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One of our friends mentioned that an auction that he had recently visited BPI Car Auctions in Wakefield where he was looking at and Audi Q7. I honestly haven't considered an auction until recently. But i have read that if you have got the time to spare, plus some good confidence, you can get you the best deal possible, potentially saving you thousands of pounds.
Of course, Buying at auction can be nerve-wracking experience, but it doesn’t have to be as such. Here are our top auto-auction tips to guide you through the entire process according to some of the top buyers in the game:
1. Don’t buy on your first visit
If this is your first time to be at an auction, let it serve more as a reconnaissance; it is best to first adequately sample the atmosphere, break it all down and get a feel of how things are run or work before getting involved in any bidding thereof. Use this opportunity to question what you don’t understand, engage with the auction staff to settle all doubts, concerns you might have.
2. Do your Homework and be Honest with yourself
Research on the type or model of car you are invested but most of all, be honest with yourself. If you do not have the capability or tools to deal with whatever mechanical challenges that might arise, don’t convince yourself into believing otherwise. If you are in the market for cheap transportation, don’t let it get expensive through repairs.
3. Set a Budget
Research the current rates for the model or type of car you are interested in, then build yourself a budget capturing it all. Additionally, ensure that you factor in buyers’ fee, for it considerably increases the amount that you will spend.
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4. Go during the Week, Arrive Early, and Bring along a Friend
Most auctions worth attending more times than not, take place during working days, so you might have to consider taking a day off work. Another important consideration always arrives early. This gives you plenty of time to look around over the cars you are invested in, and most importantly, bring a friend, let one, two, or even more tag along. And if you don’t have much mechanical knowledge, make sure among those extra pairs of eyes is someone who does.
5. Use your Eyes, But Don't Believe everything you see!
Auctions are based on the premise of visual inspection alone. So carefully look at everything and be weary of tell-tale signs of repairs. ‘Whistle blowers’ include; paint overspray, some less than smooth sheet metal, scored brake discs, puddles under the vehicle, or even an uneven stance among so much more. Make use of five senses, and if a car smells all too musty or the carpeting happens to be wet, run away. But all in all remember polish, and touch-up paints are cheap, and particularly at public auction always be on the lookout assume every vehicle available has been rubbed giving it that rich look. This is a distortion field so always remember ‘nothing is as good as it looks.’
Remember to check with the DVLA if you are unsure about the car you are buying.
6. Don’t Let the Superficial Frighten You
This applies primarily to Government Auction. Weathered paint might just be covering a mechanically sound and beautiful beast. That small dent at the tailgate of the Chevrolet might just be a parking lot thump and not by any means a sign of misuse. But don’t be swayed, for, at public auction, those signs might mean that the car is such the basket case that none thought it’s even worth the effort in trying to fool people.
7. Carefully Listen to the Auctioneer
Before officially opening bidding on a car to the house, the auctioneer will read out clearly on any problems with the car in question as specified by the seller. Some other significant terms that you may here include:
• No major mechanical faults – means that there shouldn’t be any major problems with the engine, clutch, steering, gearbox, or brakes
• Sold as seen – Vehicle sold ‘as is,’ means ‘as is.' That means that there are no warranties, guarantees, or legal recourse provided by the seller
• On an engineer’s report – means that a car has been thereof examined by a RAC engineer and is on sale in the condition specified in their report.
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8. Check the terms and conditions
Each auction house has their terms and stipulations thereof. Therefore, make sure you familiarise yourself with these to meeting all requirements stipulated for you to be able to place a bid thereof.
9. Observe Other Bidders
Be cautious, take time and observe. Be on the lookout for suspicious actions for instance bidders who seem extra active on every lot, for they just might be trying to pump up prices.
10. Stick to your Budget, don’t get caught up in the bidding
This perhaps stands out as the most important rule of all. It’s pretty easy to get carried bidding and unfortunately end up spending more than the car’s worth. So, don’t let the thrill of the moment lure you, don’t pin all your hopes on just one car, most of all be ready to walk away if all doesn’t pan out as budgeted!
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