One of the best ways of getting cheap cars today is through car auctions. It’s always a great way of accessing different types of vehicles with the increased chance of getting good deals. However, many never understand how to take advantage of this process for best deals. If you are in this position then this article can be of benefit to you.
This article highlights vital steps you can follow to get good deals from car auctions.
- The first thing you should do is the arm yourself with a guide that could help you determine the fair market value of the car you plan to purchase. This is important so you don’t get to over pay at the auction. In the US, copies of NADA and the Kelly Blue Book are used as guides to help determine the range of value for a car.
- On the day of the auction it would be helpful if you get their earlier. This is important so you can move around and inspect the cars that are to be auctioned. If you are able to spot a good car then you have ample time to prepare a good bid and increase your chance of winning. Also, it should be noted that the best of deals at car auctions usually turn up at the beginning of the day.
- Run an independent background check on the car if the auction allows it. This is important in the sense that you are able to know the history and condition of the car. The level of damage and repairs is ascertained, and this knowledge could also affect how much you are to bid.
- At many car auctions it is common to see that a premium is added to the price of the car on the winning bid. Before participating in car auction, find out about the premium charges so you don’t overpay for a car at the auction if you win the bid. Premium refers to the charge by auction house for its services. This could be a flat fee or a percentage calculated on the value of the car.
So, these are steps you may want to take and get good deals from car auctions. Moreover, ensure you always bid with the amount you are comfortable with. You should bid according to your budget.