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What You REALLY Need to Know about Auto Auction
By Ferry Suwantoro
You are likely to buy a car `in its present condition`, if you are planning to buy a car at an auction. If one day you find out on the car that you have bought has some certain defects, like mechanical problem, you cannot claim for the expenses you will make for the repairs, unless the contract still give you a special condition or manufacturer warranty. You have to consider some extra money to repair or replace some parts, after the final price of the car you win. It is better for you to come early at the auction to inspect the car and check about carfax history report, by submitting year, model of the car, VIN number, mileage. You may ask the auction house if they allow you to test drive the car.
Besides that, you can have some research about the current market value of the car you are looking for. You have to set up the maximum amount of money you will bid included all repair cost thay may come later. For example, the current market value of the car is $ 3,000 and the possible repair cost is at about $700, bid at the maximum of $3,000 minus the repair cost, minus the extra fee you have to pay at the end of the bidding.
Don’t forget to bring a car mechanic to inspect the car that you are interested in, so he can give you the perfect appraisal of the car.
Things happen very quickly in a car auction so be attentive. A car can be sold within 30 seconds. Again, stay within your budget. You should not pay more than the actual market value of the car.
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