Local car auctions have large inventories or repossessed cars for sale that change at each auction. They have a variety of makes and models of repo cars of all ages and conditions, and a pretty much any type of vehicle there is. If you don’t find what you are looking for at the first one, you’ll probably see it at the next one.
However, so many cars to choose from can be overwhelming. You want to narrow it down to the best options. Here are five steps to picking the right car to bid on:
1. Decide what you want. You need to have at least a general idea of what kind of vehicle you are looking for. That depends on if you are buying it for yourself, for someone else in particular or just to resell to make money.
2. Get an auction listing. Contact the agency running the auction to ask for the listing of all the vehicles. If you can get this early, you can streamline choosing your cars and researching them.
3. Research the cars. After you get the list, mark any cars you are interested in. Use the KBB and NADA Guide to find out their value. As a general rule, at local car auctions you bid the trade-in value or less at auction and these guides will give you a good idea of what that is based on the vehicles’ condition.
4. Go to the preview. Find out when the cars are available to inspect and plan to spend a couple hours looking them over. Note the condition of each car and look for needed repairs. If there are too many problems, focus on other cars. It is smart to either decrease the trade-in value by the cost of the needed repairs or just plan to bid 10%-15% less to cover repairs.
5. Bid judiciously. When a car comes up to bid, wait to see if several other bidders jump in right away. If there is a lot of competitive, the price will probably go up so quickly it will be hard to get a good deal. If there isn’t a lot of interest, go ahead and bid until you reach your maximum bid. Keeping that price in mind, means you will get a great deal and you won’t have to worry about overpaying.
Learn more about RV Auctions.
Search Terms: steps pictures plans to turn carport into room yourself, steps to go to a car auction, what are the steps when your car is repo
Comments on this entry are closed.