6 helpful tips when bidding at car auctions
Attending a car auction to purchase a set of new wheels can be a thrilling experience.
Especially when you’ve seen something that falls into your budget.
But, if it’s your first time attending an auction and bidding on your own behalf, you need to stick to your guns and only bid on cars that will add value to your existing lifestyle.
If you’re wise about your actions, you will be able to walk away with a bargain deal. But, in order to do so, you also need to know enough about cars and their value, as well as what you’re looking for. Overall, it’s a buzzing experience, with so many people pitching in to bid. You can easily be overwhelmed, but if you do your research about the cars on auction and ask for professional advice, you will be fine. Here are a few tips to bidding on a car, successfully.
Choose the auction you want to attend
There are many types of car auctions happening in South Africa. And thanks to the internet, you can easily research “car auctions near me” online and the closest auction to your location will be provided by Google. It’s highly recommended that you have a clear idea of the auction you want to attend before you make silly decisions. The most popular types of auctions are government, commercial, repossessed and damaged car auctions.
You will also need to base your decisions on your budget. You might think that attending a repossessed car auction is the cheapest option, but you might need to spend a lot of money to restore a vehicle. Many avid auction goers are wealthy individuals, so you do not want to go up against someone who has the money to spend simply because you want to “win”. Know when to stop and how to remove yourself from a situation that might become a mistake.
Go to a few auctions beforehand
Based on the types of auctions there are, you can visit each one in-person or online. If you want to experience the auction event in full, you need to go in person as it will give you a clear idea of what these events are all about, and how they actually work. When you attend auctions for the first time, it’s interesting to stand near to the bidders to experience them in action. Each bidder has their own tactics, which, over time you will learn. Once you have a better understanding of what a regular auction entails, you will be able to explore online offers on cars, on a trusted online auction platform, because you will know exactly how these events work without being blindsided.
Try and visit a pre-auction inspection
Many in-person auctions set up a pre-inspection beforehand for interested individuals to go and explore the cars that are going to be available on the day of the auction. This is a vital part of the auction process because you will be able to look at the cars. At an auction, you are only seeing the cars from afar, so you will not be able to see if there are issues in the bodywork, interior or mechanically for that matter. In-person inspections mean that you will be allowed to inspect them and ensure you are 100 percent happy before you go ahead with your bid.
Set a realistic budget for yourself
If you decide to attend an event with auction cars, you need to come prepared. For instance, you need to have a set-out budget on what you are comfortably able to spend on the day of the auction. Your budget should also include any additional work that needs to be done on the car, as these are the costs that you might not factor in. Give yourself a maximum bid and stick to it no matter what. There is always going to be pressure, but don’t push your financial limits.
Have an idea of the vehicle you want
Whether you’re looking for an everyday vehicle or a recreational vehicle, you need to know what it is that you want and how it’s going to add value to your life. Consider all the factors you are looking for in a car, and base your decisions off of those factors. For example, you can look at factors such as a diesel or petrol fuel tank, and whether or not you want to invest in a car that is stylish or a car that is reliable. If there is one car in particular that you are interested in, look at the resale value and what its existing value is beforehand.
Take your time and control yourself
Take your time with your bidding experience and don’t let the atmosphere and hype get the better of you. Watch other bidders first, and make sure that you do not jump into action too soon. There will always be a combination of first-time bidders and people who have years of experience in auctions and bidding. If you feel uncomfortable or anxious, know when to turn around and leave. After all, these are your finances that you are putting forward, and you need to have control over how much you are willing to spend on a car.