Auctions - Get the Best Out of them!
By Sultana Maya
Once upon a time, car auctions used to be filled with middle-aged car dealers in flat caps and dodgy leather jackets looking for cheap ‘motors’ to sell on. Thankfully those days are over and auctions are fast becoming a popular place for everybody to find that dream car (or quite often, a first car) at an affordable price.
Many people still believe that buying a car at an auction is not a secure way of going about such a big purchase but for the most part, this is not the case. Obviously, there is a risk factor involved but that is the case with most things in life; it’s a case of keeping your wits about you and being sensible.
Here are a few tips on how to get the best out of an auction; they’re there to save you money so take advantage!
Which auction?
The first decision to make is which auction to go to. Any internet search will be able to list auctions by region ensuring that you do not have to trek miles and miles for a car (unless you want to of course). Auction house British Car Auctions is a trustworthy source and offer over 20 auction sites. I actually purchased my first car from a British Car Auction and it was a very smooth process
When choosing an auction also bear in mind that some will only offer certain types of cars. Make sure you find this out before you turn up to avoid disappointment and wasted time.
Set a budget
The next thing to do is set yourself a budget...and stick to it! Every auction will charge buyers a Buyer’s Premium; the auction’s fee on top of the hammer price. This rate will vary between auctions so make sure you know the rate for each auction you intend to visit and factor this cost into your budget.
Don’t forget to consider insurance costs. It would be impossible to obtain an individual insurance quote for every car you look at but you can take with you a guide that lists every car’s insurance group. Lower insurance groups mean lower premiums.
Arrive early
On the day of the auction, try to arrive early. This will give you a chance to have a proper look at all of the cars being auctioned. Prices and vital information will be listed on the windscreens so avoid the rush and give yourself a chance to read the info fully, this way you can make an informed decision on which cars to bid on.
Plus, being early means you’ll get the good seats!
Be thorough
Once you’ve decided which car/s you want to bid on, examine it as much as you possibly can. You can’t drive the cars but you can do a lot of other important things; look under the bonnet, listen to the engine and check the condition of both the exterior and interior. If you’re able to, take someone who knows exactly what to look for when examining cars; they’ll quickly be able so to spot any potential problems.
Auction etiquette
Once the auction starts, make sure you keep your wits about you. With so many cheap cars being offered and the electric atmosphere of the auction, it’s easy to get carried away. Keep in mind your budget; the cars may be cheap but if it’s not what you’ve come for, it’s a waste of money.
Cough up
The last thing to think about in an auction is the method of payment. Once you’ve bid til you can bid no more and have the post-bid euphoria of winning your car, payment needs to be attended to. Every auction will have a different payment process but most will accept both cash and cards. Cheques however are as good as monopoly money so leave the chequebook at home.
The feeling you get when you win the bid for a car you really want is unbeatable but an auction can be a great experience even if you walk away empty-handed so go ahead, visit an auction; it’s a lot of fun but most importantly it could save you hundreds of pounds.
