An auto auction is simply selling a vehicle to the highest bidder. The most common vehicles sold at an auto auction are cars. If you are looking for a great deal on a car, you can find them at an auto auction.
With a little bit of luck, you might be able to get a nicer car then you could normally afford. If you are planning on going to a auction, you should keep in mined these few tips.
Auto auctions generally offer cars that have been repossessed or that have been used as rental cars. Company cars are also available at an auto auction.
As rental companies or car dealers need to update their inventory they will sell the cars at an auto auction. You will not be able to test drive a car at an auto auction until the sale is complete you may want to bring along a mechanic or someone with mechanical knowledge of cars to help you inspect them before you bid. If the car is being sold by a dealer, they are required by law to reveal any problems or defects, but remember that this will not always be 100% accurate.
The huge benefit to you is the savings you can realize when you buy a car at an auto auction. Some people claim a savings of 50% or more off the book value of cars purchased at an auto auction. With a little research on the front end you could be in position to buy a real nice car for much less than going to a dealer.
You will want to look for lower mileage cars. The newer the better. You may even be able to find a car with some of the original warranty left on it.
Bids can start as low as $100 to $500 and go up from there. To avoid getting into a bidding war and possibly going over your budget you need to establish going in what you are looking for and how much you are willing to spend. Taking your emotion out of an car auction is always a good idea if you are looking for the best deal out their.
Some people buy luxury autos at an auto auction. If this is a dream of yours be patient.
The first time you might not find what you are looking for. Go to as many auctions as you can, also try showing up in the middle of the week, you might just ending up driving away with a great deal.