When it comes to used cars, most buyers will be visiting an auto dealer in order to make their purchase. However, some shoppers may be aware that the best bargains tend to come from used car auctions. Although not typically advertised publicly, these auctions are where dealers go to find cars to resell later.
This can make auctions sound very appealing for a used car buyer. Why not just cut out the middleman and buy directly from an auction? There are a few reasons. For starters, many auctions are closed to anyone who is not a dealer, and public auctions are somewhat rare. The other major reason is that there are quite a few lemons present at these auctions that could cause an inexperienced buyer to get into trouble very quickly.
The automotive research website Edmunds recently posted an article entitled "Confessions of an Auto Auctioneer." The former auctioneer, Steve Lang, gave buyers some things to watch out for if they do plan on braving an auction setting in search of a bargain.
"This is a world that average car buyers enter at their own peril," said Lang. "While there are bargains to be had, there?s plenty of potential for disaster, too. If you are not a mechanically inclined person with a keen eye, buying a car at a public auction is not for you."
For example, Lang says it's important to know who you're buying from. The best sellers are banks and financial institutions. These groups have come into the car through repossession and just want it off their hands. They're not in the car business, so they're not likely to pull a fast one.
New car dealers are the next step down. These vehicles are likely trade-ins that the dealer doesn't want to go through the hassle of selling. Typically, these cars might have problems that will need repairing, and the dealer simply doesn't want to invest in the car. However, you're generally not going to find cars in need of major repairs, as the vast majority of new car dealers will not take those automobiles as a trade to begin with.
Used car dealers are the type of buyer that drivers should avoid at auctions. There's nothing wrong with buying from a used car dealer on the lot, but if the car is at an auction, it means they haven't been able to sell it either on their own lot or at a dealer auction. Typically this indicates major problems with the car that the dealer might be attempting to hide.
What you do before the auction matters as well. Most auctions will post the Vehicle Identification Numbers (VINs) online ahead of time. This allows interested bidders to use a service like CarFax and get a full history report that will illuminate any problems. Popular Mechanics also recommends that buyers check the various parts of the car to ensure that it doesn't have different VIN numbers. Good places to look are the trunk and the door. If the VIN number doesn't match up, the car was likely in a wreck and has since been rebuilt. Be sure to look up the value of the car as well and set a price limit for yourself so you don't overbid.
On the day of the auction, it pays to show up early, according to Lang. Many auctions will allow the bidders to get a look under the hood and possibly even test drive a car before they buy. This is also a chance to help narrow down the cars that you want to bid on. It's important to stick to the price limits that you set ahead of time and not overbid simply because you want a car.
Source: http://www.autoliquidator.com/news/1733351/car-auctioneer-offers-tips-for-used-car-buyers/
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