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What You Should Know About Car Auctions (Part 2 Of 2)

July 14, 2007 | Leave a Comment


By Staggerlee Phillips

…con’t from Part 1

Do your homework and due diligence first. Some things to keep in mind:

» First off, before you go to a car auction make sure you have enough money in your bank account. All cars purchased at a car auction must be paid in full. It won’t work to say, “I’ll give you a portion now and the rest later”I’ll give you half now and the rest when I get paid.” That’s not going to work. You must have the total cost of the vehicle.

Cars at auctions are sold “as is” and the auction house is not responsible for any damages”as is” and not only is the auction house not responsible for any damages, but they are also likely not aware of them.

» They are not required to do inspections or to validate the condition of the cars that they are selling. You might want to purchase an extended warranty on the vehicle you win from auction so that you are covered for any unexpected problems or expenses.

» There are some cases where the automobiles will come with a warranty and if this is the case, they will let you know before bidding but typically there is not one, especially with repo cars.

» Car auctions are competitive, and it’s possible to end up paying more than the vehicle is worth. Have your Kelly Blue Book handy and do not pay over the blue book price. Some people will run up the bid price because they have no idea what the auto is worth.

» If possible, bring along a specialist in bidding for a car. Vital information is important to know whether a car is of decent quality.

» Remember: state and government seized cars are those that are done by people who committed crimes, so the seized cars may be more damaged and more fragile than a car that the government may have seized in a different manner (a repossession, for instance).

» Be careful. Before you ever place a bid, pull a Carfax or Autocheck by Experian. In order to reveal any odometer or title problems. Important issues like if the car has been wrecked or flooded is also revealed.

About the author:

Do you know what some of the common pitfalls are when attending a car auction? Protect yourself now with this free report – car auction Tips – Know Before You Go






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