Thousands of people every day score amazing deals at public car auctions. These people wouldn’t have gotten their dream cars at the price they’ve bought it for had they bought it from dealer. If you’re someone who’s concerned with budget, participating in public auto auctions is an awesome way to purchase a vehicle AND save money.
However, before you participate in one, make sure that you avoid making these top 3 mistakes.
- Not arriving early.
Time is money in the world of public car auctions. The earlier you get to the venue, the more time you have in your hands to closely inspect the car. Don’t show up at the start time that was posted in the ads but be there at least an hour early to view the vehicles with a trusted mechanic or someone who knows a lot about cars.
At most public car auctions, you can do your car inspections an hour before the event begins. Some auctions will showcase vehicles 30 minutes before the auction starts.
- Underestimating the value of research.
To help you find the car that’s meant for you, do online research about cars or talk to a friend who is into the car scene. Once you’ve zeroed in on a vehicle of your choice, check out its market value with the use of a reliable reference such as Kelly Blue Book.
This basic information alone will help you get back to your senses when you get tempted to bid beyond your budget at public car auctions.
On a side note, although many of cars are sold to the highest bidder, many auctions will have vehicles with starting prices that are as low as $100!
- Forgetting about the extra fees and immediate repair costs when setting a budget.
As you determine your budget, make sure that you have the other payments (such as the auction fees, DMV fees, and taxes) added to the maximum amount of money you intend to purchase your car for. Bear in mind that tags, titles, and registration are government fees that you’ll need to cover as well.
Also, unless you’re buying a car at a state that you’re not residing in, taxes need to be paid as well. Another thing you’d have to be ready for is the cost of immediate repairs that your purchased car might need.
If you come to the auction before its starts so you could check on the cars on display, having armed yourself with the right information about your desired vehicle’s worth and with your expectations managed, that makes for an amazing auction experience.