicle and spend some time fixing it. However, there is no way to thoroughly inspect a vehicle before bidding, so that presents a problem for many people.

Buying a state owned vehicle is typically safe. Often times, you can purchase an old police cruiser and have a great vehicle for a number of years. Repossessed vehicles are more of a gamble, but they are likely to be in decent shape as well. A public car auction is a different story altogether. You should be somewhat knowledgeable about vehicles in order to score a great deal. If you have a friend with knowledge about cars and mechanics, consider bringing them along for help.

To score a great deal, prepare yourself with knowledge before an auction. Determine what is most important to you in a vehicle, conduct visual inspections, and bid accordingly. To learn more about how to bid at auctions, contact the experts at High Plains Auctioneers today. You can call us at (806) 244-6776 or Contact Us by email for more information about buying items at auction. Don’t forget to check out our Upcoming Auctions to see what we have available!