If you are looking to buy a new car and want to grab a real deal, you should go to a car auction. However, this can be risky if you do not know much about cars. But when you are well prepared for it a car auction is the right place to pick up a new car at low cost.
Do Your Research
Before you attend a car auction, there is various information to be resolved, mainly if it is the first time it is held at such an event. If you have never attended an auto auction before my advice for you is to go to just one to see what it is like and to get a feel of how such an event operates. You will begin to have an idea of how the auctions are executed, as well as the terminology that is used within them, for example, direct cars mean that the car comes directly from an owner or it is an ex-company car.
If you decide to buy a car from the auction, you must also establish how much you can afford to spend. This is your flexible budget and it is most important that you stick with it; it can be very tempting when an auction is launched to continue bidding, but ensure you know your limits. You also need to take on board information and options available from the professionals, for example, it is recommended that you seek to buy a car that has between two and five years old.
Types of Cars at Auction
All of the vehicles sold at these auctions do so on behalf of their owners, all of whom do an officially binding form, usually known as the registration form. Within this document, they must indicate the vehicles age, the mileage and the condition in which it is. With all this information collected a reserve value is set against the car, this represents the lowest figure that the seller will accept, that is, an auctioneer cannot sell below this value.
The Day of the Auction
The display in an auction usually lasts one hour and starts at 9 am, after which, sales will begin. On the day of the actual car auction, all vehicles involved would be lined up by lot and by sales order of the correct sales section. They would be presented in well-lit viewing areas thus you could inspect all features of the car.
The information and facts about the car would continue if the auctioneer describes it to consumers, in certain cases the car would also be taken to the auction hall. However, it is essential that you listen carefully to what the auctioneer says because this description is legally binding. The auctioneer may be reporting you of any main faults, the reality of a service history and MOT and if there is a reserve price. When the information has been declared by the auctioneer and just when this happens will the essentially bidding start on the car.
When it comes down to that, the most significant aspect of car auctions is doing your research. The more arranged you are the easier it will be for you to get your head around the way in which auctions work and the more opportunities you have of achieving a decent car at a decent price.