If you're thinking about heading over to an upcoming used car auction, this will be the most important article you'll ever read. Here's why.
When it comes to used car auctions, many folks out there aren't too keen on buying cars simply because they're afraid they might get ripped off. Sure, things like this do happen, but think of all the great car deals you'll miss out on, by avoiding going to a used car auction!
Here are 3 simple tips that will help you come out on top at used car auctions:
Tip #1: Have a car dealer accompany you to the auction
You might have noticed that most auctions sell used cars that have been inspected and are open to car dealers only. If you're keen on visiting such an auction, make sure you get a knowledgeable car dealer to accompany you.
Of course, you can also head over to an auction that displays cars that aren't inspected, since these types of auctions are often meant for the entire public.
However, more risk is involved because there isn't a set standard for the used cars being sold. So you do need to be a bit careful before buying one.
Tip #2: Check out the car before immediately going ahead and purchasing it
You'll find the cars are often sold as is, in most used car auctions out there. This means that neither guarantees nor warranties are offered to the buyer.
So to avoid getting conned by 'rogue' car auctioneers, you want to be at a used car auction as early as possible. This way, you can leisurely check out all of the features of the car as well as its overall condition.
Better yet, why not take along an expert on used car auctions. Doing this might not only save you time but also your hard-earned money.
And sometimes, things can happen pretty fast, (e.g. used car auction pros will be impatient to quickly close deals), and if you aren't very familiar with the whole process, it helps to have an expert on the subject at hand.
Tip #3: Know that all bids are final!
One of the most vital things to keep in mind when buying a car at a used car auction, is that all bids are final once bidding has closed. If yours happens to be the highest bid for a particular model, and if it's accepted by the seller, then you must pay in cash for the car you've bid on.
And depending on the seller, you can expect to pay a deposit of a minimum of five hundred dollars. In case you change your mind later on, you cannot get back your money, because the used car auction has a right to retain your deposit!
You see, this is how it works: the seller sells his car to the used car auction, which is then transferred to you. Even if you decide against paying the full amount, the auction is still obligated to pay the seller. Hence, if you fail to pay up, you can be sued for the entire cost of the car! This is why it's so important to know what you're getting into, before going ahead and buying the vehicle.
So the next time you decide to attend a used car auction, keep these tips in mind - chances are, you'll end up buying a car that will prove to be good value for money!
