Finding the right used vehicle can be quite a challenge. The inventory of these vehicles in the market is at an all-time low, leaving buyers with very limited options. Today, to get the ideal pre-owned vehicle, buyers have to make their way to a public auto auction, where they can get amazing options for a good bargain, too.
But it gets trickier. These auctions are usually filled with industry experts who know exactly how to bid and get the best deals. As a first-timer, it’ll take loads of luck to win at these auctions.
So, to help you get the best results at the next auto auction, we have a few effective tips and strategies to share. Keep reading so you, too, can learn how to bargain like a pro.
Always Research Market Prices
Veterans always know the market prices of any vehicle they have an interest in. Before attending an auto action, find out the current price of any car you might be interested in so you know when you have a fair deal right in front of you.
Knowing the price of your vehicle will give you a confidence boost when you’re bargaining. You also know when the bargain is way beyond its market value when you’ve done your due diligence. This way, you won’t get cheated or have zero regrets from walking out on any deals.
Be There Early
Getting to the auto auction early is a good way to study your environment and settle in properly. When you go early, you also get to study the available vehicles, do some socializing, and get a little information that could help you bid better.
Additionally, it buys you enough time to do a little history check on any car you are interested in. You can request the VIN and look up the vehicle history so you know its exact worth.
Know Your Budget
Budgeting is the best way to narrow down your vehicle options. Go through the inventory list and choose vehicles that are within your budget before you start to bid.
Going to an auto action without a budget will be a total waste of your time and energy. You don’t want to spend so much bidding for a car you can’t afford.
Also, when creating a budget, consider the auto transportation cost. You need to be able to transport your recently purchased vehicle to its new home.
Be Patient
Bidding too soon can have you paying more for a vehicle than you should. Instead, when an auctioneer kicks off with an extremely high initial price, do not bid. Experts know to wait a little while. The auctioneers will leave the starting price open once they realize that no bids have been made on the initial price.
However, if you jump right in, you end up paying way above the vehicle’s worth. This will be good for the auctioneers, but not so good for you.
Know When To Walk Away
When bidding, do not be afraid to walk away. While it may not sound exactly practical to just walk away and let someone else have your dream vehicle, it is sometimes the best option.
If the price of the vehicle just doesn’t work for you, it’s best to simply leave it rather than incur debts. You can always get your preferred vehicle at another auction, as they are held regularly. Unless the vehicle is one of a kind, there’s no need to spend too much time or money on it. Move on to your next best option.
Make Provisions For The Buyer’s Premium
When purchases are made at an auction, the buyer’s premium is usually added. This could range from hundreds of dollars to about 10% of the final bid. You should remember this and make provisions for it so you don’t get caught by surprise when it’s time to pay.
Usually, the buyer’s premium is highlighted on the auction site. So, visit the site, get the information you need, and do the necessary calculations before heading for the auto auction.
Conclusion
When going for an auto auction it’s best to go prepared. The difference between a newbie and a veteran is their access to information. Get as much information as you need if you want to bid like an expert and get the best deals.