There are literally thousands of cars that the government and police confiscate each year. Most of these cars end up for sale in public auctions and get listed by online automotive auctions. Buying your next car at an automotive auction is a great way to save potentially thousands of dollars.
People who might otherwise be unable to afford a car can purchase a good used vehicle from one of these automotive auctions. It is not uncommon to buy a car in great condition with low mileage for 80% or more off the retail value of the vehicle.
However, it is important to gain the necessary knowledge and skills required to find the best deals because at these seized vehicle automotive auctions you are basically on your own and there is competition for the really good deals.
When setting your goal price from a car that you want to bid on, be sure to add in any buyers premiums or other hidden fees that might be required of the winning bidder. Understand the auction rules before bidding on a vehicle or you could end up spending more than you intended.
A buyer’s premium varies depending on the auction and on the car. It is normal that buyer’s premium in seized automotive auctions be 5% of the winning bid but at times it reaches 10%. So you need to find out before the bidding war begins just how much the buyer’s premium will be.
And don’t forget your little black book when you head off to your local automotive auction to bid on your dream car. You need to understand how mileage, condition and model options affect price. Great resources for this purpose are Edmunds Used Car Prices and Kelley Blue Book.
When a vehicle comes up for bid that you are interested in, use these resources to gain the knowledge quickly that you need to make an intelligent decision. Look up the make, model and options and based on the condition of the vehicle, quickly get it’s value.
Before heading out to the local automotive auction be sure to get your money in order. Bring a bank statement along with your check because you may be asked to show both. Show up early to evaluate your prospects and plan your bidding strategy. Stick to your numbers and don’t chase the bid. With a little patience you will end up with your dream car for a great price!
Looking to find the best deals at Automotive Auctions, then visit thsi auction review site to find the best advice on Automotive Auctions before the bidding begins.
