Public Auto Auctions You Need to Know
If you think buying cars at public auto auctions is just a waste of money because you will only get old, used cars that are not in good condition, think again. It is true that public auto auctions sell old cars, and sometimes even wrecked cars, but you can also find a number of cars which are still in good condition. Some are very slightly used and they are sold for a very low price, much lower than those sold by other car dealers.
Once you have decided to buy at a public auto auction, you should read the following information and things that you need to know about public auto auctions.
- It is advisable that you bring one of the following books or guides when you go to public car auctions: NADA guide, Edmund s book, Black Book, or Blue Book. These are books that list down the market value of different kinds of cars. This is to make sure that you are getting your money s worth. Remember that you go to public auctions because you want to save money, so always be careful before you spend it.
- Cars have VIN# stickers in some of its parts. Make sure that they are all the same numbers. Different VIN#s in different parts of one car indicates a stolen or a reconstructed car from parts of other cars. You can check for the car s history by going online using your Palm Pilot or Pocket PC. Or if you do not have both, you can call somebody using your cell phone and ask that person to check the car s history report online using the VIN#. By doing this, you can be sure that what you are buying is a legit car, not something that has been stolen or something that has been pieced together like a huge jigsaw puzzle.
- Always remember that the amount of the winning bid is not the final amount that you need to pay for a car. You need to include the buyer s premium. Buyer s premium varies from one auction house to another. It can be fixed to a specified amount or it can be a small percentage of the winning bid. Make sure that the total amount including the buyer s premium is not the same as the market value in ordinary car dealers. Bear in mind that the point of buying at a public auto auction is to save money by buying cars that are way cheaper than the ones in regular markets.
- Ask about the car s mileage, type, and other important information that will be useful in determining the value of the car. You should also ask the auctioneer about the reasons for selling the car. Some are still in very good condition but they are very cheap because the owner just wants to dispose of it as quickly as possible. Others are cheap for obvious reasons like damaged parts and problematic engine.
Public auto auctions can provide you with great deals as long as you know the things that you need to do and those that you need to look out for. The next time that you go to a public auction, remember the abovementioned information and you will have a greater chance of getting a good deal.
Tags: auto, blackbook, bluebook, Car, edmund, nada, public, vin
