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Archive for ‘Car Auctions’
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Expert bargain hunters know that repo auctions can be some of the best possible locations to find great deals on used cars and trucks. But, many people beyond the serious bargain hunters tend to shy away from these auctions for fear they might net bad results. The truth is repo auctions are hidden treasures if buyers know what to look for.
The advantages to buying at repo auctions are many, and include such things as:
* Instant purchases. When you buy at a repo auction, you're expected to pay and close the deal right away. When a good purchase is made, the gratification is instant.
* Selection. Repo auctions that are held on behalf of banks and other lending agencies tend to include a huge variety of cars and trucks. Kind of like a fast-moving, used car lot, these auctions can include everything from cars that are only a few weeks or months old to models that are slight bit more aged.
A repo auction that's held for multiple lenders can include almost every make and model under the sun and some shoppers might not expect to see.
* Quality. A lot of repo auctions include vehicles that are in incredibly good shape. Just because prior owners fell short of making payments doesn't mean they didn't care for the vehicles in question. The truth is bad things can happen to good people, and those who frequent repo auctions can benefit from the deal.
* Savings. This is the biggest benefit to shopping repo auctions for car and truck deals. Since the lending agencies only want to make their money back or close to it, cars and trucks can often be had for a song.
This is why many used car dealers frequent these auctions. They wouldn't be there if they didn't think they could make money off the buys, so it's a given some serious savings can present themselves.
While repo auctions are a great way to go to get solid deals on cars and trucks, it is a buyer beware world. With this in mind, it's a good idea for anyone who attends a repo auction to have a good idea of what's going to be on the block before they head out to buy.
If possible, research the auction in advance and take a look at the makes and models up for grabs. If this information can be found out in advance, it's easy to get a good list of potential buys, there value estimations and so on in advance to help guide bidding.
Once at the repo auction, it's also a good idea to arrive early, if possible, to inspect models in advance. While it's not likely you'll be allowed to test drive, you can at least check the cars and trucks out to make sure they are in good working condition.
Repo auctions can be treasure troves of great car and truck deals. Checking them out in advance can net a laundry list of benefits for shopping this way. Just exercise a little caution and it will become quickly evident why dealers themselves frequent these productions.
Article written by Ray La Foy (Vehicle auctions.) |
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A car auction is a like any other where a commodity is sold to the highest bidder. Most potential customers attend an auction believing that the price of a used car would be substantially lower than the market value. However, this is often not the case. In addition, car auctions are infamous for marketing flooded and stolen vehicles, which are bought by unsuspecting customers.
In general, there are six types of car auctions. They are as follows:
- Wholesale car auctions: These are held by car dealers for other car dealers.
- Public car auctions: These are open to all.
- Company car auctions: These are open to employees of the company.
- Police & Government car auctions: These are usually open to all customers.
- Bank, Insurance, and Salvage car auctions: These are open only to car dealers.
- Online auctions: The most recent addition to car auctions, they are open to all.
Although all auction types involve a risk component, online auction is possibly the most risky. This is because, you bid only by seeing the car's features and photo on a website. If you become the highest bidder, you are bound by contract to pay even if you have not seen the car in person. Sellers often give incorrect or false information about their car. Therefore, run a used car title check on the VIN# to verify the seller's claims. The seller may not list the VIN# and may provide wrong information about the model, year, tax payments, and insurance cover of the car. A Vehicle History Report will enable you to verify these factors. Another problem associated with online auctions is that the seller may ask friends to make false bids just to hike the price of the vehicle. In addition, you may have to travel long distances to pick up the purchased vehicle.
In the other types of auctions, you can inspect cars before bidding. Therefore, arrive at the auction site well in advance. Check whether all the VIN# stickers in a car match. Otherwise, it was either stolen or repaired with the parts of another car. Ensure that the car comes with the title. If you are in a hurry to buy and no title is available, at least ensure that the contract states exactly when the title will be provided to you. Otherwise you will have to run around for it. Before you bid, remember that you will have to pay a buyer's premium in addition to the price of the car. This could be 5 to 10% or lesser; find that out earlier. Furthermore, check out the traffic light behind the auctioneer to find out whether the status of the car title is red, yellow, or green. Everything about the title is fine if the light is green. Ensure that title status is mentioned in the contract. A Vehicle History Report is important in these types of auctions too.
The main intention to purchase from an auction is to obtain a used car at a rate much lower than the market value. Therefore, decide on the model of the car, check your bank balance, and decide on the price you can go up to before bidding. Don't get carried away by all the bidding activity around you.
Article written by Thomas MacIntosh (dallas car auction) |
