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How Do You Pay At The End Of An Auction?

Friday, March 26th, 2021
payment methods for buying a car at auction

One of the most common questions about auctions is how you pay once you’ve bid on something. Some places might require payments a little differently from other places, but in general, they mostly all require payments generally the same way. 


When you attend an auction and bid on an item or items and win, payments are required the same day. Outdoor or farmland auctions will usually have a trailer set up near the auction site for attendees to pay for their items. Whatever you buy at an auction will also have sales tax added to whatever you purchase. 


You will receive an invoice for your items so that you can pay for them. If you have larger items that can’t be removed from the site so easily, you generally have two weeks to collect your purchases and move them to where you need to. 


If you purchased something that you regret, they sometimes may buy it back from you. This will come at a cost, you normally don’t get the full price that you paid for the item back. This is because they will be taking a loss on the purchase. If you would like to take your item back to a different auction location, you might be able to get back what you paid for it, or possibly more. 


If you fail to pay for the items, they will sometimes just put the item back into the auction. This will cause the item to have a lower estimated value. It can also be put up for sale, which in turn is sold for a significantly lower price. It is not recommended that you don’t pay for your items after an auction. The word might get around, and you could possibly get banned from auctions. This also makes the person who put the items up for auction take a loss. 


The number one rule is to only bid on items that you are 100% certain that you will be comfortable with paying for at the end of the auction. If you aren’t sure, then you shouldn’t bid on it to possibly win. This will save you and the auction time and stress from the lack of payments. 


Looking for an auction to attend?

At High Plains Auctioneers, we hold a variety of events, including used equipment and living estate auctions. Call us at (806) 244-6776 or Contact Us by Email for more information about our events. Don’t forget to check out our Upcoming Auctions!